Vertex Pharmaceuticals (NASDAQ:VRTX) Issues Quarterly Earnings Results

Vertex Pharmaceuticals (NASDAQ:VRTX) announced its quarterly earnings data on Monday. The pharmaceutical company reported $4.73 EPS for the quarter, missing the consensus estimate of $4.74 by ($0.01), FiscalAI reports. Vertex Pharmaceuticals had a net margin of 35.51% and a return on equity of 23.86%.

Vertex Pharmaceuticals Stock Performance

Shares of Vertex Pharmaceuticals stock traded down $6.33 on Monday, hitting $470.77. The stock had a trading volume of 1,489,544 shares, compared to its average volume of 1,458,205. The stock has a 50 day moving average of $470.62 and a 200 day moving average of $460.33. Vertex Pharmaceuticals has a twelve month low of $362.50 and a twelve month high of $533.67. The firm has a market capitalization of $119.48 billion, a P/E ratio of 27.92, a PEG ratio of 2.15 and a beta of 0.29.

Insider Buying and Selling

In related news, CMO Carmen Bozic sold 596 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $482.50, for a total transaction of $287,570.00. Following the sale, the chief marketing officer directly owned 15,337 shares in the company, valued at $7,400,102.50. This trade represents a 3.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ourania Tatsis sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $524.99, for a total transaction of $787,485.00. Following the sale, the executive vice president directly owned 45,321 shares in the company, valued at $23,793,071.79. The trade was a 3.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 17,452 shares of company stock worth $8,103,997 in the last ninety days. Company insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Vertex Pharmaceuticals

Institutional investors have recently made changes to their positions in the stock. Williams Jones Wealth Management LLC. increased its stake in shares of Vertex Pharmaceuticals by 1.9% in the fourth quarter. Williams Jones Wealth Management LLC. now owns 1,155 shares of the pharmaceutical company’s stock valued at $524,000 after buying an additional 21 shares during the period. Financial Engines Advisors L.L.C. boosted its holdings in Vertex Pharmaceuticals by 4.0% in the fourth quarter. Financial Engines Advisors L.L.C. now owns 653 shares of the pharmaceutical company’s stock valued at $296,000 after acquiring an additional 25 shares during the last quarter. CYBER HORNET ETFs LLC increased its position in Vertex Pharmaceuticals by 4.0% during the 3rd quarter. CYBER HORNET ETFs LLC now owns 695 shares of the pharmaceutical company’s stock valued at $272,000 after purchasing an additional 27 shares during the period. PGIM Custom Harvest LLC increased its position in Vertex Pharmaceuticals by 2.3% during the 3rd quarter. PGIM Custom Harvest LLC now owns 1,248 shares of the pharmaceutical company’s stock valued at $489,000 after purchasing an additional 28 shares during the period. Finally, ICW Investment Advisors LLC raised its holdings in Vertex Pharmaceuticals by 5.0% during the 2nd quarter. ICW Investment Advisors LLC now owns 604 shares of the pharmaceutical company’s stock worth $269,000 after purchasing an additional 29 shares during the last quarter. Institutional investors own 90.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on VRTX shares. UBS Group upped their price objective on Vertex Pharmaceuticals from $545.00 to $585.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Canaccord Genuity Group lowered their target price on Vertex Pharmaceuticals from $437.00 to $436.00 and set a “hold” rating for the company in a research note on Tuesday, May 5th. Morgan Stanley boosted their target price on Vertex Pharmaceuticals from $612.00 to $616.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. Truist Financial raised their price target on shares of Vertex Pharmaceuticals from $542.00 to $560.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Finally, Weiss Ratings raised shares of Vertex Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 17th. Twenty-two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Vertex Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average target price of $559.61.

Vertex Pharmaceuticals Company Profile

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.