Convergence Investment Partners LLC Sells 751 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Convergence Investment Partners LLC lowered its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 57.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 555 shares of the pharmaceutical company’s stock after selling 751 shares during the quarter. Convergence Investment Partners LLC’s holdings in Vertex Pharmaceuticals were worth $260,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. University of Texas Texas AM Investment Managment Co. bought a new stake in shares of Vertex Pharmaceuticals in the 4th quarter worth $25,000. Annapolis Financial Services LLC bought a new stake in Vertex Pharmaceuticals in the 1st quarter worth about $27,000. ICA Group Wealth Management LLC purchased a new stake in Vertex Pharmaceuticals in the 4th quarter valued at about $28,000. Stephens Consulting LLC purchased a new stake in Vertex Pharmaceuticals in the 2nd quarter valued at about $31,000. Finally, Quest Partners LLC bought a new position in shares of Vertex Pharmaceuticals during the 4th quarter worth approximately $33,000. 90.96% of the stock is owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals Stock Up 0.5 %

Shares of NASDAQ VRTX opened at $495.89 on Tuesday. The business has a 50-day simple moving average of $483.27 and a two-hundred day simple moving average of $447.32. Vertex Pharmaceuticals Incorporated has a 52 week low of $340.83 and a 52 week high of $510.64. The company has a market cap of $127.99 billion, a P/E ratio of 32.18 and a beta of 0.40. The company has a quick ratio of 2.26, a current ratio of 2.52 and a debt-to-equity ratio of 0.02.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings data on Thursday, August 1st. The pharmaceutical company reported ($12.83) EPS for the quarter, missing analysts’ consensus estimates of ($12.54) by ($0.29). The firm had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.66 billion. Vertex Pharmaceuticals had a negative net margin of 4.74% and a negative return on equity of 2.45%. Vertex Pharmaceuticals’s revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the business posted $3.53 earnings per share. Research analysts anticipate that Vertex Pharmaceuticals Incorporated will post -1.85 earnings per share for the current fiscal year.

Insider Transactions at Vertex Pharmaceuticals

In other news, CEO Reshma Kewalramani sold 15,202 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $497.00, for a total value of $7,555,394.00. Following the transaction, the chief executive officer now owns 106,172 shares of the company’s stock, valued at approximately $52,767,484. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Vertex Pharmaceuticals news, CMO Carmen Bozic sold 2,280 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $478.00, for a total transaction of $1,089,840.00. Following the transaction, the chief marketing officer now directly owns 32,379 shares of the company’s stock, valued at $15,477,162. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Reshma Kewalramani sold 15,202 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $497.00, for a total transaction of $7,555,394.00. Following the completion of the sale, the chief executive officer now directly owns 106,172 shares of the company’s stock, valued at $52,767,484. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 39,185 shares of company stock valued at $19,206,094. 0.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

VRTX has been the subject of several recent analyst reports. Morgan Stanley upped their target price on Vertex Pharmaceuticals from $402.00 to $455.00 and gave the company an “equal weight” rating in a report on Thursday, July 11th. Wells Fargo & Company upped their price objective on Vertex Pharmaceuticals from $540.00 to $555.00 and gave the company an “overweight” rating in a research note on Monday, June 24th. Piper Sandler lifted their target price on Vertex Pharmaceuticals from $500.00 to $535.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Truist Financial restated a “buy” rating and set a $550.00 price target (up previously from $508.00) on shares of Vertex Pharmaceuticals in a research report on Monday, August 5th. Finally, Oppenheimer lifted their price objective on shares of Vertex Pharmaceuticals from $500.00 to $550.00 and gave the stock an “outperform” rating in a research report on Monday, August 5th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, Vertex Pharmaceuticals presently has a consensus rating of “Hold” and an average target price of $485.91.

About Vertex Pharmaceuticals

Vertex Pharmaceuticals Incorporated, a biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis (CF). It markets TRIKAFTA/KAFTRIO for people with CF with at least one F508del mutation for 2 years of age or older; SYMDEKO/SYMKEVI for people with CF for 6 years of age or older; ORKAMBI for CF patients 1 year or older; and KALYDECO for the treatment of patients with 1 year or older who have CF with ivacaftor.