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Here's Why Vertex Pharmaceuticals (VRTX) Soared Today

Shares of Vertex Pharmaceuticals Incorporated VRTX soared 24% in morning trading on Wednesday after the company released positive results for its cystic fibrosis treatments.

The pharmaceutical company said yesterday after hours that its cystic fibrosis treatments improved lung function by 9.6% or more in patients with the condition, which surpassed expectations.

The results came from three trials, each consisting of different triple drug combinations in order to determine the best strategy for treating cystic fibrosis. The combinations included VX-440, VX-152, and VX-659.

Because all three trials were successful, Vertex will have a bigger market opportunity. About 75,000 people in the world have the genetic disease cystic fibrosis, which causes an accumulation of mucus in the lungs and other organs. Vertex has now developed medicine that targets 30,000 of these people.

If the company’s rally holds, the price stock gain could add about $8 billion to Vertex’s market capitalization.

VRTX remains a Zacks Rank #1 (Strong Buy). Our consensus estimates show that the company will have extremely strong year-over-year earnings growth for the current year. Vertex is expected to report its next quarterly earnings on July 26 after market close.

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