collected by :Molly Tony
By the closing bell on the stock market today, Vertex stock had jumped 20.5% to 108.01 after earlier rising as much as 24.8%.
He raised his price target on Vertex stock to 112 from 106, with a buy rating.
He has a neutral rating on Vertex stock, saying “challenges loom” with its triplet.
She reiterated her market perform rating and raised her price target on Vertex stock to 121 from 115.
The triplet will combine tezacaftor, ivacaftor and a drug known as VX-440.
As it stated in
With New Data, Vertex Touts Backbone Of Future Cystic Fibrosis Drugs
With New Data, Vertex Touts Backbone Of Future Cystic Fibrosis DrugsXconomy Boston —With new data released this evening, Vertex Pharmaceuticals is closer to bringing its third cystic fibrosis treatment to market, which would mean the company’s product line could potentially treat upwards of 40 percent of the roughly 70,000 people with the disease worldwide.
But for Boston-based Vertex (NASDAQ: VRTX), the data have significance beyond the next FDA approval, which the company says it will ask for later this year.
The strong showing of the ivacaftor-tezacaftor combination means Vertex’s strategy to build three-drug cocktails with ivacaftor-tezacaftor as the backbone is on the right track.
In one Phase 3 study, dubbed EVOLVE, Vertex enrolled 504 CF patients 12 and older who have the most common form of cystic fibrosis, affecting about half of the population.
In EVOLVE, 41 placebo patients had respiratory side effects and eight dropped out due to side effects, while 33 patients on ivacaftor/tezacaftor had such side effects and 7 dropped out.
As it stated in