Vertex Shares Spike On Results Of New Study
Vertex Pharmaceuticals Inc. (NASDAQ:VRTX) stock jumped nearly 50 percent on Monday after the company announced the results of an ongoing study of a cystic fibrosis drug were better than the pharmaceutical developer had anticipated.
According to CBS News, the Massachusetts-based company said the mid-stage results of its Kalydeco pill, which could potentially provide treatment for the most severe form of the disease, and a molecule known as VX-809 showed better lung functions in patients with cystic fibrosis.
"The company had been advising analysts to not expect a lung-function benefit in this trial; well, they were wrong," said ISI Group analyst Mark Schoenebaum, according to Bloomberg. "This is a major upside surprise. This opportunity could increase the eligible patient pool by up to 10 times."
The disease, which causes viscous mucus to accumulate in the lungs and other organs, affects about 30,000 Americans, and can spur infections, digestive problems and even death in certain patients, the media outlet stated.
Complete data from the study will be released sometime this summer, a Vertex spokesman said.
According to recent insider trading reports, Joshua S. Boger, Vertex director, sold 4,000 shares on May 2 valued at $38.39, amounting to $153,560.
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