Changes in US stocks | Forte Pharmaceuticals (VRTX.US) rose nearly 7% due to competitors' drug development falling short of targets

The Zhitong Finance App learned that on Monday, Forte Pharmaceuticals (VRTX.US) rose nearly 7% in early trading to a record high; while competitor Sionna Therapeutics (SION.US) plummeted more than 90% to a record low. According to the news, SION said that since the SION-719 experimental cystic fibrosis drug failed to achieve its main goals in mid-term clinical trials, the company will stop research and development of the drug. Investors had previously been concerned that SION might pose a threat to VRTX's core cystic fibrosis business, but the failure of this trial dispelled those concerns.

Trikafta and Alyftrek sold by VRTX are used to treat cystic fibrosis — a rare, chronic, and life-shortening genetic disease that causes progressive lung damage.