Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Shares Sold by Cullinan Associates Inc.

Cullinan Associates Inc. trimmed its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 1.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 54,662 shares of the pharmaceutical company’s stock after selling 1,000 shares during the quarter. Vertex Pharmaceuticals comprises 1.4% of Cullinan Associates Inc.’s holdings, making the stock its 16th biggest position. Cullinan Associates Inc.’s holdings in Vertex Pharmaceuticals were worth $26,250,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Capital World Investors raised its holdings in Vertex Pharmaceuticals by 17.2% during the first quarter. Capital World Investors now owns 25,567,184 shares of the pharmaceutical company’s stock worth $10,687,339,000 after purchasing an additional 3,761,414 shares in the last quarter. Capital Research Global Investors raised its position in Vertex Pharmaceuticals by 61.0% in the first quarter. Capital Research Global Investors now owns 5,743,882 shares of the pharmaceutical company’s stock worth $2,401,000,000 after acquiring an additional 2,176,218 shares in the last quarter. Jennison Associates LLC lifted its holdings in Vertex Pharmaceuticals by 21.2% in the 1st quarter. Jennison Associates LLC now owns 4,782,374 shares of the pharmaceutical company’s stock valued at $1,999,080,000 after acquiring an additional 837,461 shares during the last quarter. Swedbank AB bought a new position in shares of Vertex Pharmaceuticals during the 1st quarter valued at about $277,317,000. Finally, AMF Tjanstepension AB acquired a new position in shares of Vertex Pharmaceuticals in the 2nd quarter worth approximately $257,655,000. 90.96% of the stock is owned by institutional investors and hedge funds.

Vertex Pharmaceuticals Stock Up 0.9 %

Shares of VRTX traded up $4.36 during midday trading on Friday, reaching $476.27. 40,262 shares of the stock were exchanged, compared to its average volume of 1,166,430. The company has a market cap of $122.93 billion, a price-to-earnings ratio of -232.47 and a beta of 0.40. The firm has a 50 day simple moving average of $475.60 and a 200-day simple moving average of $461.29. Vertex Pharmaceuticals Incorporated has a 12-month low of $341.90 and a 12-month high of $510.64. 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 posted its earnings results on Thursday, August 1st. The pharmaceutical company reported ($12.83) earnings per share for the quarter, missing the consensus estimate of ($12.54) by ($0.29). Vertex Pharmaceuticals had a negative net margin of 4.74% and a negative return on equity of 2.45%. The company had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.66 billion. During the same quarter last year, the business earned $3.53 earnings per share. Vertex Pharmaceuticals’s quarterly revenue was up 6.1% on a year-over-year basis. Research analysts forecast that Vertex Pharmaceuticals Incorporated will post -2.11 EPS for the current year.

Wall Street Analysts Forecast Growth

VRTX has been the subject of several recent research reports. StockNews.com lowered shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. increased their price objective on Vertex Pharmaceuticals from $505.00 to $510.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. UBS Group lifted their target price on Vertex Pharmaceuticals from $477.00 to $562.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $480.00 target price on shares of Vertex Pharmaceuticals in a report on Tuesday, October 8th. Finally, Royal Bank of Canada dropped their price target on Vertex Pharmaceuticals from $431.00 to $425.00 and set a “sector perform” rating on the stock in a research note on Friday, October 4th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $492.92.

Insider Activity at Vertex Pharmaceuticals

In related news, Director Bruce I. Sachs sold 5,295 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $508.00, for a total transaction of $2,689,860.00. Following the transaction, the director now owns 40,000 shares of the company’s stock, valued at approximately $20,320,000. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Chairman Jeffrey M. Leiden sold 3,784 shares of the stock in a transaction on Friday, August 30th. The shares were sold at an average price of $499.00, for a total value of $1,888,216.00. Following the completion of the transaction, the chairman now owns 9,994 shares in the company, valued at approximately $4,987,006. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Bruce I. Sachs sold 5,295 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $508.00, for a total transaction of $2,689,860.00. Following the completion of the sale, the director now directly owns 40,000 shares in the company, valued at approximately $20,320,000. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,005 shares of company stock worth $5,988,066 in the last 90 days. 0.20% of the stock is owned by company insiders.

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.