Tears for FAERS: Another FAERS disaster rumor slams Vertex shares in a Wall Street melee — but this time the tempest passed quickly
Vertex is the latest biotech to get tripped up by the FDA’s Adverse Event Reporting System, which contains a hodgepodge of information about adverse events.
Mid-morning on Wednesday word spread on the grapevine — Twitter and so on — that the database included the news that 30 patients taking their cystic fibrosis drug Symdeko had died. That was good for a flash-trash of the stock, which slid 4% as FAERS sparked new FEARS, writ large.
But unlike some of these incidents, it was over almost as soon as it started. The company put out a statement that there’s nothing new they know about the blockbuster drug’s safety. And analysts helped with a few quick news flashes of their own.
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