New York State Common Retirement Fund Cuts Position in Vertex Pharmaceuticals Incorporated $VRTX

New York State Common Retirement Fund lowered its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 9.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 308,577 shares of the pharmaceutical company’s stock after selling 31,695 shares during the quarter. New York State Common Retirement Fund owned approximately 0.12% of Vertex Pharmaceuticals worth $120,851,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in VRTX. Chesapeake Asset Management LLC grew its stake in Vertex Pharmaceuticals by 110.0% in the 3rd quarter. Chesapeake Asset Management LLC now owns 63 shares of the pharmaceutical company’s stock valued at $25,000 after acquiring an additional 33 shares during the period. Access Investment Management LLC purchased a new position in Vertex Pharmaceuticals during the second quarter valued at $27,000. Legacy Investment Solutions LLC acquired a new stake in shares of Vertex Pharmaceuticals in the second quarter valued at about $29,000. Total Investment Management Inc. purchased a new stake in shares of Vertex Pharmaceuticals during the second quarter worth about $33,000. Finally, Financial Network Wealth Advisors LLC increased its stake in shares of Vertex Pharmaceuticals by 50.9% during the third quarter. Financial Network Wealth Advisors LLC now owns 86 shares of the pharmaceutical company’s stock worth $34,000 after purchasing an additional 29 shares in the last quarter. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Vertex Pharmaceuticals in a report on Wednesday, January 21st. Scotiabank started coverage on Vertex Pharmaceuticals in a research note on Thursday, November 13th. They issued a “sector outperform” rating and a $495.00 price target on the stock. Leerink Partners boosted their price target on Vertex Pharmaceuticals from $456.00 to $525.00 and gave the stock an “outperform” rating in a research report on Monday, December 29th. Stifel Nicolaus lowered their target price on shares of Vertex Pharmaceuticals from $455.00 to $445.00 and set a “hold” rating on the stock in a research note on Tuesday, November 4th. Finally, Morgan Stanley set a $564.00 target price on shares of Vertex Pharmaceuticals in a report on Friday, December 5th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $522.68.

Insider Activity

In related news, EVP Charles F. Wagner, Jr. sold 9,532 shares of the company’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $461.00, for a total value of $4,394,252.00. Following the transaction, the executive vice president directly owned 37,725 shares in the company, valued at approximately $17,391,225. This represents a 20.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Jeffrey M. Leiden sold 63,781 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $449.20, for a total value of $28,650,425.20. Following the completion of the transaction, the chairman owned 24,026 shares of the company’s stock, valued at $10,792,479.20. The trade was a 72.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 165,105 shares of company stock valued at $73,858,523. 0.20% of the stock is currently owned by company insiders.

Vertex Pharmaceuticals Stock Up 0.8%

Shares of VRTX opened at $477.91 on Thursday. Vertex Pharmaceuticals Incorporated has a 52-week low of $362.50 and a 52-week high of $519.68. The stock has a fifty day simple moving average of $451.84 and a two-hundred day simple moving average of $427.22. The company has a market capitalization of $121.26 billion, a PE ratio of 33.70 and a beta of 0.31.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its earnings results on Monday, November 3rd. The pharmaceutical company reported $4.80 EPS for the quarter, topping analysts’ consensus estimates of $4.58 by $0.22. The company had revenue of $3.08 billion for the quarter, compared to the consensus estimate of $3.05 billion. Vertex Pharmaceuticals had a net margin of 31.35% and a return on equity of 23.51%. Vertex Pharmaceuticals’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.38 earnings per share. As a group, equities analysts anticipate that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current fiscal year.

Vertex Pharmaceuticals Company Profile

Vertex Pharmaceuticals Inc is a Boston-based biotechnology company focused on the discovery, development and commercialization of therapies for serious diseases. Founded in 1989, Vertex built its reputation on research-driven drug development and is best known for its work in cystic fibrosis (CF), where its portfolio of small-molecule CFTR modulators transformed standards of care for many people with the disease. The company operates research and development, manufacturing and commercial organizations and serves patients and healthcare systems in multiple international markets.

Vertex’s marketed products center on CFTR modulators that target the underlying cause of cystic fibrosis rather than just treating symptoms.