VERTEX PHARMACEUTICALS INCORPORATED RDI Initiates Coverage on:
Vertex Pharmaceuticals Incorporated
https://ub.rdinvesting.com/news/?ticker=VRTX
AstraZeneca PLC
https://ub.rdinvesting.com/news/?ticker=AZN
Vertex Pharmaceuticals Incorporated's shares closed down 3.14% on Wednesday but saw shares rise in afterhours trading after the company received drug approval from the FDA. The FDA has approved Vertex's Kalydeco drug, which is used for the treatment of certain mutations of the gene that causes cystic fibrosis. Kalydeco has been approved for use in people with cystic fibrosis (CF) ages 2 and older who have one of 23 residual function mutations in the cystic fibrosis transmembrane conductance regulator (CFTR) gene. The company has raised their sales expectations now to range between $740 million to $770 million for 2017. The company even said that it's in discussions with the FDA to approve the drug for other gene mutations.
Chief Medical Officer at Vertex, Jeffrey Chodakewitz, M.D., staed, "Five years ago, KALYDECO became the first medicine to treat the underlying cause of CF. Since then, we have continued to invest in studies to improve the understanding of how this important medicine may benefit others with this serious and life-shortening disease. We are encouraged by the FDA?s willingness to explore innovative ways to make highly effective medicines like KALYDECO with a well-established safety profile available to more people who are in urgent need. We will continue to work closely with the FDA to bring KALYDECO to more people with responsive mutations who are still in need as rapidly as possible."
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AstraZeneca PLC's (NYSE: AZN) shares had a modest close in the red down 0.70% on Wednesday as traders learned that one of the company's rival may have a blockbuster drug in its hands. According to JPMorgan analyst Cory Kasimov said that ovarian cancer drugs from Clovis Oncology as well as Tesaro, are "more similar than different" compared to ones AstraZeneca has. He upgraded Clovis ahead of a key Phase 3 study called Ariel-3. Kasimov expects the Clovis trial to bring similar results like Tesaro's Nova trial for Zejulu. Regardless of their biomarkers, Tesaro's Zejulu has seen significant improvement in progression-free survival for all ovarian cancer patients. The analyst thinks Clovis shares could skyrocket as much as 50% if the Ariel-3 data is similar to Nova.
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Our Actionable Research on Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) and AstraZeneca PLC (NYSE: AZN) can be downloaded free of charge at Research Driven Investing.
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