Why Vertex Pharmaceuticals Stock Is Getting Hammered Today
Shares of rare disease giant Vertex Pharmaceuticals (NASDAQ: VRTX) are poised for a major sell-off today. The company's shares fell by as much as 14.5% in pre-market trading Friday morning in response to the biotech's decision to discontinue the clinical program for VX-864, an experimental treatment for the rare genetic disorder alpha-1 antitrypsin (AATD).
AATD is an inherited condition that results in a misfolded AAT protein in the blood. Those with the disorder are at an increased risk of both lung and liver disease. There are currently no Food and Drug Administration products approved to treat the underlying protein folding defect that causes AATD. As a result, this experimental medication had the potential to be major revenue generator for the biotech giant.
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Source Fool.com
