Analysts Set Expectations for Vertex Pharmaceuticals Incorporated’s FY2024 Earnings (NASDAQ:VRTX)

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) – Analysts at Cantor Fitzgerald issued their FY2024 earnings per share estimates for shares of Vertex Pharmaceuticals in a research report issued to clients and investors on Sunday, July 28th. Cantor Fitzgerald analyst O. Brayer expects that the pharmaceutical company will earn $1.06 per share for the year. Cantor Fitzgerald currently has a “Overweight” rating and a $480.00 price objective on the stock. The consensus estimate for Vertex Pharmaceuticals’ current full-year earnings is ($0.77) per share.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings results on Monday, May 6th. The pharmaceutical company reported $4.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.66 by $1.10. The firm had revenue of $2.69 billion for the quarter, compared to analysts’ expectations of $2.58 billion. Vertex Pharmaceuticals had a return on equity of 23.08% and a net margin of 39.46%. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.67 EPS.

A number of other equities analysts have also recently issued reports on VRTX. Morgan Stanley increased their target price on Vertex Pharmaceuticals from $402.00 to $455.00 and gave the stock an “equal weight” rating in a report on Thursday, July 11th. Argus increased their target price on Vertex Pharmaceuticals from $465.00 to $550.00 and gave the stock a “buy” rating in a report on Monday, June 17th. HC Wainwright increased their target price on Vertex Pharmaceuticals from $462.00 to $500.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Guggenheim increased their target price on Vertex Pharmaceuticals from $445.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. Finally, Piper Sandler increased their target price on Vertex Pharmaceuticals from $450.00 to $456.00 and gave the stock an “overweight” rating in a report on Tuesday, May 7th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $460.52.

Vertex Pharmaceuticals Price Performance

Vertex Pharmaceuticals stock opened at $505.78 on Wednesday. The stock has a market capitalization of $130.52 billion, a price-to-earnings ratio of 32.82, a PEG ratio of 2.65 and a beta of 0.39. Vertex Pharmaceuticals has a 52-week low of $340.20 and a 52-week high of $510.64. The stock’s 50 day moving average price is $478.50 and its two-hundred day moving average price is $439.33. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.29 and a current ratio of 3.50.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Groesbeck Investment Management Corp NJ boosted its stake in Vertex Pharmaceuticals by 1.2% in the 2nd quarter. Groesbeck Investment Management Corp NJ now owns 1,794 shares of the pharmaceutical company’s stock worth $841,000 after purchasing an additional 21 shares during the period. Institute for Wealth Management LLC. boosted its stake in Vertex Pharmaceuticals by 0.6% in the 2nd quarter. Institute for Wealth Management LLC. now owns 3,586 shares of the pharmaceutical company’s stock worth $1,681,000 after purchasing an additional 22 shares during the period. Drive Wealth Management LLC boosted its position in shares of Vertex Pharmaceuticals by 2.0% during the 2nd quarter. Drive Wealth Management LLC now owns 1,101 shares of the pharmaceutical company’s stock valued at $516,000 after acquiring an additional 22 shares during the last quarter. RFP Financial Group LLC boosted its position in shares of Vertex Pharmaceuticals by 17.0% during the 2nd quarter. RFP Financial Group LLC now owns 158 shares of the pharmaceutical company’s stock valued at $74,000 after acquiring an additional 23 shares during the last quarter. Finally, Venturi Wealth Management LLC boosted its position in shares of Vertex Pharmaceuticals by 1.1% during the 4th quarter. Venturi Wealth Management LLC now owns 2,293 shares of the pharmaceutical company’s stock valued at $933,000 after acquiring an additional 24 shares during the last quarter. Institutional investors own 90.96% of the company’s stock.

Insider Buying and Selling

In related news, CEO Reshma Kewalramani sold 1,565 shares of Vertex Pharmaceuticals stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $457.00, for a total value of $715,205.00. Following the completion of the sale, the chief executive officer now owns 121,374 shares of the company’s stock, valued at approximately $55,467,918. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Vertex Pharmaceuticals news, CFO Charles F. Wagner, Jr. sold 3,250 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $454.79, for a total value of $1,478,067.50. Following the completion of the transaction, the chief financial officer now owns 50,387 shares in the company, valued at approximately $22,915,503.73. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Reshma Kewalramani sold 1,565 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $457.00, for a total value of $715,205.00. Following the completion of the transaction, the chief executive officer now owns 121,374 shares of the company’s stock, valued at approximately $55,467,918. The disclosure for this sale can be found here. In the last 90 days, insiders sold 48,128 shares of company stock valued at $22,839,005. 0.20% of the stock is owned by insiders.

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.