Covington Capital Management Sells 38 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Covington Capital Management trimmed its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTXGet Rating) by 7.2% during the second quarter, HoldingsChannel.com reports. The fund owned 487 shares of the pharmaceutical company’s stock after selling 38 shares during the quarter. Covington Capital Management’s holdings in Vertex Pharmaceuticals were worth $137,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Fulton Bank N.A. boosted its position in Vertex Pharmaceuticals by 15.0% in the second quarter. Fulton Bank N.A. now owns 4,941 shares of the pharmaceutical company’s stock valued at $1,392,000 after buying an additional 643 shares in the last quarter. Capital Investment Advisors LLC acquired a new stake in Vertex Pharmaceuticals in the second quarter valued at approximately $205,000. Bard Financial Services Inc. acquired a new stake in Vertex Pharmaceuticals in the second quarter valued at approximately $216,000. Parsec Financial Management Inc. boosted its position in Vertex Pharmaceuticals by 2.8% in the second quarter. Parsec Financial Management Inc. now owns 12,791 shares of the pharmaceutical company’s stock valued at $3,604,000 after buying an additional 348 shares in the last quarter. Finally, Adirondack Trust Co. boosted its position in Vertex Pharmaceuticals by 44.8% in the second quarter. Adirondack Trust Co. now owns 417 shares of the pharmaceutical company’s stock valued at $117,000 after buying an additional 129 shares in the last quarter. 91.33% of the stock is owned by institutional investors.

Vertex Pharmaceuticals Trading Up 0.7 %

VRTX opened at $289.71 on Monday. The company has a current ratio of 4.50, a quick ratio of 4.36 and a debt-to-equity ratio of 0.04. The company has a fifty day moving average price of $287.61 and a two-hundred day moving average price of $272.33. The company has a market cap of $74.30 billion, a P/E ratio of 23.42, a price-to-earnings-growth ratio of 2.07 and a beta of 0.45. Vertex Pharmaceuticals Incorporated has a 1-year low of $176.36 and a 1-year high of $305.95.

Vertex Pharmaceuticals (NASDAQ:VRTXGet Rating) last posted its earnings results on Thursday, August 4th. The pharmaceutical company reported $3.60 EPS for the quarter, topping the consensus estimate of $3.12 by $0.48. Vertex Pharmaceuticals had a net margin of 38.26% and a return on equity of 31.22%. The company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the previous year, the firm posted $2.80 earnings per share. The firm’s revenue for the quarter was up 22.5% on a year-over-year basis. Analysts predict that Vertex Pharmaceuticals Incorporated will post 12.56 EPS for the current fiscal year.

Insider Buying and Selling at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, CEO Reshma Kewalramani sold 11,689 shares of the business’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $305.06, for a total value of $3,565,846.34. Following the transaction, the chief executive officer now directly owns 99,598 shares in the company, valued at $30,383,365.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, SVP Joy Liu sold 946 shares of the stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $300.00, for a total value of $283,800.00. Following the transaction, the senior vice president now owns 13,388 shares of the company’s stock, valued at approximately $4,016,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Reshma Kewalramani sold 11,689 shares of the stock in a transaction on Monday, August 15th. The stock was sold at an average price of $305.06, for a total transaction of $3,565,846.34. Following the completion of the transaction, the chief executive officer now directly owns 99,598 shares in the company, valued at approximately $30,383,365.88. The disclosure for this sale can be found here. Insiders have sold a total of 208,520 shares of company stock worth $59,937,985 over the last three months. 0.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on VRTX. HC Wainwright raised their target price on shares of Vertex Pharmaceuticals from $275.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, August 5th. Argus lifted their price target on shares of Vertex Pharmaceuticals from $275.00 to $280.00 and gave the stock a “buy” rating in a report on Monday, June 13th. Cowen lifted their price target on shares of Vertex Pharmaceuticals from $305.00 to $310.00 in a report on Monday, June 13th. Cowen lifted their price target on shares of Vertex Pharmaceuticals from $305.00 to $310.00 and gave the stock an “outperform” rating in a report on Monday, June 13th. Finally, Morgan Stanley lifted their price target on shares of Vertex Pharmaceuticals from $250.00 to $253.00 and gave the stock an “equal weight” rating in a report on Monday, August 8th. Six investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $291.65.

Vertex Pharmaceuticals Profile

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Vertex Pharmaceuticals Incorporated, a biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis. The company markets SYMDEKO/SYMKEVI, ORKAMBI, and KALYDECO to treat patients with cystic fibrosis who have specific mutations in their cystic fibrosis transmembrane conductance regulator gene; and TRIKAFTA for the treatment of patients with CF 6 years of age or older who have at least one F508del mutation.

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Institutional Ownership by Quarter for Vertex Pharmaceuticals (NASDAQ:VRTX)

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