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

Vertex Pharmaceuticals (NASDAQ:VRTX) issued its earnings results on Monday. The pharmaceutical company reported $4.38 earnings per share 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 business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.69 billion. During the same period in the previous year, the business earned $3.67 EPS. The firm’s revenue was up 11.6% on a year-over-year basis. Vertex Pharmaceuticals updated its FY 2024 guidance to EPS.

Vertex Pharmaceuticals Trading Up 0.8 %

Shares of VRTX stock traded up $3.56 on Tuesday, hitting $476.36. The company had a trading volume of 62,079 shares, compared to its average volume of 1,162,113. Vertex Pharmaceuticals has a twelve month low of $341.90 and a twelve month high of $510.64. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.26 and a current ratio of 2.52. The firm has a market cap of $122.95 billion, a P/E ratio of -236.45 and a beta of 0.39. The stock’s 50-day moving average is $474.34 and its two-hundred day moving average is $466.02.

Analyst Ratings Changes

Several research firms recently commented on VRTX. Royal Bank of Canada cut their target price on Vertex Pharmaceuticals from $431.00 to $425.00 and set a “sector perform” rating for the company in a research report on Friday, October 4th. Scotiabank started coverage on Vertex Pharmaceuticals in a report on Wednesday, October 16th. They set a “sector perform” rating and a $480.00 price objective for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $480.00 price target on shares of Vertex Pharmaceuticals in a research report on Tuesday, October 8th. StockNews.com downgraded Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Monday, August 5th. Finally, Truist Financial reissued a “buy” rating and set a $550.00 price target (up from $508.00) on shares of Vertex Pharmaceuticals in a research report on Monday, August 5th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $492.58.

Insider Buying and Selling at Vertex Pharmaceuticals

In other news, Director Sangeeta N. Bhatia sold 646 shares of the stock in a transaction 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 in the company, valued at $2,217,500. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CMO Carmen Bozic sold 2,280 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $476.75, for a total transaction of $1,086,990.00. Following the completion of the sale, the chief marketing officer now directly owns 23,259 shares of the company’s stock, valued at $11,088,728.25. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sangeeta N. Bhatia sold 646 shares of Vertex Pharmaceuticals stock in a transaction 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 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 6,710 shares of company stock valued at $3,298,206. 0.20% of the stock is currently owned by company 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.