Vertex Pharmaceuticals (NASDAQ:VRTX) Issues Earnings Results

Vertex Pharmaceuticals (NASDAQ:VRTX) issued its quarterly earnings results on Monday. The pharmaceutical company reported $4.38 earnings per share for the quarter, beating analysts’ consensus estimates of $3.61 by $0.77, Briefing.com reports. Vertex Pharmaceuticals had a negative net margin of 4.52% and a negative return on equity of 1.88%. The firm had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.69 billion. During the same period last year, the company posted $3.67 EPS. Vertex Pharmaceuticals’s quarterly revenue was up 11.6% compared to the same quarter last year. Vertex Pharmaceuticals updated its FY 2024 guidance to EPS.

Vertex Pharmaceuticals Price Performance

NASDAQ VRTX traded down $6.24 on Wednesday, reaching $493.64. 1,648,698 shares of the stock traded hands, compared to its average volume of 1,172,090. Vertex Pharmaceuticals has a 12 month low of $341.90 and a 12 month high of $510.64. The company has a quick ratio of 2.26, a current ratio of 2.52 and a debt-to-equity ratio of 0.02. The firm’s fifty day simple moving average is $474.81 and its 200 day simple moving average is $466.95. The company has a market cap of $127.41 billion, a price-to-earnings ratio of -248.06 and a beta of 0.39.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Barclays lowered Vertex Pharmaceuticals from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $472.00 to $509.00 in a research note on Monday, August 5th. Oppenheimer dropped their target price on shares of Vertex Pharmaceuticals from $550.00 to $540.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Truist Financial reissued a “buy” rating and issued a $550.00 price target (up from $508.00) on shares of Vertex Pharmaceuticals in a research note on Monday, August 5th. Morgan Stanley upped their price objective on shares of Vertex Pharmaceuticals from $473.00 to $476.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Guggenheim increased their price objective on shares of Vertex Pharmaceuticals from $450.00 to $558.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $495.96.

Insider Buying and Selling

In related news, Director Sangeeta N. Bhatia sold 646 shares of the 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 completion of the sale, the director now directly owns 4,435 shares of the company’s stock, valued at $2,217,500. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Vertex Pharmaceuticals news, Director Sangeeta N. Bhatia sold 646 shares of Vertex Pharmaceuticals 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 directly owns 4,435 shares in the company, valued at approximately $2,217,500. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Jeffrey M. Leiden sold 3,784 shares of Vertex Pharmaceuticals stock in a transaction on Friday, August 30th. The shares were sold at an average price of $499.00, for a total value of $1,888,216.00. Following the transaction, the chairman now owns 9,994 shares in the company, valued at $4,987,006. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is owned by corporate insiders.

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.