A combination of two Vertex Pharmaceuticals Inc. drugs improved lung function in patients with the most common form of cystic fibrosis, holding out the promise of a new treatment for the genetic illness. The company’s shares rose to their highest price in almost 14 years.
Pfizer Inc., Eli Lilly & Co. and Novartis AG have dug an idea out of the pharmaceutical dustbin to create new medicines that are showing blockbuster potential against hard-to-treat forms of breast cancer.
Biotechnology companies pioneer new drugs and make life better...how ironic their stocks have managed to wreak so much havoc in recent weeks. If you're looking for a culprit behind the selloff, blame biotech. The group's momentum led stocks higher, and now it's payback time.