Vertex Pharmaceuticals Incorporated (VRTX), a global biotechnology company yesterday announced positive results from its Phase 1 and 2 data for their cystic fibrosis treatment.

The studies data showed a 12% point improvement in lung functions of patients with cystic fibrosis who used the triple combination treatment of VX-52, VX-40 AND VX-659.  

Vertex Pharmaceuticals Incorporated CMO’s  Comments

“These safety and efficacy data are clear and compelling, indicating significant potential benefit for people with CF from each of these three different triple combination regimens,” said Jeffrey Chodakewitz, M.D., Executive Vice President and Chief Medical Officer at Vertex. “We will be collecting and evaluating additional data from these and other studies and will make a decision on which regimen(s) to take forward into pivotal program(s), which we expect to begin in the first half of 2018.”  Business Wire

VRTX Technical Analysis

VRTX opened trading yesterday at $129.21 which was exactly the same as the previous day’s trading close. VRTX closed trading yesterday at $132.16 and spiked up after market to $165.45, equivalent to a 25% increase from the closing price. Taking a look at the daily chart we can see that we are in unchartered territory as with the spike up VRTX is now trading at all time highs.

Taking a closer look at the daily chart we can see that before the spike up VRTX had already been in an overall upward trend dating back to March 28th when it traded at $89.67. VRTX has a float of 247.98 million shares and traded 1.90 times the normal daily trading volume on Tuesday.