Vertex Pharmaceuticals (NASDAQ:VRTX) Announces Quarterly Earnings Results

by · The Markets Daily

Vertex Pharmaceuticals (NASDAQ:VRTX – Get Free Report) announced its quarterly earnings results on Monday. The pharmaceutical company reported $4.38 EPS for the quarter, beating the consensus estimate of $3.61 by $0.77, Briefing.com reports. Vertex Pharmaceuticals had a negative net margin of 4.74% and a negative return on equity of 2.45%. The firm had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.69 billion. During the same period last year, the firm earned $3.67 EPS. The business’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 Stock Performance

Vertex Pharmaceuticals stock traded up $15.68 during midday trading on Tuesday, reaching $488.48. 149,850 shares of the company traded hands, compared to its average volume of 1,162,193. The firm has a market capitalization of $126.08 billion, a price-to-earnings ratio of -236.45 and a beta of 0.39. The business has a 50 day moving average of $474.34 and a two-hundred day moving average of $466.02. Vertex Pharmaceuticals has a 12 month low of $341.90 and a 12 month high of $510.64. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.52 and a quick ratio of 2.26.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. UBS Group raised their price objective on shares of Vertex Pharmaceuticals from $477.00 to $562.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. TD Cowen raised their price objective on shares of Vertex Pharmaceuticals from $450.00 to $500.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Barclays cut shares of Vertex Pharmaceuticals from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $472.00 to $509.00 in a research report on Monday, August 5th. Cantor Fitzgerald restated an “overweight” rating and set a $480.00 price objective on shares of Vertex Pharmaceuticals in a research report on Tuesday, October 8th. Finally, StockNews.com cut shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Monday, August 5th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $492.58.

View Our Latest Stock Report on VRTX

Insider Activity at Vertex Pharmaceuticals

In related news, Chairman Jeffrey M. Leiden sold 3,784 shares of the 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 owns 9,994 shares in the company, valued at $4,987,006. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Vertex Pharmaceuticals news, Chairman Jeffrey M. Leiden sold 3,784 shares of the stock in a transaction that occurred 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 directly owns 9,994 shares in the company, valued at approximately $4,987,006. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sangeeta N. Bhatia sold 646 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $500.00, for a total transaction of $323,000.00. Following the completion of the transaction, the director now owns 4,435 shares in the company, valued at $2,217,500. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,710 shares of company stock worth $3,298,206 over the last quarter. Company insiders own 0.20% of the company’s stock.

About Vertex Pharmaceuticals

(Get Free Report)

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.

Further Reading