Vertex Shares Up More Than 1% After FDA Drug Approval

Shares of Vertex Pharmaceuticals Inc. rose more than 1% late Wednesday after the company said the U.S. Food and Drug Administration has approved one of its drugs for the treatment of certain mutations of the gene that causes cystic fibrosis. The company increased its sales expectations for the drug, called Kalydeco, to between $740 million and $770 million this year. Vertex said it is continuing to talk with the FDA about approving the drug to other mutations. The shares had ended the regular session down 3.1%.