Allspring Global Investments Holdings LLC Cuts Stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Allspring Global Investments Holdings LLC cut its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 11.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 213,343 shares of the pharmaceutical company’s stock after selling 27,711 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.08% of Vertex Pharmaceuticals worth $86,807,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Norges Bank bought a new stake in Vertex Pharmaceuticals during the 4th quarter valued at $707,950,000. Macquarie Group Ltd. boosted its position in Vertex Pharmaceuticals by 232.3% during the second quarter. Macquarie Group Ltd. now owns 933,179 shares of the pharmaceutical company’s stock valued at $262,961,000 after purchasing an additional 652,321 shares in the last quarter. Morgan Stanley raised its holdings in Vertex Pharmaceuticals by 33.1% in the fourth quarter. Morgan Stanley now owns 2,578,444 shares of the pharmaceutical company’s stock worth $744,603,000 after purchasing an additional 640,899 shares in the last quarter. Man Group plc lifted its position in shares of Vertex Pharmaceuticals by 144.6% during the fourth quarter. Man Group plc now owns 576,398 shares of the pharmaceutical company’s stock valued at $166,452,000 after buying an additional 340,716 shares during the last quarter. Finally, Virginia Retirement Systems ET AL purchased a new stake in shares of Vertex Pharmaceuticals during the second quarter valued at about $104,834,000. 90.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on VRTX shares. JPMorgan Chase & Co. boosted their price objective on shares of Vertex Pharmaceuticals from $390.00 to $438.00 and gave the stock an “overweight” rating in a research note on Thursday, February 1st. Barclays upped their target price on Vertex Pharmaceuticals from $446.00 to $472.00 and gave the company an “overweight” rating in a research report on Tuesday, February 6th. Canaccord Genuity Group reiterated a “sell” rating and issued a $379.00 price target (up from $332.00) on shares of Vertex Pharmaceuticals in a research note on Wednesday, January 24th. Royal Bank of Canada boosted their price target on Vertex Pharmaceuticals from $397.00 to $420.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 6th. Finally, Robert W. Baird lowered shares of Vertex Pharmaceuticals from a “neutral” rating to an “underperform” rating and set a $325.00 price objective for the company. in a research report on Wednesday, January 31st. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $420.48.

Insider Activity

In related news, EVP Ourania Tatsis sold 354 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $425.70, for a total value of $150,697.80. Following the completion of the transaction, the executive vice president now owns 55,804 shares of the company’s stock, valued at approximately $23,755,762.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Chairman Jeffrey M. Leiden sold 2,656 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $419.51, for a total transaction of $1,114,218.56. Following the completion of the transaction, the chairman now owns 27,644 shares in the company, valued at approximately $11,596,934.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Ourania Tatsis sold 354 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $425.70, for a total transaction of $150,697.80. Following the completion of the transaction, the executive vice president now directly owns 55,804 shares in the company, valued at $23,755,762.80. The disclosure for this sale can be found here. Insiders have sold 12,381 shares of company stock worth $5,203,249 in the last ninety days. Company insiders own 0.30% of the company’s stock.

Vertex Pharmaceuticals Trading Up 0.1 %

Shares of NASDAQ:VRTX opened at $404.48 on Wednesday. The company has a current ratio of 3.99, a quick ratio of 3.78 and a debt-to-equity ratio of 0.02. Vertex Pharmaceuticals Incorporated has a 12-month low of $316.43 and a 12-month high of $448.40. The business has a 50 day moving average of $418.30 and a two-hundred day moving average of $395.14. The company has a market capitalization of $104.54 billion, a PE ratio of 29.12, a PEG ratio of 2.20 and a beta of 0.35.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings results on Monday, February 5th. The pharmaceutical company reported $4.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.85 by $0.35. Vertex Pharmaceuticals had a net margin of 36.68% and a return on equity of 21.91%. The firm had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same period in the prior year, the firm posted $3.33 earnings per share. As a group, analysts forecast that Vertex Pharmaceuticals Incorporated will post 14.95 EPS for the current year.

Vertex Pharmaceuticals Profile

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.