Allspring Global Investments Holdings LLC Cuts Stock Position in Vertex Pharmaceuticals Incorporated $VRTX

Allspring Global Investments Holdings LLC cut its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 3.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 122,210 shares of the pharmaceutical company’s stock after selling 4,653 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Vertex Pharmaceuticals were worth $55,255,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Chesapeake Asset Management LLC grew its position in shares of Vertex Pharmaceuticals by 110.0% during the third quarter. Chesapeake Asset Management LLC now owns 63 shares of the pharmaceutical company’s stock worth $25,000 after purchasing an additional 33 shares in the last quarter. Colonial Trust Co SC boosted its stake in Vertex Pharmaceuticals by 118.8% in the 3rd quarter. Colonial Trust Co SC now owns 70 shares of the pharmaceutical company’s stock worth $27,000 after purchasing an additional 38 shares during the period. Total Investment Management Inc. purchased a new stake in Vertex Pharmaceuticals during the 2nd quarter valued at approximately $33,000. Financial Network Wealth Advisors LLC grew its holdings in Vertex Pharmaceuticals by 50.9% during the 3rd quarter. Financial Network Wealth Advisors LLC now owns 86 shares of the pharmaceutical company’s stock valued at $34,000 after buying an additional 29 shares in the last quarter. Finally, Y.D. More Investments Ltd raised its position in shares of Vertex Pharmaceuticals by 345.0% during the third quarter. Y.D. More Investments Ltd now owns 89 shares of the pharmaceutical company’s stock valued at $35,000 after buying an additional 69 shares during the last quarter. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CMO Carmen Bozic sold 2,329 shares of the stock in a transaction on Friday, March 13th. The stock was sold at an average price of $481.79, for a total transaction of $1,122,088.91. Following the sale, the chief marketing officer owned 35,405 shares in the company, valued at approximately $17,057,774.95. This represents a 6.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Ourania Tatsis sold 260 shares of the firm’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $486.35, for a total value of $126,451.00. Following the completion of the sale, the executive vice president owned 46,763 shares of the company’s stock, valued at approximately $22,743,185.05. This represents a 0.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 93,485 shares of company stock worth $43,967,586. 0.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently commented on VRTX. Oppenheimer boosted their target price on shares of Vertex Pharmaceuticals from $540.00 to $600.00 and gave the stock an “outperform” rating in a report on Tuesday, March 10th. Jefferies Financial Group initiated coverage on shares of Vertex Pharmaceuticals in a research note on Tuesday, March 10th. They set a “buy” rating and a $580.00 target price for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $590.00 price target on shares of Vertex Pharmaceuticals in a report on Friday, February 13th. Wolfe Research upgraded shares of Vertex Pharmaceuticals from a “peer perform” rating to an “outperform” rating and set a $548.00 price target on the stock in a research note on Tuesday, January 6th. Finally, UBS Group increased their price objective on shares of Vertex Pharmaceuticals from $535.00 to $545.00 and gave the company a “buy” rating in a report on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $554.30.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX opened at $447.26 on Thursday. The stock has a market capitalization of $113.62 billion, a PE ratio of 29.18, a P/E/G ratio of 1.91 and a beta of 0.36. The company’s fifty day moving average is $468.95 and its 200 day moving average is $443.32. Vertex Pharmaceuticals Incorporated has a fifty-two week low of $362.50 and a fifty-two week high of $510.77.

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

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.