State of Alaska Department of Revenue Has $14.04 Million Stake in Vertex Pharmaceuticals Incorporated $VRTX

State of Alaska Department of Revenue cut its position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 20.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 35,853 shares of the pharmaceutical company’s stock after selling 9,402 shares during the quarter. State of Alaska Department of Revenue’s holdings in Vertex Pharmaceuticals were worth $14,040,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Chesapeake Asset Management LLC grew its holdings in 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 acquiring an additional 33 shares during the period. Access Investment Management LLC acquired a new position in shares of Vertex Pharmaceuticals in the 2nd quarter valued at about $27,000. Legacy Investment Solutions LLC bought a new stake in shares of Vertex Pharmaceuticals during the 2nd quarter valued at about $29,000. Flaharty Asset Management LLC acquired a new stake in Vertex Pharmaceuticals during the first quarter worth approximately $32,000. Finally, Total Investment Management Inc. bought a new stake in Vertex Pharmaceuticals in the second quarter worth approximately $33,000. Institutional investors own 90.96% of the company’s stock.

Vertex Pharmaceuticals Stock Performance

Vertex Pharmaceuticals stock opened at $469.68 on Friday. Vertex Pharmaceuticals Incorporated has a fifty-two week low of $362.50 and a fifty-two week high of $519.68. The firm’s 50-day simple moving average is $442.73 and its 200 day simple moving average is $427.19. The stock has a market cap of $119.17 billion, a PE ratio of 33.12 and a beta of 0.31.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its earnings results on Monday, November 3rd. The pharmaceutical company reported $4.80 EPS for the quarter, topping the consensus estimate of $4.58 by $0.22. The firm 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%. The company’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter last year, the firm earned $4.38 EPS. As a group, analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Chairman Jeffrey M. Leiden sold 63,781 shares of the stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $449.20, for a total transaction of $28,650,425.20. Following the completion of the transaction, the chairman owned 24,026 shares in the company, valued at approximately $10,792,479.20. This represents a 72.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Charles F. Wagner, Jr. sold 14,000 shares of the firm’s stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $456.00, for a total transaction of $6,384,000.00. Following the sale, the executive vice president owned 37,725 shares of the company’s stock, valued at $17,202,600. This trade represents a 27.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 160,605 shares of company stock valued at $71,721,068 in the last 90 days. Corporate insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Leerink Partners increased their price target on Vertex Pharmaceuticals from $456.00 to $525.00 and gave the stock an “outperform” rating in a report on Monday, December 29th. Stifel Nicolaus cut their target price on shares of Vertex Pharmaceuticals from $455.00 to $445.00 and set a “hold” rating on the stock in a research note on Tuesday, November 4th. Morgan Stanley set a $564.00 price target on shares of Vertex Pharmaceuticals in a research note on Friday, December 5th. Evercore ISI cut their price objective on shares of Vertex Pharmaceuticals from $510.00 to $475.00 and set an “outperform” rating on the stock in a research report on Thursday, September 11th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Vertex Pharmaceuticals in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, Vertex Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $503.80.

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.