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

Vertex Pharmaceuticals (NASDAQ:VRTX) released its earnings results on Monday. The pharmaceutical company reported $4.38 EPS for the quarter, topping analysts’ consensus estimates of $3.61 by $0.77, Briefing.com reports. The business had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.69 billion. Vertex Pharmaceuticals had a negative net margin of 4.52% and a negative return on equity of 1.88%. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the previous year, the firm earned $3.67 EPS. Vertex Pharmaceuticals updated its FY 2024 guidance to EPS.

Vertex Pharmaceuticals Stock Down 1.9 %

Vertex Pharmaceuticals stock traded down $9.49 during mid-day trading on Wednesday, hitting $490.39. The stock had a trading volume of 40,857 shares, compared to its average volume of 1,164,624. The stock has a 50-day simple moving average of $474.73 and a two-hundred day simple moving average of $466.76. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.52 and a quick ratio of 2.26. Vertex Pharmaceuticals has a 12 month low of $341.90 and a 12 month high of $510.64.

Insiders Place Their Bets

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 value of $323,000.00. Following the transaction, the director now directly owns 4,435 shares in the company, valued at $2,217,500. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Vertex Pharmaceuticals news, Director Sangeeta N. Bhatia sold 646 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $500.00, for a total value of $323,000.00. Following the completion of the sale, the director now owns 4,435 shares of the company’s stock, valued at approximately $2,217,500. 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 accessible through the SEC website. 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 transaction of $1,888,216.00. Following the completion of the sale, the chairman now owns 9,994 shares in the company, valued at $4,987,006. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

VRTX has been the subject of a number of recent research reports. Scotiabank raised their price target on Vertex Pharmaceuticals from $480.00 to $486.00 and gave the stock a “sector perform” rating in a research note on Tuesday. Bank of America reduced their price objective on shares of Vertex Pharmaceuticals from $550.00 to $541.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Raymond James reiterated a “market perform” rating on shares of Vertex Pharmaceuticals in a research note on Thursday, October 10th. Oppenheimer lowered their price target on Vertex Pharmaceuticals from $550.00 to $540.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Finally, Royal Bank of Canada upped their price target on Vertex Pharmaceuticals from $437.00 to $451.00 and gave the stock a “sector perform” rating in a report on Tuesday. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $494.63.

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.