01:31 PM EDT, 04/10/2024 (MT Newswires) -- Vertex Pharmaceuticals' ( VRTX ) Q1 earnings "could be soft" as consensus estimates "might be too high" given the earnings seasonality that affects biopharmaceutical firms in Q1, Oppenheimer said in a note to clients Tuesday.

Analysts said they remain bullish on the company's outlook, but investors should be cautious as Q1 profit and loss seasonality is difficult to model.

"While VRTX could have a softer than expected quarter due to seasonality in sales/earnings, we expect important pipeline updates to assuage bullish investors that the name still has room to run," the note said.

Vertex's Q1 earnings report is slated for release on May 6.

Oppenheimer rated the stock outperform with a $500 price target.

Vertex shares were 2.2% lower in recent trading Wednesday.

Price: 395.50, Change: -8.98, Percent Change: -2.22