Why Vertex Pharmaceuticals Incorporated Stock Is Soaring Today
Shares of rare-disease drugmaker Vertex Pharmaceuticals (NASDAQ: VRTX) are on the rise this morning thanks to the extremely positive data readouts for three trials assessing three different triple combination drug regimens in individuals with an especially hard-to-treat form of cystic fibrosis (CF) known as the F508del/Min genetic mutation. Patients with this particular genetic mutation are immune to the present generation of FDA-approved treatments. As of 11:34 a.m. EDT, Vertex's shares were up by 22.3% on the back of this positive clinical news.
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The key reason Vertex's shares are jumping, though, is that an FDA-approved therapy for this indication has the potential to garner peak sales in the realm of, say, $3 billion to $4 billion, according to industry insiders. Equally as important, the first disease-modifying therapy for this particular form of CF would enter the market without much of a threat of any type of looming competition.
Source: Fool.com