Vertex Just Reported Trial Results for a Kidney Drug. What It Means for the Stock.

Vertex Pharmaceuticals stock rallied on Tuesday after positive results from a trial of its drug treating a rare kidney disease impressed Wall Street. Vertex said in a statement late Monday that its drug povetacicept had met its primary objective in a late-stage trial. The company said it would apply to the Food and Drug Administration by the end of March for accelerated approval of the drug.