Cresset Asset Management LLC Decreases Stock Position in Vertex Pharmaceuticals Incorporated $VRTX

Cresset Asset Management LLC lessened its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 34.8% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,221 shares of the pharmaceutical company’s stock after selling 4,922 shares during the period. Cresset Asset Management LLC’s holdings in Vertex Pharmaceuticals were worth $3,611,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in VRTX. Hohimer Wealth Management LLC lifted its position in shares of Vertex Pharmaceuticals by 1.2% in the second quarter. Hohimer Wealth Management LLC now owns 2,123 shares of the pharmaceutical company’s stock worth $945,000 after buying an additional 26 shares in the last quarter. Legacy Wealth Asset Management LLC grew its holdings in Vertex Pharmaceuticals by 1.8% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 1,442 shares of the pharmaceutical company’s stock valued at $565,000 after buying an additional 26 shares in the last quarter. Quent Capital LLC grew its holdings in Vertex Pharmaceuticals by 5.5% during the 3rd quarter. Quent Capital LLC now owns 501 shares of the pharmaceutical company’s stock valued at $196,000 after buying an additional 26 shares in the last quarter. Washington Trust Advisors Inc. increased its stake in Vertex Pharmaceuticals by 8.0% in the 3rd quarter. Washington Trust Advisors Inc. now owns 349 shares of the pharmaceutical company’s stock worth $137,000 after acquiring an additional 26 shares during the last quarter. Finally, Defined Wealth Management LLC increased its stake in Vertex Pharmaceuticals by 3.0% in the 3rd quarter. Defined Wealth Management LLC now owns 932 shares of the pharmaceutical company’s stock worth $365,000 after acquiring an additional 27 shares during the last quarter. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Insider Activity

In related news, EVP Amit Sachdev sold 58,613 shares of the company’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $468.83, for a total transaction of $27,479,532.79. Following the transaction, the executive vice president directly owned 58,934 shares in the company, valued at approximately $27,630,027.22. This represents a 49.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Ourania Tatsis sold 4,500 shares of the stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $474.99, for a total transaction of $2,137,455.00. Following the completion of the sale, the executive vice president directly owned 42,293 shares in the company, valued at $20,088,752.07. This trade represents a 9.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 91,156 shares of company stock worth $42,845,497 in the last 90 days. Company insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals Stock Down 0.9%

Shares of VRTX opened at $456.69 on Friday. The company has a market cap of $116.01 billion, a PE ratio of 29.79 and a beta of 0.31. The business has a fifty day moving average of $467.48 and a 200 day moving average of $434.75. Vertex Pharmaceuticals Incorporated has a 52-week low of $362.50 and a 52-week high of $519.68.

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

Analyst Ratings Changes

VRTX has been the subject of a number of research reports. Sanford C. Bernstein reiterated an “outperform” rating and set a $577.00 target price on shares of Vertex Pharmaceuticals in a research report on Friday, February 13th. Weiss Ratings raised shares of Vertex Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, February 4th. Scotiabank increased their price objective on shares of Vertex Pharmaceuticals from $495.00 to $558.00 and gave the company an “outperform” rating in a research report on Friday, February 13th. Stifel Nicolaus lifted their price objective on shares of Vertex Pharmaceuticals from $445.00 to $466.00 and gave the stock a “hold” rating in a research note on Friday, February 13th. Finally, HC Wainwright set a $591.00 target price on shares of Vertex Pharmaceuticals in a report on Tuesday, February 17th. Twenty-two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $542.00.

About Vertex Pharmaceuticals

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.