US Stock Market Move | The kidney drug trial achieved the expected goal, with Vertex Pharmaceuticals Incorporated (VRTX.US) rising over 8% in early trading.

On Tuesday, Vertex Pharmaceuticals Incorporated (VRTX.US) surged over 8% in early trading, hitting a new high for the year at $497.79 per share. In terms of news, the company had previously announced that its drug for treating kidney disease had met its targets in late-stage trials, providing a boost to its strategy beyond cystic fibrosis treatment. The company stated in a release that patients receiving treatment with povetacicept had a 52% reduction in urine protein levels compared to baseline after 36 weeks. They also noted that the drug was generally safe and well-tolerated in a study involving over 605 patients. Vertex Pharmaceuticals Incorporated stated that they plan to submit their application for povetacicept to the U.S. Food and Drug Administration (FDA) by the end of March and seek expedited approval. The company mentioned that they intend to use a priority review voucher to shorten the review period from 10 months to 6 months.