Sharp increase in VRTX’s short interest leads to surge in days-to-cover ratio


Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Vertex Pharmaceuticals Incorporated shares valued at $3,510,850 were sold by Sachdev Amit on Aug 10. At $350.00 per share, Sachdev Amit sold 10,031 shares. The insider’s holdings dropped to 58,814 shares worth approximately $20.62 million following the completion of this transaction.

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Also, Kearney Terrence C sold 10,000 shares, netting a total of over 3,500,000 in proceeds. Following the sale of shares at $350.00 each, the insider now holds 6,536 shares.

Before that, Tatsis Ourania had sold 5,750 shares from its account. In a trade valued at $1,988,293, the EVP, Chief Reg. & Quality Off. traded Vertex Pharmaceuticals Incorporated shares for $345.79 each. Upon closing the transaction, the insider’s holdings decreased to 5,750 shares, worth approximately $17.93 million.

As published in their initiating research note from William Blair on May 30, 2023, Vertex Pharmaceuticals Incorporated [VRTX] has been an Outperform and the price target has been revised to $382. This represents a 8.22% premium over Wednesday’s closing price.

Analyzing VRTX Stock Performance

On Wednesday, Vertex Pharmaceuticals Incorporated [NASDAQ: VRTX] rose 0.06% to $350.60. The stock’s lowest price that day was $350.205, but it reached a high of $355.90 in the same session. During the last five days, there has been a surge of approximately 2.09%. Over the course of the year, Vertex Pharmaceuticals Incorporated shares have jumped approximately 21.41%. Shares of the company reached a 52-week high of $367.00 on 07/21/23 and a 52-week low of $282.21 on 01/09/23. A 50-day SMA is recorded $349.06, while a 200-day SMA reached $322.05. Nevertheless, trading volume fell to 0.51 million shares from 1.05 million shares the previous day.

Support And Resistance Levels for Vertex Pharmaceuticals Incorporated (VRTX)

According to the 24-hour chart, there is a support level at 348.57, which, if violated, would cause prices to drop to 346.54. In the upper region, resistance lies at 354.27. The next price resistance is at 357.93. RSI (Relative Strength Index) is 52.65 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 3.75, which suggests the price will increase in the coming days. Percent R is at 33.76%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Vertex Pharmaceuticals Incorporated subject to short interest?

Stocks of Vertex Pharmaceuticals Incorporated saw a sharp rise in short interest on Jul 30, 2023 jumping by 0.13 million shares to 2.86 million. Data from Yahoo Finance shows that the short interest on Jun 29, 2023 was 2.73 million shares. A jump of 4.55% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.44 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.44.

Which companies own the most shares of Vertex Pharmaceuticals Incorporated (VRTX)?

According to The Vanguard Group, Inc. filings, the company currently owns 20,823,812 shares, which is about 8.09% of the total VRTX shares outstanding. The investor’s shares have appreciated by 72,401 from its previous 13-F filing of 20751411.0 shares. With the completion of the buy transaction, Capital Research & Management Co’s stake is now worth $6,109,798,984. BlackRock Fund Advisors reduced a -2.93% interest valued at $5.11 billion while Fidelity Management & Research Co sold a -1,269,366 stake. A total of 124,141 shares of Vertex Pharmaceuticals Incorporated were sold by SSgA Funds Management, Inc. during the quarter, and 35,346 were bought by Wellington Management Co. LLP. In its current portfolio, AllianceBernstein LP holds 7,535,034 shares valued at $2.65 billion.

In terms of Vertex Pharmaceuticals Incorporated share price expectations, FactSet research, analysts set an average price target of $386.88 in the next 12 months, up nearly 11.02% from the previous closing price of $350.40. Analysts anticipate Vertex Pharmaceuticals Incorporated stock to reach $456.00 by 2023, with the lowest price target being $315.00. In spite of this, 31 analysts ranked Vertex Pharmaceuticals Incorporated stock as an Overweight at the end of 2023.


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