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Vertex Shares Leap On FDA Approval For Cystic Fibrosis Combo ORKAMBI

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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) shares were trading higher by $4.71 at $130.90 in Thursday's session. The catalyst for the sharp rally is the confirmation from the company that it received approval for Cystic Fibrosis combo ORKAMBI. More details were to be released in a 2:15 p.m. conference call.

The issue, which has been in a trading range since April 28 between $121.02 and $132.98, is now approaching the upper end of the range.

The issue has rallied from Wednesday's close $126.19 to $130.90. The issue was halted Thursday at 11:48 a.m. ET until more details are released after the conference call. Shares will resume trading at 3:00 p.m. ET.

On the call, ORKAMBI was priced at $259,000 a year; Estimates were for $230,000-$250,000.

Potential resistance points to keep in mind are its June 24 ($132.98). In addition, there are a pair of highs in the $135 handle from April 24 ($135.94) and April 27 ($135.07). Finally, the all-time high was made on April 23 ($137.50). The all-time closing high was made on that same day at $135.82.

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