Vertex Pharmaceuticals (VRTX) Stock Falls Today on Cystic Fibrosis Drug Trial Data
NEW YORK (TheStreet) -- Shares of Vertex Pharmaceuticals (VRTX) - Get Report fell 4.66% to $124.90 in morning trading Monday after the company announced its cystic fibrosis drug Kalydeco came up short of analysts' expectations in a mid-stage trial.
Patients who took Kalydeco, also known as ivacaftor, in combination with Vertex's VX-661 experimental drug experienced a 4.4% increase in the amount of air they could exhale in 1 second. This measurement assesses a patient's pulmonary function.
A survey by Evercore ISI, however, noted that analysts on average expected a 6% increase.
"The safety and efficacy data from this study are consistent with prior Phase 2 studies of VX-661 in combination with ivacaftor and provide further support for our ongoing Phase 3 program in people with one or two copies of the F508del mutation," said Jeffrey Chodakewitz, M.D., Executive Vice President and Chief Medical Officer at Vertex, in a statement.