Rhenman & Partners Asset Management AB Lowers Stock Position in Vertex Pharmaceuticals Incorporated $VRTX

Rhenman & Partners Asset Management AB cut its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 23.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 46,955 shares of the pharmaceutical company’s stock after selling 14,500 shares during the quarter. Vertex Pharmaceuticals makes up approximately 2.0% of Rhenman & Partners Asset Management AB’s holdings, making the stock its 18th biggest position. Rhenman & Partners Asset Management AB’s holdings in Vertex Pharmaceuticals were worth $18,389,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Chesapeake Asset Management LLC boosted its position in shares of Vertex Pharmaceuticals by 110.0% in the third quarter. Chesapeake Asset Management LLC now owns 63 shares of the pharmaceutical company’s stock worth $25,000 after purchasing an additional 33 shares during the period. Legacy Investment Solutions LLC purchased a new position in shares of Vertex Pharmaceuticals during the 2nd quarter valued at $29,000. Colonial Trust Co SC lifted its stake in shares of Vertex Pharmaceuticals by 118.8% during the 3rd quarter. Colonial Trust Co SC now owns 70 shares of the pharmaceutical company’s stock valued at $27,000 after buying an additional 38 shares in the last quarter. Total Investment Management Inc. purchased a new stake in Vertex Pharmaceuticals in the 2nd quarter worth $33,000. Finally, Financial Network Wealth Advisors LLC raised its holdings in Vertex Pharmaceuticals by 50.9% during the third quarter. Financial Network Wealth Advisors LLC now owns 86 shares of the pharmaceutical company’s stock valued at $34,000 after acquiring an additional 29 shares during the period. 90.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on VRTX. Barclays upped their price objective on Vertex Pharmaceuticals from $606.00 to $607.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 17th. Royal Bank Of Canada lowered their price target on Vertex Pharmaceuticals from $546.00 to $541.00 and set an “outperform” rating on the stock in a report on Friday, February 13th. Wells Fargo & Company upped their price target on Vertex Pharmaceuticals from $460.00 to $515.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 10th. Stifel Nicolaus increased their price objective on shares of Vertex Pharmaceuticals from $445.00 to $466.00 and gave the company a “hold” rating in a report on Friday, February 13th. Finally, Evercore lifted their price objective on shares of Vertex Pharmaceuticals from $475.00 to $530.00 and gave the company an “outperform” rating in a research report on Friday, January 23rd. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $542.00.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, EVP Duncan Mckechnie sold 4,910 shares of the stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $487.65, for a total transaction of $2,394,361.50. Following the completion of the transaction, the executive vice president owned 17,559 shares in the company, valued at $8,562,646.35. This trade represents a 21.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Ourania Tatsis sold 260 shares of Vertex Pharmaceuticals stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $486.35, for a total transaction of $126,451.00. Following the completion of the transaction, the executive vice president directly owned 46,763 shares of the company’s stock, valued at $22,743,185.05. The trade was a 0.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 91,156 shares of company stock valued at $42,845,497 in the last three months. Corporate insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals Trading Down 0.9%

NASDAQ:VRTX opened at $456.69 on Friday. The business’s 50-day moving average is $467.48 and its 200 day moving average is $435.06. Vertex Pharmaceuticals Incorporated has a 12 month low of $362.50 and a 12 month high of $519.68. The company has a market capitalization of $116.01 billion, a P/E ratio of 29.79 and a beta of 0.31.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings results on Thursday, February 12th. The pharmaceutical company reported $5.03 earnings per share for the quarter, missing the consensus estimate of $5.05 by ($0.02). The firm had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.18 billion. Vertex Pharmaceuticals had a net margin of 32.94% and a return on equity of 24.30%. The business’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.98 EPS. On average, research analysts forecast that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current year.

Vertex Pharmaceuticals 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.