Camden National Bank Lowers Stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Camden National Bank lowered its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 0.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,124 shares of the pharmaceutical company’s stock after selling 188 shares during the period. Camden National Bank’s holdings in Vertex Pharmaceuticals were worth $9,824,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Groesbeck Investment Management Corp NJ lifted its holdings in Vertex Pharmaceuticals by 1.2% during the second quarter. Groesbeck Investment Management Corp NJ now owns 1,794 shares of the pharmaceutical company’s stock worth $841,000 after buying an additional 21 shares during the period. Mutual Advisors LLC lifted its holdings in shares of Vertex Pharmaceuticals by 0.6% during the 3rd quarter. Mutual Advisors LLC now owns 3,710 shares of the pharmaceutical company’s stock valued at $1,751,000 after purchasing an additional 21 shares during the last quarter. Institute for Wealth Management LLC. raised its stake in Vertex Pharmaceuticals by 0.6% in the 2nd quarter. Institute for Wealth Management LLC. now owns 3,586 shares of the pharmaceutical company’s stock worth $1,681,000 after acquiring an additional 22 shares during the last quarter. Drive Wealth Management LLC raised its stake in Vertex Pharmaceuticals by 2.0% in the 2nd quarter. Drive Wealth Management LLC now owns 1,101 shares of the pharmaceutical company’s stock worth $516,000 after acquiring an additional 22 shares during the last quarter. Finally, Daymark Wealth Partners LLC raised its stake in Vertex Pharmaceuticals by 2.8% in the 3rd quarter. Daymark Wealth Partners LLC now owns 804 shares of the pharmaceutical company’s stock worth $374,000 after acquiring an additional 22 shares during the last quarter. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Insider Activity

In related news, Director Sangeeta N. Bhatia sold 646 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $500.00, for a total transaction of $323,000.00. Following the transaction, the director now owns 4,435 shares of the company’s stock, valued at approximately $2,217,500. This represents a 12.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Jeffrey M. Leiden sold 3,784 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $499.00, for a total transaction of $1,888,216.00. Following the transaction, the chairman now directly owns 9,994 shares in the company, valued at $4,987,006. The trade was a 27.46 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,445 shares of company stock worth $2,218,394 over the last ninety days. 0.20% of the stock is currently owned by insiders.

Vertex Pharmaceuticals Price Performance

Shares of NASDAQ:VRTX opened at $450.97 on Friday. The company has a 50-day simple moving average of $474.11 and a 200-day simple moving average of $472.92. Vertex Pharmaceuticals Incorporated has a one year low of $346.29 and a one year 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.

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

Wall Street Analyst Weigh In

VRTX has been the subject of a number of research analyst reports. Barclays lowered Vertex Pharmaceuticals from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $472.00 to $509.00 in a research note on Monday, August 5th. JPMorgan Chase & Co. cut their price target 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. Guggenheim increased their price target on Vertex Pharmaceuticals from $450.00 to $558.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Vertex Pharmaceuticals in a research report on Friday, July 26th. Finally, Royal Bank of Canada increased their price target on Vertex Pharmaceuticals from $437.00 to $451.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 5th. Three investment 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 stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus 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.