Vertex Pharmaceuticals Incorporated (VRTX) Expected to Post Quarterly Sales of $512.50 Million
Equities research analysts predict that Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) will post sales of $512.50 million for the current fiscal quarter, Zacks Investment Research reports. Nine analysts have made estimates for Vertex Pharmaceuticals’ earnings, with the lowest sales estimate coming in at $479.00 million and the highest estimate coming in at $565.90 million. Vertex Pharmaceuticals reported sales of $413.78 million in the same quarter last year, which indicates a positive year over year growth rate of 23.9%. The business is expected to announce its next earnings report on Tuesday, October 24th.
On average, analysts expect that Vertex Pharmaceuticals will report full year sales of $512.50 million for the current year, with estimates ranging from $2.02 billion to $2.41 billion. For the next fiscal year, analysts anticipate that the business will post sales of $2.69 billion per share, with estimates ranging from $2.47 billion to $3.33 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that follow Vertex Pharmaceuticals.
Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings results on Wednesday, July 26th. The pharmaceutical company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.06 by $0.33. The business had revenue of $544.10 million during the quarter, compared to analysts’ expectations of $489.95 million. Vertex Pharmaceuticals had a return on equity of 4.64% and a net margin of 12.05%. The company’s quarterly revenue was up 26.1% compared to the same quarter last year. During the same period last year, the firm earned $0.24 EPS.
A number of research firms have weighed in on VRTX. J P Morgan Chase & Co set a $184.00 target price on Vertex Pharmaceuticals and gave the stock a “buy” rating in a research report on Thursday, July 27th. Oppenheimer Holdings, Inc. increased their price objective on Vertex Pharmaceuticals from $150.00 to $175.00 and gave the company an “outperform” rating in a research report on Thursday, July 27th. Maxim Group set a $195.00 price objective on Vertex Pharmaceuticals and gave the company a “buy” rating in a research report on Thursday, July 27th. Morgan Stanley reiterated an “overweight” rating and set a $190.00 price objective (up previously from $153.00) on shares of Vertex Pharmaceuticals in a research report on Saturday, July 22nd. Finally, Vetr lowered Vertex Pharmaceuticals from a “strong-buy” rating to a “buy” rating and set a $181.00 target price for the company. in a report on Monday, July 24th. Six investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. Vertex Pharmaceuticals presently has an average rating of “Buy” and a consensus price target of $162.88.
In other Vertex Pharmaceuticals news, CEO Jeffrey M. Leiden sold 216,624 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $160.96, for a total transaction of $34,867,799.04. Following the completion of the sale, the chief executive officer now directly owns 400,266 shares in the company, valued at $64,426,815.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CMO Jeffrey Chodakewitz sold 3,438 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $127.80, for a total transaction of $439,376.40. Following the sale, the chief marketing officer now owns 125,949 shares of the company’s stock, valued at $16,096,282.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 526,092 shares of company stock valued at $84,101,702. 1.80% of the stock is owned by corporate insiders.
A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. increased its position in Vertex Pharmaceuticals by 0.8% during the 2nd quarter. BlackRock Inc. now owns 19,405,981 shares of the pharmaceutical company’s stock valued at $2,500,849,000 after purchasing an additional 159,601 shares during the period. Vanguard Group Inc. grew its position in shares of Vertex Pharmaceuticals by 3.1% in the 2nd quarter. Vanguard Group Inc. now owns 16,979,872 shares of the pharmaceutical company’s stock worth $2,188,196,000 after buying an additional 504,982 shares during the period. State Street Corp grew its position in shares of Vertex Pharmaceuticals by 2.0% in the 1st quarter. State Street Corp now owns 12,013,178 shares of the pharmaceutical company’s stock worth $1,313,647,000 after buying an additional 239,017 shares during the period. Clearbridge Investments LLC grew its position in shares of Vertex Pharmaceuticals by 1.2% in the 1st quarter. Clearbridge Investments LLC now owns 8,754,618 shares of the pharmaceutical company’s stock worth $957,317,000 after buying an additional 105,260 shares during the period. Finally, Jennison Associates LLC grew its position in shares of Vertex Pharmaceuticals by 253.8% in the 2nd quarter. Jennison Associates LLC now owns 5,055,122 shares of the pharmaceutical company’s stock worth $651,454,000 after buying an additional 3,626,368 shares during the period. Institutional investors own 92.88% of the company’s stock.
Shares of Vertex Pharmaceuticals (NASDAQ:VRTX) traded down 0.74% during trading on Tuesday, reaching $156.64. The company had a trading volume of 284,834 shares. Vertex Pharmaceuticals has a 12 month low of $71.46 and a 12 month high of $167.85. The stock has a market capitalization of $39.49 billion, a PE ratio of 150.47 and a beta of 1.75. The stock’s 50-day moving average price is $155.29 and its 200-day moving average price is $125.51.
About Vertex Pharmaceuticals
Vertex Pharmaceuticals Incorporated is engaged in discovering, developing, manufacturing and commercializing medicines for serious diseases. The Company is focused on developing and commercializing therapies for the treatment of cystic fibrosis (CF) and advancing its research and development programs in other indications.
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