NEW YORK (TheStreet) -- Vertex Pharmaceuticals (VRTX - Get Report) soared to a 52-week high of $98.80 on Tuesday after the company reported extremely positive results from two crucial Phase III trials.
Vertex reported statistically significant lung function improvement in patients with the most common form of cystic fibrosis after a combination therapy of two drugs VX-809, also known as lumacaftor, and Kalydeco. The two studies, called "Traffic" and "Transport," each met their primary endpoints separately.
When considered together together, cystic fibrosis patients treated with the greater of two doses of VX-809 and Kalydeco showed a 3.3% improvement in lung function on an absolute basis compared to placebo.
The stock was up 40.89% to $93.85 at 10:06 a.m.
For more on this story, read TheStreet's Adam Feuerstein's article here.