Wall Street brokerages expect Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) to report $945.82 million in sales for the current quarter, according to Zacks. Eight analysts have issued estimates for Vertex Pharmaceuticals’ earnings. The lowest sales estimate is $911.06 million and the highest is $970.00 million. Vertex Pharmaceuticals posted sales of $784.54 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 20.6%. The business is expected to report its next earnings results on Wednesday, October 23rd.
On average, analysts expect that Vertex Pharmaceuticals will report full year sales of $3.71 billion for the current fiscal year, with estimates ranging from $3.65 billion to $3.77 billion. For the next year, analysts anticipate that the firm will post sales of $4.51 billion, with estimates ranging from $4.17 billion to $5.02 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow Vertex Pharmaceuticals.
Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings results on Wednesday, July 31st. The pharmaceutical company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.24. Vertex Pharmaceuticals had a net margin of 64.13% and a return on equity of 21.73%. The firm had revenue of $941.29 million for the quarter, compared to analysts’ expectations of $884.66 million. During the same period in the previous year, the company posted $0.94 earnings per share. Vertex Pharmaceuticals’s revenue was up 25.1% compared to the same quarter last year.
VRTX has been the topic of several recent research reports. Needham & Company LLC lowered shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. They noted that the move was a valuation call. Goldman Sachs Group upgraded Vertex Pharmaceuticals from a “neutral” rating to a “buy” rating and increased their price target for the company from $226.00 to $254.00 in a report on Tuesday, September 3rd. Royal Bank of Canada set a $213.00 price objective on Vertex Pharmaceuticals and gave the company a “buy” rating in a research report on Monday, August 12th. JPMorgan Chase & Co. reissued a “buy” rating and issued a $212.00 price objective on shares of Vertex Pharmaceuticals in a research report on Thursday, August 1st. Finally, ValuEngine cut Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and fourteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $210.68.
Shares of Vertex Pharmaceuticals stock traded down $3.80 during trading hours on Friday, hitting $171.01. The company’s stock had a trading volume of 1,656,899 shares, compared to its average volume of 1,295,599. The business has a fifty day moving average of $178.32 and a 200 day moving average of $177.87. Vertex Pharmaceuticals has a 1-year low of $151.80 and a 1-year high of $195.81. The company has a quick ratio of 3.63, a current ratio of 3.74 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $44.93 billion, a PE ratio of 60.43, a P/E/G ratio of 2.36 and a beta of 1.37.
Vertex Pharmaceuticals announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 31st that allows the company to buyback $500.00 million in shares. This buyback authorization allows the pharmaceutical company to purchase up to 1.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
In related news, EVP Stuart A. Arbuckle sold 2,125 shares of the business’s stock in a transaction dated Wednesday, June 19th. The stock was sold at an average price of $181.89, for a total value of $386,516.25. Following the transaction, the executive vice president now owns 35,365 shares in the company, valued at $6,432,539.85. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Stuart A. Arbuckle sold 2,155 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $177.78, for a total value of $383,115.90. Following the completion of the transaction, the executive vice president now directly owns 34,395 shares of the company’s stock, valued at approximately $6,114,743.10. The disclosure for this sale can be found here. Insiders have sold 93,641 shares of company stock valued at $16,705,255 over the last 90 days. Insiders own 0.70% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. Princeton Global Asset Management LLC increased its stake in shares of Vertex Pharmaceuticals by 2.5% in the second quarter. Princeton Global Asset Management LLC now owns 12,949 shares of the pharmaceutical company’s stock worth $2,375,000 after buying an additional 318 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Vertex Pharmaceuticals by 5.0% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 118,785 shares of the pharmaceutical company’s stock valued at $21,783,000 after acquiring an additional 5,692 shares during the last quarter. River & Mercantile Asset Management LLP acquired a new position in Vertex Pharmaceuticals during the 2nd quarter worth $7,747,000. RFG Advisory LLC acquired a new position in Vertex Pharmaceuticals during the 2nd quarter worth $300,000. Finally, BlackRock Inc. grew its holdings in Vertex Pharmaceuticals by 2.6% during the 2nd quarter. BlackRock Inc. now owns 20,708,669 shares of the pharmaceutical company’s stock worth $3,797,554,000 after acquiring an additional 532,371 shares in the last quarter. Institutional investors own 95.03% of the company’s stock.
About Vertex Pharmaceuticals
Vertex Pharmaceuticals Incorporated engages in developing and commercializing therapies for treating cystic fibrosis. The company markets SYMDEKO/SYMKEVI, ORKAMBI, and KALYDECO to treat patients with cystic fibrosis who have specific mutations in their cystic fibrosis transmembrane conductance regulator gene.
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