MidWestOne Financial Group Inc. trimmed its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX – Get Rating) by 7.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,734 shares of the pharmaceutical company's stock after selling 364 shares during the quarter. MidWestOne Financial Group Inc.'s holdings in Vertex Pharmaceuticals were worth $1,371,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Farmers & Merchants Investments Inc. raised its position in shares of Vertex Pharmaceuticals by 25.0% during the 3rd quarter. Farmers & Merchants Investments Inc. now owns 165 shares of the pharmaceutical company's stock worth $48,000 after purchasing an additional 33 shares during the period. Emfo LLC grew its holdings in Vertex Pharmaceuticals by 15.5% in the 3rd quarter. Emfo LLC now owns 254 shares of the pharmaceutical company's stock worth $74,000 after buying an additional 34 shares in the last quarter. Sound View Wealth Advisors Group LLC grew its holdings in Vertex Pharmaceuticals by 1.7% in the 3rd quarter. Sound View Wealth Advisors Group LLC now owns 2,282 shares of the pharmaceutical company's stock worth $661,000 after buying an additional 38 shares in the last quarter. Albion Financial Group UT grew its holdings in Vertex Pharmaceuticals by 3.0% in the 3rd quarter. Albion Financial Group UT now owns 1,387 shares of the pharmaceutical company's stock worth $402,000 after buying an additional 40 shares in the last quarter. Finally, Princeton Global Asset Management LLC grew its holdings in Vertex Pharmaceuticals by 0.3% in the 3rd quarter. Princeton Global Asset Management LLC now owns 15,023 shares of the pharmaceutical company's stock worth $4,350,000 after buying an additional 40 shares in the last quarter. 90.96% of the stock is currently owned by institutional investors and hedge funds.
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Insider Activity
In other news, EVP David Altshuler sold 1,304 shares of the firm's stock in a transaction dated Monday, February 6th. The stock was sold at an average price of $306.00, for a total value of $399,024.00. Following the sale, the executive vice president now directly owns 68,645 shares of the company's stock, valued at $21,005,370. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP David Altshuler sold 1,304 shares of the firm's stock in a transaction dated Monday, February 6th. The stock was sold at an average price of $306.00, for a total value of $399,024.00. Following the sale, the executive vice president now directly owns 68,645 shares of the company's stock, valued at $21,005,370. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Kristen Ambrose sold 1,207 shares of the firm's stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $287.55, for a total value of $347,072.85. Following the completion of the sale, the chief accounting officer now directly owns 7,303 shares in the company, valued at $2,099,977.65. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 36,162 shares of company stock valued at $11,078,914. 0.40% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
VRTX has been the subject of a number of recent analyst reports. Barclays increased their price objective on Vertex Pharmaceuticals from $313.00 to $342.00 and gave the stock an "overweight" rating in a report on Wednesday, February 8th. HC Wainwright increased their price objective on Vertex Pharmaceuticals from $300.00 to $325.00 and gave the stock a "buy" rating in a report on Wednesday, February 8th. Piper Sandler reissued a "neutral" rating and issued a $296.00 price objective on shares of Vertex Pharmaceuticals in a report on Wednesday, February 8th. Morgan Stanley decreased their price target on Vertex Pharmaceuticals from $286.00 to $285.00 and set an "equal weight" rating for the company in a research note on Wednesday, February 8th. Finally, SVB Securities reduced their price objective on Vertex Pharmaceuticals from $374.00 to $365.00 in a research note on Wednesday, February 8th. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $327.10.
Vertex Pharmaceuticals Price Performance
NASDAQ VRTX opened at $287.24 on Friday. Vertex Pharmaceuticals Incorporated has a fifty-two week low of $233.01 and a fifty-two week high of $325.19. The stock's 50-day moving average is $298.35 and its two-hundred day moving average is $298.77. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.83 and a quick ratio of 4.66. The firm has a market cap of $73.85 billion, a P/E ratio of 22.39, a price-to-earnings-growth ratio of 2.49 and a beta of 0.49.
Vertex Pharmaceuticals (NASDAQ:VRTX – Get Rating) last posted its earnings results on Tuesday, February 7th. The pharmaceutical company reported $3.76 earnings per share for the quarter, beating the consensus estimate of $3.11 by $0.65. The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.30 billion. Vertex Pharmaceuticals had a return on equity of 27.78% and a net margin of 37.20%. The business's revenue was up 11.1% compared to the same quarter last year. During the same period last year, the company earned $3.18 earnings per share. On average, analysts anticipate that Vertex Pharmaceuticals Incorporated will post 12.44 earnings per share for the current fiscal year.
About Vertex Pharmaceuticals
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Vertex Pharmaceuticals, Inc is a global biotechnology company, which engages in the business of discovering, developing, manufacturing, and commercializing small molecule drugs for patients with serious diseases. The firm focuses on development and commercializing therapies for the treatment of cystic fibrosis, infectious diseases including viral infections such as influenza and bacterial infections, autoimmune diseases such as rheumatoid arthritis, cancer, inflammatory bowel disease and neurological disorders including pain and multiple sclerosis.
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