Vertex climbs after FDA's 'breakthrough therapy' tag for kidney disease drug

** Shares of drugmaker Vertex Pharmaceuticals VRTX.O rise 2.7% to $386.75

** VRTX says the U.S. FDA has granted "breakthrough therapy" designation to its experimental drug for the treatment of a serious kidney disease

** The FDA's tag is meant to speed up development and review of drugs to treat a serious condition or unmet medical need

** The drug, povetacicept, is being developed to treat IgA nephropathy, a kidney disease where a protein called IgA builds up and causes inflammation that slowly damages the organ

** Co says it is on track to file for accelerated approval in the U.S. in 2026, if trial results are positive

** Including session's move, stock down 4% YTD