On Tuesday, the markets have kept moving higher, with the S&P 500 INDEX (INDEXCBOE:SPX) reaching a new 52-week high, of 1,968.17, currently trading 0.20% up at 1,966.37 points. The Dow Jones Industrial Average (INDEXDJX:.DJI) has also started the day in green, although currently it has inched down by 0.02% to 16,933.04, with analysts and investors expecting it soon to reach the 17,000 points mark. Among the stocks of the S&P 500 Index, the indisputable top gainer on Tuesday is Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX), which jumped over 40% so far, to $93.40 per share.
The main news that caused the boost of the Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)’s stock price is the announcement made by the company today about successful Phase 3 studies results of a Cystic Fibrosis drug. Two Phase 3 studies involving lumacaftor in combination with ivacaftor have showed improvements in the lung functioning in people over 12 years old suffering from Cystic Fibrosis. “All four 24-week combination treatment arms in the studies, known as TRAFFIC and TRANSPORT, met their primary endpoint,” the company said in a statement.
Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) now intends to submit regulatory applications for approval in several countries, including the U.S. where it will file for a New Drug Application and in Europe during the fourth quarter of the year.
Among the shareholders of Vertex is D E Shaw, led by David E. Shaw, which during the first three months of the year increased its exposure to the company by 160% to 1.90 million shares. D E Shaw also owns 626,500 shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) under ‘Call’ options.
Another stock that gained ground on Tuesday is Micron Technology, Inc. (NASDAQ:MU), which climbed over 4.60% on the back of the solid financial results for the third quarter of its fiscal 2014. The company posted a 72% increase on the year in revenues, while Micron Technology, Inc. (NASDAQ:MU)’s EPS amounted to $0.68 per share on a GAAP basis, which is above the third quarter of the last year result of $0.61 per share. Micron Technology, Inc. (NASDAQ:MU) also posted $1.46 billion in cash flows from operations and reported investment in capital expenditures of $576 million for the third quarter.