Leerink analyst Geoffrey Porges raise his price target for Vertex to $113 from $104 after the company reported its Q2 financial results and delivered a "modest" revenue and earnings beat. Long-term, the analyst is bullish on Vertex given the company's cystic fibrosis portfolio and its profitability and cash flow potential. He reiterates an Outperform rating on the shares.

Vertex Pharmaceuticals and TreeFrog Therapeutics announced that Vertex has obtained an exclusive license to TreeFrog's proprietary cell manufacturing technology, C-Stem, to optimize production of Vertex's cell therapies for type 1 diabetes, or T1D. TreeFrog and Vertex will collaborate to scale-up TreeFrog's process to produce and amplify cells for Vertex's T1D therapies. TreeFrog's proprietary technology platform, C-Stem, is designed to mimic the natural microenvironment, allowing cells to grow exponentially in 3D. The technology will enhance Vertex's ability to generate large amounts of fully differentiated cells for its portfolio of T1D cell therapies.