Interchange Capital Partners Reduces Stake in Vertex Pharmaceuticals

Interchange Capital Partners LLC has diminished its stake in Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) by 3.3% during the second quarter of 2023, as revealed in the firm’s latest 13F filing with the Securities and Exchange Commission. The fund now owns a total of 1,052 shares of Vertex Pharmaceuticals after selling 36 shares during the reporting period, valuing its holdings at approximately $468,000.

Several other institutional investors have adjusted their positions in Vertex Pharmaceuticals as well. Notably, United Services Automobile Association acquired a new stake worth $2,933,000 during the first quarter. Meanwhile, Lee Johnson Capital Management LLC purchased a stake valued at $721,000 in the second quarter, and SteelPeak Wealth LLC made a significant investment of $10,059,000 in the same period. Additionally, Moody Lynn & Lieberson LLC increased its holdings by 1.4%, now owning 58,077 shares worth about $25,856,000 after acquiring an additional 822 shares. New England Research & Management Inc. also entered the market with a new stake valued at $472,000. Notably, institutional investors and hedge funds collectively own 90.96% of Vertex’s stock.

Vertex Pharmaceuticals Stock Performance

Vertex Pharmaceuticals shares opened at $421.39 on Monday, with a one-year low of $362.50 and a high of $519.88. The company boasts a market capitalization of $108.04 billion, a price-to-earnings ratio of 30.12, and a beta of 0.43. Recent trading data indicates a fifty-day moving average of $398.96 and a two-hundred-day moving average of $434.28.

Analysts have recently reassessed their ratings on Vertex Pharmaceuticals. Wall Street Zen downgraded the stock from a “strong-buy” to a “buy” rating on August 22, 2023. Conversely, Leerink Partners upgraded the stock from “hold” to “strong-buy” on September 25, 2023, while also reducing their price target from $458.00 to $456.00. Cantor Fitzgerald adjusted its price target from $535.00 to $485.00, maintaining an “overweight” rating. Currently, one analyst rates the stock as a Strong Buy, sixteen as Buy, and twelve as Hold, resulting in a consensus rating of “Moderate Buy” with an average price target of $494.38, according to MarketBeat.com.

Insider Transactions and Corporate Overview

In related news, Bruce I. Sachs, a director at Vertex Pharmaceuticals, acquired 5,000 shares at an average price of $389.68 on August 6, 2023. This transaction totaled $1,948,400.00, increasing his holdings to 45,000 shares, valued at approximately $17,535,600. This purchase represents a 12.50% increase in his position and was disclosed in a filing with the SEC.

Vertex Pharmaceuticals is a biotechnology firm focused on developing and commercializing therapies for treating cystic fibrosis (CF). The company markets TRIKAFTA/KAFTRIO for individuals with CF having at least one F508del mutation, as well as SYMDEKO/SYMKEVI, ORKAMBI, and KALYDECO for various age groups and conditions related to CF.

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