Vertex Pharmaceuticals Inc (NASDAQ:VRTX) reported better-than-expected earnings for the second quarter after the market close on Monday.
The company's revenue came in at $2.97 billion versus estimates of $2.90 billion. Adjusted EPS came in at $4.52, versus estimates of $4.29.
"Vertex delivered a strong quarter of revenue growth with each of our three product launches — ALYFTREK, JOURNAVX and CASGEVY — contributing, as well as continued advancement of our clinical programs," said Reshma Kewalramani, president and CEO of Vertex Pharmaceuticals.
In connection with earnings, Vertex announced topline results from the Phase 2 study evaluating the safety and efficacy of VX-993 in treating acute pain after bunionectomy surgery. The company said treatment with VX-993 did not result in a statistically significant improvement on the primary endpoint, which appears to be pressuring shares.
Vertex Pharmaceuticals shares fell 18.8% to trade at $383.40 on Tuesday.
These analysts made changes to their price targets on Vertex Pharmaceuticals following earnings announcement.
- HC Wainwright & Co. analyst Andrew S. Fein maintained Vertex Pharmaceuticals with a Buy and lowered the price target from $550 to $478.
- Morgan Stanley analyst Matthew Harrison maintained the stock with an Equal-Weight rating and lowered the price target from $460 to $439.
- Stifel analyst Paul Matteis maintained Vertex Pharmaceuticals with a Hold and lowered the price target from $494 to $455.
- Cantor Fitzgerald analyst Carter Gould maintained the stock with an Overweight rating and lowered the price target from $535 to $485.
- BMO Capital analyst Evan Seigerman maintained Vertex with an Outperform rating and lowered the price target from $557 to $530.
- UBS analyst Colin Bristow maintained the stock with a Buy and lowered the price target from $582 to $553.
- RBC Capital analyst Brian Abrahams maintained Vertex with a Sector Perform and lowered the price target from $430 to $405.
- Scotiabank analyst Greg Harrison maintained Vertex Pharmaceuticals with a Sector Perform and lowered the price target from $442 to $438.
- Truist Securities analyst Joon Lee maintained the stock with a Buy and lowered the price target from $520 to $490.
Considering buying VRTX stock? Here’s what analysts think:
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