Vertex Pharmaceuticals (NASDAQ:VRTX) Posts Quarterly Earnings Results, Misses Expectations By $0.34 EPS

Vertex Pharmaceuticals (NASDAQ:VRTX) posted its earnings results on Monday. The pharmaceutical company reported $4.22 earnings per share for the quarter, missing the consensus estimate of $4.56 by ($0.34), Zacks reports. Vertex Pharmaceuticals had a net margin of 31.86% and a return on equity of 23.91%.

Vertex Pharmaceuticals Stock Up 0.1%

Shares of VRTX traded up $0.48 on Monday, reaching $426.05. The stock had a trading volume of 1,514,575 shares, compared to its average volume of 1,613,019. The firm has a market capitalization of $109.24 billion, a PE ratio of 30.45 and a beta of 0.43. The firm has a 50-day moving average of $401.71 and a 200 day moving average of $431.57. Vertex Pharmaceuticals has a twelve month low of $362.50 and a twelve month high of $519.88.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on VRTX. Canaccord Genuity Group reduced their target price on Vertex Pharmaceuticals from $424.00 to $411.00 and set a “hold” rating for the company in a report on Wednesday, August 6th. Royal Bank Of Canada reduced their price objective on Vertex Pharmaceuticals from $430.00 to $405.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 5th. Scotiabank reduced their price objective on Vertex Pharmaceuticals from $442.00 to $438.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 5th. Leerink Partners raised Vertex Pharmaceuticals from a “market perform” rating to an “outperform” rating and reduced their price objective for the company from $458.00 to $456.00 in a research note on Thursday, September 25th. Finally, Wall Street Zen downgraded Vertex Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 22nd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $492.10.

Insider Buying and Selling at Vertex Pharmaceuticals

In other news, Director Bruce I. Sachs purchased 5,000 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were acquired at an average price of $389.68 per share, for a total transaction of $1,948,400.00. Following the acquisition, the director directly owned 45,000 shares in the company, valued at approximately $17,535,600. The trade was a 12.50% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Vertex Pharmaceuticals

A number of large investors have recently bought and sold shares of the stock. Man Group plc lifted its holdings in Vertex Pharmaceuticals by 740.5% in the second quarter. Man Group plc now owns 127,618 shares of the pharmaceutical company’s stock worth $56,816,000 after acquiring an additional 112,434 shares during the last quarter. Corient Private Wealth LLC raised its holdings in shares of Vertex Pharmaceuticals by 89.3% during the second quarter. Corient Private Wealth LLC now owns 201,698 shares of the pharmaceutical company’s stock valued at $90,355,000 after buying an additional 95,148 shares during the last quarter. Orbimed Advisors LLC raised its holdings in shares of Vertex Pharmaceuticals by 31.5% during the second quarter. Orbimed Advisors LLC now owns 210,287 shares of the pharmaceutical company’s stock valued at $93,620,000 after buying an additional 50,387 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Vertex Pharmaceuticals by 8.4% during the second quarter. Canada Pension Plan Investment Board now owns 167,408 shares of the pharmaceutical company’s stock valued at $74,530,000 after buying an additional 12,979 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Vertex Pharmaceuticals by 79.0% during the second quarter. Tower Research Capital LLC TRC now owns 23,478 shares of the pharmaceutical company’s stock valued at $10,452,000 after buying an additional 10,362 shares during the last quarter. Institutional investors and hedge funds own 90.96% of the company’s stock.

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.