On May 2, 2022, before trading hours, Vertex Pharmaceuticals issued a press release providing an update on its Phase 1/2 clinical trial of VX-880, an investigational stem cell-derived, fully differentiated pancreatic islet cell replacement therapy for people with type 1 diabetes (T1D) with impaired hypoglycemic awareness and severe hypoglycemia. Specifically, the press release revealed that “the VX-880 Phase 1/2 study has been placed on clinical hold in the U.S. by the Food and Drug Administration (FDA) due to a determination that there is insufficient information to support dose escalation with the product.”

On this news, Vertex Pharmaceuticals’ stock price fell $11.26 per share, or 4%, to close at $261.96 per share on May 2, 2022.