Portfolio Manager Jeffrey Cornell of Johnson Investment Counsel bought back Vertex Pharmaceuticals Incorporation (VRTX) this year, and says the stock has appreciated due to achievements in the company’s cystic fibrosis therapy.
“A big upside surprise has been on Vertex Pharmaceuticals. They are a biotech company with drugs that treat cystic fibrosis patients. While that is a fairly small market, there aren’t a lot of drugs that effectively combat the illness,” Cornell said.
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Cornell says Vertex’s drugs open the doorways in the lungs that allow the passing of secretions, therefore attacking the problem of cystic fibrosis rather than just the symptoms. This revolutionary treatment’s progress has been reflected in the company’s stock, Cornell says.
“It’s a revolutionary new treatment, and it has met with some very high success levels — recently receiving the FDA’s breakthrough therapy designation,” Cornell said. “I think the success they had in the FDA testing surprised the Street.”
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