Why Vertex Pharmaceuticals Stock Is a Screaming Buy on the Dip
Vertex Pharmaceuticals' (NASDAQ: VRTX) remarkable momentum came to a screeching halt this week. The big biotech stock had been up well over 20% year to date. However, Vertex's shares plunged after the company announced its first-quarter results on Monday.Should investors throw in the towel on Vertex? I don't think so. Instead, the sell-off presents a fantastic opportunity to double up on this big biotech innovator.The main bad news with Vertex's Q1 results was that the company missed Wall Street's revenue and earnings estimates. Vertex reported Q1 revenue of $2.77 billion, up 3% year over year. Analysts were expecting revenue of $2.83 billion. The drugmaker posted adjusted earnings per share of $4.06, below the consensus estimate of $4.29. Continue reading
Vertex Pharmaceuticals' (NASDAQ: VRTX) remarkable momentum came to a screeching halt this week. The big biotech stock had been up well over 20% year to date. However, Vertex's shares plunged after the company announced its first-quarter results on Monday.
Should investors throw in the towel on Vertex? I don't think so. Instead, the sell-off presents a fantastic opportunity to double up on this big biotech innovator.
The main bad news with Vertex's Q1 results was that the company missed Wall Street's revenue and earnings estimates. Vertex reported Q1 revenue of $2.77 billion, up 3% year over year. Analysts were expecting revenue of $2.83 billion. The drugmaker posted adjusted earnings per share of $4.06, below the consensus estimate of $4.29.
