Vertex Pharmaceuticals Incorporated VRTX announced that the FDA has cleared the investigational new drug (IND) application for VX-880, an investigational stem cell-derived, fully differentiated pancreatic islet cell therapy. The clearance will enable the company to proceed with initiating a studyon VX-880 to treat type I diabetes (T1D).Shares of the company have decreased 0.1% in the past year against the industry’s growth of 14.4%.The company plans to initiate a phase I/II study in the first half of 2021 in patients who have T1D with impaired hypoglycemic awareness and severe hypoglycemia. It will be a sequential, multi-part study to evaluate the safety and efficacy of different doses of VX-880. About 17 patients will be enrolled in the study.VX-880 is the first stem cell-derived therapy evaluating fully differentiated pancreatic islet cells for the treatment of T1D. It has the potential to restore the body’s ability to regulate glucose levels by restoring pancreatic islet cell function, including insulin production.Type 1 diabetes is a condition in which the immune system destroys insulin-making cells in the pancreas. There are currently limited treatment options beyond insulin for the management of T1D.Some other companies also have diabetes drugs in their portfolio. Novo Nordisk NVO has Ozempic, which is an anti-diabetic medication used for the treatment of type II diabetes. Lilly’s LLY Jardiance is marketed for treating type II diabetes.Zacks Rank & Other Stocks to Consider Vertex currently carries a Zacks Rank #2 (Buy).A similar-ranked stock in the healthcare sector is Alexion Pharmaceuticals Inc. ALXN. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Alexion’s earnings per share estimates have increased from $12.04 to $12.06 for 2020 over the past 60 days. Shares of the company have increased 56.8% in the past year.Vertex Pharmaceuticals Incorporated Price Vertex Pharmaceuticals Incorporated price | Vertex Pharmaceuticals Incorporated QuoteThe Hottest Tech Mega-Trend of AllLast year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.See Zacks' 3 Best Stocks to Play This Trend >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Novo Nordisk AS (NVO): Free Stock Analysis Report Alexion Pharmaceuticals, Inc. (ALXN): Free Stock Analysis Report Eli Lilly and Company (LLY): Free Stock Analysis Report Vertex Pharmaceuticals Incorporated (VRTX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research