Vertex Pharmaceuticals (NASDAQ:VRTX) Releases Earnings Results, Misses Estimates By $0.02 EPS

Vertex Pharmaceuticals (NASDAQ:VRTX) released its quarterly earnings data on Thursday. The pharmaceutical company reported $5.03 earnings per share for the quarter, missing the consensus estimate of $5.05 by ($0.02), FiscalAI reports. Vertex Pharmaceuticals had a net margin of 31.35% and a return on equity of 23.51%. The company had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.18 billion.

Vertex Pharmaceuticals Stock Performance

Shares of Vertex Pharmaceuticals stock traded up $3.78 during midday trading on Thursday, hitting $465.02. The company had a trading volume of 1,792,063 shares, compared to its average volume of 1,541,375. Vertex Pharmaceuticals has a 52-week low of $362.50 and a 52-week high of $519.68. The company has a 50 day moving average of $459.11 and a 200 day moving average of $427.29. The stock has a market capitalization of $117.98 billion, a P/E ratio of 32.79 and a beta of 0.30.

Insiders Place Their Bets

In other news, Chairman Jeffrey M. Leiden sold 63,781 shares of the firm’s stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $449.20, for a total value of $28,650,425.20. Following the transaction, the chairman directly owned 24,026 shares in the company, valued at $10,792,479.20. This trade represents a 72.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Ourania Tatsis sold 4,500 shares of the firm’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $474.99, for a total value of $2,137,455.00. Following the completion of the transaction, the executive vice president directly owned 42,293 shares in the company, valued at approximately $20,088,752.07. This represents a 9.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 145,417 shares of company stock valued at $65,190,487. Corporate insiders own 0.20% of the company’s stock.

Institutional Trading of Vertex Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the business. Brighton Jones LLC raised its position in Vertex Pharmaceuticals by 15.0% during the 4th quarter. Brighton Jones LLC now owns 4,427 shares of the pharmaceutical company’s stock valued at $1,783,000 after purchasing an additional 579 shares in the last quarter. Gamco Investors INC. ET AL acquired a new stake in shares of Vertex Pharmaceuticals in the 2nd quarter worth $228,000. NewEdge Advisors LLC increased its holdings in shares of Vertex Pharmaceuticals by 9.0% during the second quarter. NewEdge Advisors LLC now owns 11,929 shares of the pharmaceutical company’s stock valued at $5,311,000 after acquiring an additional 986 shares in the last quarter. ICW Investment Advisors LLC increased its stake in Vertex Pharmaceuticals by 5.0% during the 2nd quarter. ICW Investment Advisors LLC now owns 604 shares of the pharmaceutical company’s stock valued at $269,000 after purchasing an additional 29 shares in the last quarter. Finally, Diversify Advisory Services LLC lifted its stake in shares of Vertex Pharmaceuticals by 26.3% during the second quarter. Diversify Advisory Services LLC now owns 7,291 shares of the pharmaceutical company’s stock worth $3,246,000 after buying an additional 1,518 shares during the period. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on VRTX shares. Wells Fargo & Company upped their price target on Vertex Pharmaceuticals from $460.00 to $515.00 and gave the company an “overweight” rating in a research note on Wednesday, December 10th. Royal Bank Of Canada raised Vertex Pharmaceuticals from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $455.00 to $546.00 in a report on Thursday, January 22nd. Sanford C. Bernstein upgraded shares of Vertex Pharmaceuticals from a “market perform” rating to an “outperform” rating in a research note on Monday, January 12th. Scotiabank began coverage on shares of Vertex Pharmaceuticals in a research report on Thursday, November 13th. They issued a “sector outperform” rating and a $495.00 price target for the company. Finally, Evercore raised their target price on Vertex Pharmaceuticals from $475.00 to $530.00 and gave the company an “outperform” rating in a research note on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $522.68.

About Vertex Pharmaceuticals

Vertex Pharmaceuticals Inc is a Boston-based biotechnology company focused on the discovery, development and commercialization of therapies for serious diseases. Founded in 1989, Vertex built its reputation on research-driven drug development and is best known for its work in cystic fibrosis (CF), where its portfolio of small-molecule CFTR modulators transformed standards of care for many people with the disease. The company operates research and development, manufacturing and commercial organizations and serves patients and healthcare systems in multiple international markets.

Vertex’s marketed products center on CFTR modulators that target the underlying cause of cystic fibrosis rather than just treating symptoms.