Why Arrowhead Pharmaceuticals Stock Jumped Today
Shares of Arrowhead Pharmaceuticals (NASDAQ:ARWR) rose sharply on Thursday and closed today's trading session up 9.9% after climbing by as much as 14.4%. The drugmaker did not report any news, but biotech giant Vertex Pharmaceuticals (NASDAQ:VRTX) released an update regarding one of its pipeline candidates, and the update bodes well for Arrowhead and its shareholders.
On Wednesday evening, Vertex announced it would discontinue the development of VX-814, a potential treatment for alpha-1 antitrypsin deficiency (AATD), a genetic condition that can cause lung or liver disease. The company decided to do so because VX-814 seems to have caused elevated liver enzymes in several patients during a phase 2 clinical trial. The news sent Vertex's stock plunging. Meanwhile, Arrowhead is also targeting AATD. The company is developing ARO-AAT as a treatment for liver disease associated with the illness.
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Source Fool.com
