Vertex Drug Study Results Boosts Biotech ETFs

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By: Investor's Business Daily - Investing RSS

Posted on May 07, 2012 at 18:03 PM EDT

Biotechnology ETFs surged Monday as Vertex Pharmaceuticals (VRTX) shares skyrocketed 55% on positive study results for its two-drug therapy for cystic fibrosis, a genetic disorder afflicting about 70,000 people worldwide. First Trust NYSE Arca Biotech Index (FBT) popped 3% to 44.79 -- just a hair short of a 52-week high -- outperforming nearly all other nonleveraged ETFs. The 20-stock portfolio holds a 5% stake in Vertex. FBT was already