PNC Financial Services Group Inc. Has $27.33 Million Stock Holdings in Vertex Pharmaceuticals Incorporated $VRTX

PNC Financial Services Group Inc. cut its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 8.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 69,772 shares of the pharmaceutical company’s stock after selling 6,384 shares during the period. PNC Financial Services Group Inc.’s holdings in Vertex Pharmaceuticals were worth $27,326,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in VRTX. Brighton Jones LLC lifted its stake in shares of Vertex Pharmaceuticals by 15.0% in the fourth quarter. Brighton Jones LLC now owns 4,427 shares of the pharmaceutical company’s stock worth $1,783,000 after acquiring an additional 579 shares during the period. Stratos Wealth Advisors LLC raised its holdings in Vertex Pharmaceuticals by 6.3% during the 2nd quarter. Stratos Wealth Advisors LLC now owns 454 shares of the pharmaceutical company’s stock worth $202,000 after purchasing an additional 27 shares during the last quarter. Chicago Partners Investment Group LLC lifted its position in shares of Vertex Pharmaceuticals by 18.6% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 1,124 shares of the pharmaceutical company’s stock worth $536,000 after purchasing an additional 176 shares during the period. Stephens Inc. AR boosted its stake in shares of Vertex Pharmaceuticals by 2.3% in the 2nd quarter. Stephens Inc. AR now owns 3,392 shares of the pharmaceutical company’s stock valued at $1,510,000 after purchasing an additional 77 shares during the last quarter. Finally, Drive Wealth Management LLC boosted its stake in shares of Vertex Pharmaceuticals by 16.4% in the 2nd quarter. Drive Wealth Management LLC now owns 1,249 shares of the pharmaceutical company’s stock valued at $556,000 after purchasing an additional 176 shares during the last quarter. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Charles F. Wagner, Jr. sold 14,000 shares of Vertex Pharmaceuticals stock in a transaction dated Wednesday, December 3rd. The shares were 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Jeffrey M. Leiden sold 63,781 shares of the company’s stock in a transaction that occurred on 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 sale, the chairman owned 24,026 shares in the company, valued at $10,792,479.20. The trade was a 72.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 99,352 shares of company stock valued at $45,037,314. 0.20% of the stock is currently owned by corporate insiders.

Vertex Pharmaceuticals Stock Down 2.9%

Shares of NASDAQ VRTX opened at $477.32 on Wednesday. The company has a market capitalization of $121.11 billion, a PE ratio of 31.14 and a beta of 0.30. The stock’s 50 day moving average price is $461.78 and its 200-day moving average price is $427.53. Vertex Pharmaceuticals Incorporated has a twelve month low of $362.50 and a twelve month high of $519.68.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its earnings results on Thursday, February 12th. The pharmaceutical company reported $5.03 earnings per share for the quarter, missing analysts’ consensus estimates of $5.05 by ($0.02). Vertex Pharmaceuticals had a net margin of 32.94% and a return on equity of 24.30%. The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.18 billion. During the same period in the prior year, the company earned $3.98 earnings per share. The firm’s revenue was up 9.5% on a year-over-year basis. As a group, research analysts expect that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Stifel Nicolaus boosted their target price on shares of Vertex Pharmaceuticals from $445.00 to $466.00 and gave the company a “hold” rating in a report on Friday. Weiss Ratings raised Vertex Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, February 4th. Oppenheimer upgraded Vertex Pharmaceuticals from a “market perform” rating to an “outperform” rating and set a $540.00 target price on the stock in a research report on Friday, February 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $590.00 target price on shares of Vertex Pharmaceuticals in a research note on Friday. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $570.00 target price on shares of Vertex Pharmaceuticals in a report on Friday. Twenty-two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $542.00.

Vertex Pharmaceuticals Company 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.