Shares of Vertex Pharmaceuticals sailed higher on Wednesday and were up as much as 21% in intra-day trading. The company had some big news that exceeded what Wall Street had been expecting.
The drug maker told CNBC on Tuesday that there was an improved response in patients that suffer from cystic fibrosis after using a three-drug cocktail.
According to Vertex, the company’s three-drug cocktails helped a measure of lung function in patients with cystic fibrosis grow by 9.6 percentage points or more. This number was more than the 2.5% that Wall Street had expected and helps the company get closer to advancing a medicine that could treat many people who suffer from cystic fibrosis.
Analyst Cory Kasimov of JPMorgan said that the “initial triple combo data does leave us speechless. This series [of updates] is highly impressive across the board.”
According to analyst Michael Yee of Jefferies, who wrote in a note on July 10th, that results like this could help Vertex shares soar above $150. That’s exactly what happened as the stock opened at $161.80 on Wednesday.
Disclaimer: We have no position in Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) and have not been compensated for this article.