Vertex Pharmaceuticals’s Neutral Rating Reaffirmed at Zacks (VRTX)
Vertex Pharmaceuticals (NASDAQ:VRTX)‘s stock had its “neutral” rating restated by Zacks in a report released on Thursday. They currently have a $97.00 price target on the stock. Zacks‘s price target suggests a potential upside of 5.42% from the company’s current price.
Zacks’ analyst wrote, “Vertex’s second-quarter 2014 loss came in at $0.79 per share, much wider than the loss of $0.21 reported in the year-ago quarter. Second quarter 2014 loss was also wider than the Zacks Consensus Estimate of a loss of $0.74. Revenues of $121.9 million were below the Zacks Consensus Estimate of $128 million. Vertex is going through a transition period given its decision to focus on its cystic fibrosis (CF) franchise and drop investment in the hepatitis C virus franchise. CF drug, Kalydeco, is doing very well and Vertex is working on expanding the product’s label. The company received a huge boost in June thanks to positive data on a combination of Kalydeco and lumacaftor. Approval for this combination would provide access to a huge number of eligible patients. We remain Neutral on Vertex. While we believe Kalydeco has blockbuster potential, we remain concerned about Vertex’s dependence on just the CF franchise for growth. “
A number of other firms have also recently commented on VRTX. Analysts at TheStreet upgraded shares of Vertex Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, July 9th. Separately, analysts at Oppenheimer downgraded shares of Vertex Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research note on Monday, July 7th. Finally, analysts at Goldman Sachs raised their price target on shares of Vertex Pharmaceuticals to $109.00 in a research note on Wednesday, June 25th. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Vertex Pharmaceuticals has an average rating of “Hold” and a consensus price target of $102.82.
Shares of Vertex Pharmaceuticals (NASDAQ:VRTX) traded down 3.63% on Thursday, hitting $88.67. 1,208,149 shares of the company’s stock traded hands. Vertex Pharmaceuticals has a 52-week low of $58.06 and a 52-week high of $99.74. The stock’s 50-day moving average is $88.45 and its 200-day moving average is $77.91. The company’s market cap is $21.044 billion.
Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings data on Tuesday, July 29th. The company reported ($0.61) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.71) by $0.10. The company had revenue of $138.42 million for the quarter, compared to the consensus estimate of $131.85 million. During the same quarter last year, the company posted ($0.03) earnings per share. Vertex Pharmaceuticals’s revenue was down 55.5% compared to the same quarter last year. On average, analysts predict that Vertex Pharmaceuticals will post $-2.86 earnings per share for the current fiscal year.
Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) is in the business of discovering, developing, manufacturing and commercializing small molecule drugs for the treatment of serious diseases.
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