State of Michigan Retirement System Sells 1,200 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

State of Michigan Retirement System lowered its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 1.6% in the fourth quarter, Holdings Channel reports. The fund owned 72,423 shares of the pharmaceutical company’s stock after selling 1,200 shares during the quarter. State of Michigan Retirement System’s holdings in Vertex Pharmaceuticals were worth $29,165,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Dunhill Financial LLC lifted its holdings in shares of Vertex Pharmaceuticals by 70.6% in the third quarter. Dunhill Financial LLC now owns 58 shares of the pharmaceutical company’s stock worth $27,000 after acquiring an additional 24 shares during the last quarter. Brown Lisle Cummings Inc. bought a new position in shares of Vertex Pharmaceuticals in the fourth quarter worth about $30,000. Legacy Investment Solutions LLC bought a new position in shares of Vertex Pharmaceuticals in the third quarter worth about $33,000. Truvestments Capital LLC bought a new position in shares of Vertex Pharmaceuticals in the third quarter worth about $35,000. Finally, Sugar Maple Asset Management LLC bought a new position in shares of Vertex Pharmaceuticals in the fourth quarter worth about $35,000. Institutional investors own 90.96% of the company’s stock.

Vertex Pharmaceuticals Price Performance

Shares of VRTX opened at $483.31 on Tuesday. Vertex Pharmaceuticals Incorporated has a 12-month low of $377.85 and a 12-month high of $519.88. The business’s fifty day moving average is $441.95 and its 200 day moving average is $461.06. The company has a quick ratio of 2.35, a current ratio of 2.69 and a debt-to-equity ratio of 0.01. The stock has a market cap of $124.11 billion, a P/E ratio of -219.69, a P/E/G ratio of 2.11 and a beta of 0.41.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its earnings results on Monday, February 10th. The pharmaceutical company reported $3.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.99 by ($0.45). Vertex Pharmaceuticals had a negative return on equity of 2.02% and a negative net margin of 4.86%. Sell-side analysts anticipate that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, EVP Ourania Tatsis sold 244 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $455.06, for a total transaction of $111,034.64. Following the transaction, the executive vice president now directly owns 67,695 shares in the company, valued at approximately $30,805,286.70. This trade represents a 0.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders have sold 1,084 shares of company stock worth $505,512. Corporate insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. StockNews.com cut shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Piper Sandler dropped their price objective on shares of Vertex Pharmaceuticals from $535.00 to $533.00 and set an “overweight” rating for the company in a report on Monday, January 27th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $480.00 price objective on shares of Vertex Pharmaceuticals in a report on Tuesday, February 11th. Jefferies Financial Group upgraded shares of Vertex Pharmaceuticals from a “hold” rating to a “buy” rating and raised their price objective for the company from $500.00 to $550.00 in a report on Monday, December 9th. Finally, UBS Group raised their price objective on shares of Vertex Pharmaceuticals from $562.00 to $586.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Eleven investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $506.70.

About Vertex Pharmaceuticals

Vertex Pharmaceuticals Incorporated, a biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis (CF). It markets TRIKAFTA/KAFTRIO for people with CF with at least one F508del mutation for 2 years of age or older; SYMDEKO/SYMKEVI for people with CF for 6 years of age or older; ORKAMBI for CF patients 1 year or older; and KALYDECO for the treatment of patients with 1 year or older who have CF with ivacaftor.