Vertex Pharma rises after rival genetic disorder drug setback
VRTX•Vertex shares climb after Sionna trial failure
Shares of drugmaker Vertex Pharmaceuticals (VRTX.O) climb 6.13% to $526.41.
Sionna Therapeutics (SION.O) says it will discontinue development of its SION-719 experimental cystic fibrosis drug after it failed to meet the main goal in a mid-stage trial.
Investors have been concerned Sionna can pose a threat to Vertex's core cystic fibrosis business, but the trial failure is a clearing event, RBC Capital Markets said.
Vertex markets Trikafta and Alyftrek for cystic fibrosis — a rare, chronic and life-shortening genetic disease which causes progressive lung damage.
Including session's moves, the stock is up about 17% year to date.
