Vertex Pharmaceuticals ($VRTX) stock jumped over 22 percent in its current trading session as it also created a new 52 weeks high of $111.88. The stock responded to the company’s announcement that it has received positive results from two Phase 3 clinical trials assessing the combination of tezacaftor and ivacaftor in patients with cystic fibrosis. The 24-week EVOLVE study met the primary endpoint of a statistically valid improvement in lung function from baseline compared to placebo. It evaluated the combination in CF patients with two copies of the F508del mutation.
The second study, EXPAND, also met its primary endpoint of a statistically valid improvement in lung function from baseline compared to placebo. It was an eight-week crossover study, assessed the combination in CF patients with one copy of the F508del mutation and some CFTR function.
Vertex stock has gained over 38 percent in the past 12 months. This year, it has shown robust performance with 49 percent gain. The company plans to file for regulatory approval in the U.S. and European Union for its experimental cystic fibrosis drug. If approved, the new drug would present patients with an alternative to the company's drug Orkambi, which may produce chest tightness or other side effects.