Stock Alert: Vertex Pharmaceuticals Down On Dropping Plans To Advance VX-864 Study Into Late Stage

Shares of Vertex Pharmaceuticals Incorporated (VRTX) are down more than 8% Friday morning.

Thursday the company said it will not advance VX-864, the company's investigational drug in Phase 2 study for the treatment of people with alpha-1 antitrypsin deficiency (AATD), into late-stage development.

"Although results provide proof-of-mechanism, the magnitude of treatment effect observed in this study is unlikely to translate into substantial clinical benefit," Vertex said.

VRTX touched a 52-week low of $193 this morning. The stock is currently trading at $198.91

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