Pinnacle Financial Partners Inc Reduces Stock Position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Pinnacle Financial Partners Inc lessened its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 6.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,196 shares of the pharmaceutical company’s stock after selling 445 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Vertex Pharmaceuticals were worth $2,495,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Mutual Advisors LLC increased its position in Vertex Pharmaceuticals by 0.6% during the 3rd quarter. Mutual Advisors LLC now owns 3,710 shares of the pharmaceutical company’s stock worth $1,751,000 after purchasing an additional 21 shares in the last quarter. Outlook Wealth Advisors LLC increased its stake in shares of Vertex Pharmaceuticals by 2.8% during the 3rd quarter. Outlook Wealth Advisors LLC now owns 892 shares of the pharmaceutical company’s stock valued at $415,000 after acquiring an additional 24 shares during the last quarter. Dunhill Financial LLC increased its stake in shares of Vertex Pharmaceuticals by 70.6% during the 3rd quarter. Dunhill Financial LLC now owns 58 shares of the pharmaceutical company’s stock valued at $27,000 after acquiring an additional 24 shares during the last quarter. Simon Quick Advisors LLC increased its stake in shares of Vertex Pharmaceuticals by 1.1% during the 4th quarter. Simon Quick Advisors LLC now owns 2,236 shares of the pharmaceutical company’s stock valued at $900,000 after acquiring an additional 24 shares during the last quarter. Finally, Spinnaker Trust increased its stake in shares of Vertex Pharmaceuticals by 2.1% during the 4th quarter. Spinnaker Trust now owns 1,235 shares of the pharmaceutical company’s stock valued at $497,000 after acquiring an additional 25 shares during the last quarter. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Wall Street Analysts Forecast Growth

VRTX has been the subject of a number of research analyst reports. BMO Capital Markets set a $545.00 price objective on shares of Vertex Pharmaceuticals in a research note on Friday, January 31st. Citigroup initiated coverage on shares of Vertex Pharmaceuticals in a research note on Thursday, November 14th. They set a “buy” rating and a $575.00 price objective for the company. Canaccord Genuity Group raised shares of Vertex Pharmaceuticals from a “sell” rating to a “hold” rating and upped their price objective for the company from $408.00 to $424.00 in a research note on Tuesday, February 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of Vertex Pharmaceuticals in a research note on Tuesday, February 11th. Finally, Truist Financial upped their price objective on shares of Vertex Pharmaceuticals from $460.00 to $520.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. Eleven research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $506.70.

Vertex Pharmaceuticals Stock Up 0.8 %

Shares of NASDAQ:VRTX opened at $484.24 on Friday. The company has a quick ratio of 2.35, a current ratio of 2.69 and a debt-to-equity ratio of 0.01. Vertex Pharmaceuticals Incorporated has a 52-week low of $377.85 and a 52-week high of $519.88. The company has a 50 day moving average of $436.05 and a two-hundred day moving average of $460.61. The company has a market capitalization of $124.35 billion, a price-to-earnings ratio of -220.11, a price-to-earnings-growth ratio of 2.11 and a beta of 0.41.

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

Insider Activity

In other news, EVP Ourania Tatsis sold 310 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $459.83, for a total transaction of $142,547.30. Following the completion of the transaction, the executive vice president now directly owns 64,021 shares in the company, valued at approximately $29,438,776.43. This represents a 0.48 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.20% of the company’s stock.

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.