Vertex Pharmaceuticals (NASDAQ:VRTX) Posts Quarterly Earnings Results, Beats Expectations By $0.77 EPS

Vertex Pharmaceuticals (NASDAQ:VRTX) announced its earnings results on Monday. The pharmaceutical company reported $4.38 earnings per share (EPS) for the quarter, topping 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 business had revenue of $2.77 billion during the quarter, compared to analysts’ expectations of $2.69 billion. During the same quarter last year, the company posted $3.67 EPS. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. Vertex Pharmaceuticals updated its FY 2024 guidance to EPS.

Vertex Pharmaceuticals Trading Down 1.2 %

NASDAQ VRTX opened at $493.64 on Thursday. Vertex Pharmaceuticals has a one year low of $341.90 and a one year 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. The firm has a market cap of $127.41 billion, a P/E ratio of -248.06 and a beta of 0.39. The stock’s 50-day moving average is $474.81 and its 200-day moving average is $466.95.

Insider Activity at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, Chairman Jeffrey M. Leiden sold 3,784 shares of Vertex Pharmaceuticals 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 owns 9,994 shares of the company’s stock, valued at approximately $4,987,006. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Vertex Pharmaceuticals news, Director Sangeeta N. Bhatia sold 646 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $500.00, for a total transaction of $323,000.00. Following the sale, the director now directly owns 4,435 shares of the company’s stock, valued at $2,217,500. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, 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 completion of the sale, the chairman now directly owns 9,994 shares of the company’s stock, valued at approximately $4,987,006. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on VRTX. UBS Group upped their price objective on shares of Vertex Pharmaceuticals from $562.00 to $586.00 and gave the stock a “buy” rating in a research note on Tuesday. JPMorgan Chase & Co. decreased their price target on Vertex Pharmaceuticals from $510.00 to $503.00 and set an “overweight” rating on the stock in a research report on Tuesday. Morgan Stanley lifted their price objective on Vertex Pharmaceuticals from $473.00 to $476.00 and gave the company an “equal weight” rating in a research report on Tuesday. Guggenheim boosted their price objective on Vertex Pharmaceuticals from $450.00 to $558.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Finally, TD Cowen raised their target price on Vertex Pharmaceuticals from $450.00 to $500.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $495.96.

Vertex Pharmaceuticals Company Profile

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.