Morse Asset Management Inc Decreases Stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Morse Asset Management Inc cut its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 1.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,003 shares of the pharmaceutical company’s stock after selling 112 shares during the period. Vertex Pharmaceuticals makes up 1.0% of Morse Asset Management Inc’s portfolio, making the stock its 26th biggest position. Morse Asset Management Inc’s holdings in Vertex Pharmaceuticals were worth $4,652,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Whalen Wealth Management Inc. purchased a new position in shares of Vertex Pharmaceuticals in the 3rd quarter worth $662,000. Creative Planning lifted its holdings in Vertex Pharmaceuticals by 5.3% in the second quarter. Creative Planning now owns 79,117 shares of the pharmaceutical company’s stock valued at $37,084,000 after acquiring an additional 3,998 shares during the period. Mizuho Securities USA LLC boosted its position in Vertex Pharmaceuticals by 289.0% in the third quarter. Mizuho Securities USA LLC now owns 77,393 shares of the pharmaceutical company’s stock worth $35,994,000 after purchasing an additional 57,497 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Vertex Pharmaceuticals by 640.0% during the 2nd quarter. Blue Trust Inc. now owns 1,443 shares of the pharmaceutical company’s stock valued at $676,000 after purchasing an additional 1,248 shares during the period. Finally, Manning & Napier Advisors LLC purchased a new stake in shares of Vertex Pharmaceuticals during the 2nd quarter valued at about $74,213,000. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Vertex Pharmaceuticals Price Performance

Vertex Pharmaceuticals stock opened at $456.97 on Wednesday. Vertex Pharmaceuticals Incorporated has a 52-week low of $347.51 and a 52-week high of $519.88. The company has a quick ratio of 2.20, a current ratio of 2.47 and a debt-to-equity ratio of 0.01. The firm’s fifty day moving average is $472.87 and its 200 day moving average is $475.32. The company has a market cap of $117.68 billion, a price-to-earnings ratio of -229.63 and a beta of 0.36.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 EPS for the quarter, topping the consensus estimate of $3.61 by $0.77. The company had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.69 billion. Vertex Pharmaceuticals had a negative return on equity of 1.91% and a negative net margin of 4.52%. The firm’s revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the business posted $3.67 earnings per share. Sell-side analysts forecast that Vertex Pharmaceuticals Incorporated will post -1.83 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Raymond James reissued a “market perform” rating on shares of Vertex Pharmaceuticals in a report on Thursday, October 10th. Oppenheimer cut their price objective on shares of Vertex Pharmaceuticals from $550.00 to $540.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Royal Bank of Canada upped their price objective on Vertex Pharmaceuticals from $437.00 to $451.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 5th. JPMorgan Chase & Co. lowered their target price on Vertex Pharmaceuticals from $510.00 to $503.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Finally, UBS Group upped their price target on Vertex Pharmaceuticals from $562.00 to $586.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Vertex Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $504.38.

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.