Parallel Advisors LLC Has $2.64 Million Stock Position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Parallel Advisors LLC lessened its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 25.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,450 shares of the pharmaceutical company’s stock after selling 1,885 shares during the quarter. Parallel Advisors LLC’s holdings in Vertex Pharmaceuticals were worth $2,643,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Brighton Jones LLC raised its position in Vertex Pharmaceuticals by 15.0% during the fourth quarter. Brighton Jones LLC now owns 4,427 shares of the pharmaceutical company’s stock valued at $1,783,000 after purchasing an additional 579 shares in the last quarter. R Squared Ltd bought a new position in shares of Vertex Pharmaceuticals in the 4th quarter valued at $44,000. Strategic Blueprint LLC raised its holdings in shares of Vertex Pharmaceuticals by 35.5% during the 4th quarter. Strategic Blueprint LLC now owns 1,473 shares of the pharmaceutical company’s stock worth $593,000 after buying an additional 386 shares in the last quarter. Crews Bank & Trust bought a new stake in shares of Vertex Pharmaceuticals during the 4th quarter worth $85,000. Finally, Mediolanum International Funds Ltd lifted its position in shares of Vertex Pharmaceuticals by 7.6% during the 4th quarter. Mediolanum International Funds Ltd now owns 5,701 shares of the pharmaceutical company’s stock worth $2,271,000 after buying an additional 402 shares during the last quarter. Institutional investors own 90.96% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the company. Wall Street Zen raised Vertex Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Tuesday, March 11th. Truist Financial lifted their price target on shares of Vertex Pharmaceuticals from $460.00 to $520.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. Needham & Company LLC reissued a “hold” rating on shares of Vertex Pharmaceuticals in a research note on Tuesday, May 6th. BMO Capital Markets set a $545.00 target price on shares of Vertex Pharmaceuticals in a research report on Friday, January 31st. Finally, Canaccord Genuity Group upgraded shares of Vertex Pharmaceuticals from a “sell” rating to a “hold” rating and upped their price target for the stock from $408.00 to $424.00 in a report on Tuesday, February 11th. Fourteen research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Vertex Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $515.04.

Vertex Pharmaceuticals Trading Down 0.9%

VRTX opened at $443.01 on Friday. Vertex Pharmaceuticals Incorporated has a twelve month low of $377.85 and a twelve month high of $519.88. The company has a fifty day moving average of $469.67 and a 200-day moving average of $461.14. The stock has a market cap of $113.76 billion, a PE ratio of -201.37, a price-to-earnings-growth ratio of 2.11 and a beta of 0.51. The company has a quick ratio of 2.35, a current ratio of 2.69 and a debt-to-equity ratio of 0.01.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings results on Monday, May 5th. The pharmaceutical company reported $4.06 earnings per share for the quarter, missing analysts’ consensus estimates of $4.29 by ($0.23). The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.85 billion. Vertex Pharmaceuticals had a negative return on equity of 2.02% and a negative net margin of 4.86%. The business’s revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.76 earnings per share. On average, sell-side analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current year.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, EVP David Altshuler sold 3,231 shares of Vertex Pharmaceuticals stock in a transaction on Monday, March 10th. The shares were sold at an average price of $500.00, for a total value of $1,615,500.00. Following the completion of the sale, the executive vice president now directly owns 26,512 shares of the company’s stock, valued at approximately $13,256,000. The trade was a 10.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.20% of the stock is currently owned by 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.