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Vertex Pharmaceuticals (MA) (VRTX) CFO Rings Register on $35 Million Insider Sale


4/24/2013 8:17:49 AM

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Vertex Pharmaceuticals' (VRTX) Chief Financial Officer Ian Smith sold options and stock last week netting him more than $35 million. Smith rang the cash register on his Vertex holdings April 19 -- less than 24 hours after Vertex shares soared on positive data for its cystic fibrosis drug VX-661. The Form 4 detailing Smith's insider sales was filed with the SEC yesterday. Vertex shares hit an intraday high of $85.90 on April 19 and closed at $85.60 -- a 62% one-day jump fueled by investors rushing into the stock on the positive cystic fibrosis drug announcement. But as outside investors were buying, Smith, Vertex's CFO since 2001, was selling a massive stake in the company -- 745,685 shares -- with the largest chunk sold at $81.50 per share.

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