Shares of Vertex /quotes/comstock/15*!vrtx/quotes/nls/vrtx (VRTX 43.70, -0.27, -0.61%) rallied 14% after the company released stronger-than-expected Phase III study results for its experimental cystic-fibrosis treatment VX-770.
The Cambridge, Mass.-based biotech firm also reported favorable safety data from a Phase II trial for the compound. Vertex said it expects additional data from two more studies by mid-2011.
Also Wednesday, analysts at Goldman Sachs initiated coverage of Vertex with a neutral rating.
Shares of Alnylam /quotes/comstock/15*!alny/quotes/nls/alny (ALNY 11.36, +0.19, +1.70%) rose 5% after analysts at Needham & Co. raised their rating on the stock to buy from hold.
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