Truist Financial Corp Sells 66,225 Shares of Vertex Pharmaceuticals Incorporated $VRTX

Truist Financial Corp lessened its position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 31.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 143,864 shares of the pharmaceutical company’s stock after selling 66,225 shares during the period. Truist Financial Corp owned approximately 0.06% of Vertex Pharmaceuticals worth $56,343,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in VRTX. Access Investment Management LLC bought a new stake in Vertex Pharmaceuticals during the second quarter worth $27,000. Chesapeake Asset Management LLC raised its holdings in shares of Vertex Pharmaceuticals by 110.0% during the 3rd quarter. Chesapeake Asset Management LLC now owns 63 shares of the pharmaceutical company’s stock worth $25,000 after buying an additional 33 shares in the last quarter. Legacy Investment Solutions LLC bought a new stake in shares of Vertex Pharmaceuticals during the 2nd quarter worth $29,000. Total Investment Management Inc. acquired a new stake in Vertex Pharmaceuticals in the second quarter valued at about $33,000. Finally, Financial Network Wealth Advisors LLC grew its position in Vertex Pharmaceuticals by 50.9% in the third quarter. Financial Network Wealth Advisors LLC now owns 86 shares of the pharmaceutical company’s stock valued at $34,000 after acquiring an additional 29 shares during the last quarter. Institutional investors and hedge funds own 90.96% of the company’s stock.

Insider Activity

In other Vertex Pharmaceuticals news, EVP Charles F. Wagner, Jr. sold 9,532 shares of the stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $461.00, for a total transaction of $4,394,252.00. Following the completion of the sale, the executive vice president owned 37,725 shares of the company’s stock, valued at approximately $17,391,225. This represents a 20.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Jeffrey M. Leiden sold 63,781 shares of the firm’s stock in a transaction that occurred 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 transaction, the chairman owned 24,026 shares of the company’s stock, valued at approximately $10,792,479.20. The trade was a 72.64% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 165,105 shares of company stock valued at $73,858,523. Company insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Wells Fargo & Company increased their target price on shares of Vertex Pharmaceuticals from $460.00 to $515.00 and gave the stock an “overweight” rating in a report on Wednesday, December 10th. Weiss Ratings reissued a “hold (c+)” rating on shares of Vertex Pharmaceuticals in a research note on Wednesday, January 21st. JPMorgan Chase & Co. boosted their target price on shares of Vertex Pharmaceuticals from $517.00 to $530.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 8th. UBS Group upped their price target on shares of Vertex Pharmaceuticals from $535.00 to $545.00 and gave the stock a “buy” rating in a report on Monday. Finally, Morgan Stanley set a $564.00 price objective on Vertex Pharmaceuticals in a report on Friday, December 5th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $522.68.

Vertex Pharmaceuticals Stock Performance

VRTX stock opened at $477.91 on Thursday. The company has a market capitalization of $121.26 billion, a P/E ratio of 33.70 and a beta of 0.31. The company has a fifty day moving average price of $451.84 and a 200-day moving average price of $427.22. Vertex Pharmaceuticals Incorporated has a 52-week low of $362.50 and a 52-week high of $519.68.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings data on Monday, November 3rd. The pharmaceutical company reported $4.80 earnings per share for the quarter, topping the consensus estimate of $4.58 by $0.22. The company had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $3.05 billion. Vertex Pharmaceuticals had a net margin of 31.35% and a return on equity of 23.51%. Vertex Pharmaceuticals’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.38 earnings per share. As a group, sell-side analysts forecast that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current fiscal 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.