M&T Bank Corp Lowers Stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

M&T Bank Corp cut its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 5.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 18,867 shares of the pharmaceutical company’s stock after selling 1,074 shares during the period. M&T Bank Corp’s holdings in Vertex Pharmaceuticals were worth $8,775,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Edgewood Management LLC boosted its holdings in shares of Vertex Pharmaceuticals by 7,876.3% in the 3rd quarter. Edgewood Management LLC now owns 1,546,370 shares of the pharmaceutical company’s stock worth $719,186,000 after purchasing an additional 1,526,983 shares in the last quarter. Jennison Associates LLC lifted its position in Vertex Pharmaceuticals by 18.1% in the 3rd quarter. Jennison Associates LLC now owns 5,550,386 shares of the pharmaceutical company’s stock worth $2,581,373,000 after buying an additional 851,054 shares during the last quarter. Wellington Management Group LLP boosted its stake in Vertex Pharmaceuticals by 17.2% in the third quarter. Wellington Management Group LLP now owns 4,798,870 shares of the pharmaceutical company’s stock worth $2,231,858,000 after buying an additional 704,421 shares in the last quarter. International Assets Investment Management LLC grew its position in Vertex Pharmaceuticals by 74,015.5% during the third quarter. International Assets Investment Management LLC now owns 324,626 shares of the pharmaceutical company’s stock valued at $150,977,000 after acquiring an additional 324,188 shares during the last quarter. Finally, AustralianSuper Pty Ltd purchased a new position in shares of Vertex Pharmaceuticals during the third quarter worth approximately $105,282,000. Institutional investors own 90.96% of the company’s stock.

Vertex Pharmaceuticals Stock Performance

Shares of Vertex Pharmaceuticals stock opened at $397.27 on Monday. Vertex Pharmaceuticals Incorporated has a 12 month low of $377.85 and a 12 month high of $519.88. The firm has a market capitalization of $102.31 billion, a P/E ratio of -199.63 and a beta of 0.36. The company has a current ratio of 2.47, a quick ratio of 2.20 and a debt-to-equity ratio of 0.01. The business has a fifty day simple moving average of $470.41 and a two-hundred day simple moving average of $475.30.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.61 by $0.77. The company had revenue of $2.77 billion during the quarter, compared to analysts’ expectations of $2.69 billion. Vertex Pharmaceuticals had a negative net margin of 4.52% and a negative return on equity of 1.91%. Vertex Pharmaceuticals’s revenue was up 11.6% on a year-over-year basis. During the same period last year, the company posted $3.67 EPS. On average, equities analysts forecast that Vertex Pharmaceuticals Incorporated will post -1.83 earnings per share for the current fiscal year.

Analyst Ratings Changes

VRTX has been the topic of several recent research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Vertex Pharmaceuticals in a report on Friday. Morgan Stanley raised their price objective on Vertex Pharmaceuticals from $473.00 to $476.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Canaccord Genuity Group boosted their target price on Vertex Pharmaceuticals from $361.00 to $408.00 and gave the company a “sell” rating in a research note on Wednesday, November 6th. HC Wainwright reduced their price target on Vertex Pharmaceuticals from $600.00 to $535.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $480.00 price objective on shares of Vertex Pharmaceuticals in a research report on Tuesday, November 5th. Three analysts have rated the stock with a sell rating, ten 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.com, Vertex Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $499.77.

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.