Vertex Pharmaceuticals Leaps After Phase 3 Studies Meet Primary Endpoints

Vertex Pharmaceuticals Incorporated VRTX shares are trading higher by $20.00 (22.5 percent) at $110.17 in Wednesday's session.

The catalyst for the rally is the confirmation that two Phase 3 studies of Tezacaftor/Ivacaftor combo treatment net primary endpoints. The combo therapy significantly improved lung function in late stage trials.

Vertex's much higher opening print of $106.21 has turned out to be one penny from the low for the day at $106.20. The continuation rally has taken the issue to $111.88, which exceeds its January 11, 2016 high of $109.94, but is well shy of its January 8, 2016 high of $117.11.

The stock hasn't closed above $110.00 since January 8, 2016, when it ended the session at $110.71.