Princeton Global Asset Management LLC Decreases Holdings in Vertex Pharmaceuticals Incorporated $VRTX

Princeton Global Asset Management LLC reduced its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 11.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,359 shares of the pharmaceutical company’s stock after selling 1,666 shares during the period. Vertex Pharmaceuticals comprises 0.9% of Princeton Global Asset Management LLC’s investment portfolio, making the stock its 29th biggest position. Princeton Global Asset Management LLC’s holdings in Vertex Pharmaceuticals were worth $5,232,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Activest Wealth Management purchased a new stake in shares of Vertex Pharmaceuticals in the first quarter valued at about $25,000. Access Investment Management LLC purchased a new stake in Vertex Pharmaceuticals in the 2nd quarter valued at approximately $27,000. Flaharty Asset Management LLC purchased a new stake in Vertex Pharmaceuticals in the 1st quarter valued at approximately $32,000. Legacy Investment Solutions LLC acquired a new stake in Vertex Pharmaceuticals during the 2nd quarter valued at $29,000. Finally, Total Investment Management Inc. purchased a new position in Vertex Pharmaceuticals during the second quarter worth $33,000. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on VRTX shares. Weiss Ratings restated a “hold (c+)” rating on shares of Vertex Pharmaceuticals in a research report on Wednesday, October 8th. Royal Bank Of Canada reduced their target price on shares of Vertex Pharmaceuticals from $423.00 to $415.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 4th. Barclays raised their price target on shares of Vertex Pharmaceuticals from $408.00 to $414.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 4th. Scotiabank started coverage on shares of Vertex Pharmaceuticals in a research report on Thursday, November 13th. They issued a “sector outperform” rating and a $495.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their price objective on shares of Vertex Pharmaceuticals from $517.00 to $530.00 and gave the company an “overweight” rating in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $498.42.

Insider Buying and Selling at Vertex Pharmaceuticals

In other news, Chairman Jeffrey M. Leiden sold 63,781 shares of the company’s stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $449.20, for a total transaction of $28,650,425.20. Following the completion of the sale, the chairman directly owned 24,026 shares in the company, valued at $10,792,479.20. This represents a 72.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Charles F. Wagner, Jr. sold 14,000 shares of the stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $456.00, for a total value of $6,384,000.00. Following the completion of the transaction, the executive vice president directly owned 37,725 shares in the company, valued at $17,202,600. This trade represents a 27.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 151,073 shares of company stock valued at $67,326,816 over the last three months. Corporate insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals Price Performance

NASDAQ VRTX opened at $456.20 on Friday. The company has a market cap of $115.75 billion, a P/E ratio of 32.17 and a beta of 0.32. Vertex Pharmaceuticals Incorporated has a 12 month low of $362.50 and a 12 month high of $519.68. The company has a 50-day moving average of $430.64 and a 200-day moving average of $426.01.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its earnings results on Monday, November 3rd. The pharmaceutical company reported $4.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.58 by $0.22. Vertex Pharmaceuticals had a net margin of 31.35% and a return on equity of 23.51%. The firm had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3.05 billion. During the same period in the previous year, the firm earned $4.38 earnings per share. Vertex Pharmaceuticals’s revenue was up 11.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current year.

Vertex Pharmaceuticals Profile

Vertex Pharmaceuticals Inc is a Boston-based biotechnology company focused on the discovery, development and commercialization of therapies for serious diseases. Founded in 1989, Vertex built its reputation on research-driven drug development and is best known for its work in cystic fibrosis (CF), where its portfolio of small-molecule CFTR modulators transformed standards of care for many people with the disease. The company operates research and development, manufacturing and commercial organizations and serves patients and healthcare systems in multiple international markets.

Vertex’s marketed products center on CFTR modulators that target the underlying cause of cystic fibrosis rather than just treating symptoms.