State of Michigan Retirement System Sells 1,200 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

State of Michigan Retirement System lowered its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 1.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 72,423 shares of the pharmaceutical company’s stock after selling 1,200 shares during the quarter. State of Michigan Retirement System’s holdings in Vertex Pharmaceuticals were worth $29,165,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of VRTX. Dunhill Financial LLC lifted its position in shares of Vertex Pharmaceuticals by 70.6% in the third quarter. Dunhill Financial LLC now owns 58 shares of the pharmaceutical company’s stock worth $27,000 after purchasing an additional 24 shares in the last quarter. Legacy Investment Solutions LLC bought a new stake in shares of Vertex Pharmaceuticals in the third quarter worth $33,000. Brown Lisle Cummings Inc. bought a new stake in shares of Vertex Pharmaceuticals in the fourth quarter worth $30,000. Truvestments Capital LLC bought a new stake in shares of Vertex Pharmaceuticals in the third quarter worth $35,000. Finally, Capital Performance Advisors LLP bought a new stake in shares of Vertex Pharmaceuticals in the third quarter worth $39,000. Institutional investors own 90.96% of the company’s stock.

Insider Buying and Selling

In related news, EVP Ourania Tatsis sold 530 shares of the company’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $475.34, for a total transaction of $251,930.20. Following the completion of the sale, the executive vice president now owns 58,539 shares of the company’s stock, valued at $27,825,928.26. This represents a 0.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold 1,084 shares of company stock valued at $505,512 over the last quarter. 0.20% of the stock is owned by company insiders.

Vertex Pharmaceuticals Trading Up 0.7 %

VRTX stock opened at $483.31 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.35 and a current ratio of 2.69. The company’s 50-day simple moving average is $441.95 and its 200 day simple moving average is $461.06. Vertex Pharmaceuticals Incorporated has a 52 week low of $377.85 and a 52 week high of $519.88. The company has a market capitalization of $124.11 billion, a PE ratio of -219.69, a price-to-earnings-growth ratio of 2.11 and a beta of 0.41.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings results on Monday, February 10th. The pharmaceutical company reported $3.54 EPS for the quarter, missing the consensus estimate of $3.99 by ($0.45). Vertex Pharmaceuticals had a negative net margin of 4.86% and a negative return on equity of 2.02%. As a group, sell-side analysts anticipate that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on VRTX shares. Truist Financial boosted their price objective on shares of Vertex Pharmaceuticals from $460.00 to $520.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Wells Fargo & Company lowered shares of Vertex Pharmaceuticals from an “overweight” rating to an “equal weight” rating and set a $460.00 price objective on the stock. in a research report on Thursday, January 30th. Piper Sandler lowered their target price on shares of Vertex Pharmaceuticals from $535.00 to $533.00 and set an “overweight” rating on the stock in a report on Monday, January 27th. StockNews.com downgraded shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $480.00 target price on shares of Vertex Pharmaceuticals in a report on Tuesday, February 11th. Eleven research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $506.70.

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.