Martingale Asset Management L P Sells 9,345 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Martingale Asset Management L P reduced its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 14.9% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 53,327 shares of the pharmaceutical company’s stock after selling 9,345 shares during the quarter. Martingale Asset Management L P’s holdings in Vertex Pharmaceuticals were worth $24,801,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Northwest Investment Counselors LLC bought a new stake in shares of Vertex Pharmaceuticals during the 3rd quarter valued at approximately $25,000. Highline Wealth Partners LLC bought a new stake in shares of Vertex Pharmaceuticals during the 3rd quarter valued at approximately $27,000. GHP Investment Advisors Inc. bought a new stake in shares of Vertex Pharmaceuticals during the 2nd quarter valued at approximately $29,000. Stephens Consulting LLC bought a new stake in shares of Vertex Pharmaceuticals during the 2nd quarter valued at approximately $31,000. Finally, Founders Capital Management grew its holdings in shares of Vertex Pharmaceuticals by 50.0% during the 2nd quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company’s stock valued at $35,000 after purchasing an additional 25 shares during the last quarter. 90.96% of the stock is owned by institutional investors.

Analyst Ratings Changes

VRTX has been the topic of several recent research reports. StockNews.com downgraded shares of Vertex Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 21st. JPMorgan Chase & Co. cut their target price on shares of Vertex Pharmaceuticals from $510.00 to $503.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Bank of America cut their target price on shares of Vertex Pharmaceuticals from $550.00 to $541.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Truist Financial restated a “buy” rating and issued a $550.00 price target (up previously from $508.00) on shares of Vertex Pharmaceuticals in a research report on Monday, August 5th. Finally, Royal Bank of Canada boosted their price target on shares of Vertex Pharmaceuticals from $437.00 to $451.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 5th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $504.38.

Vertex Pharmaceuticals Stock Performance

NASDAQ VRTX opened at $464.56 on Friday. Vertex Pharmaceuticals Incorporated has a 1 year low of $346.29 and a 1 year high of $519.88. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.47 and a quick ratio of 2.20. The firm has a market cap of $119.64 billion, a price-to-earnings ratio of -233.45 and a beta of 0.39. The company has a fifty day moving average price of $472.81 and a 200-day moving average price of $474.22.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.61 by $0.77. Vertex Pharmaceuticals had a negative net margin of 4.52% and a negative return on equity of 1.91%. The firm had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.69 billion. During the same quarter in the prior year, the business posted $3.67 EPS. The business’s revenue was up 11.6% compared to the same quarter last year. As a group, equities research analysts predict that Vertex Pharmaceuticals Incorporated will post -1.83 EPS for the current fiscal year.

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.