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The Boston Globe

Business

US Senator Charles Grassley raises Vertex stock profits issue with SEC chief

US Senator Charles Grassley, in a letter to the head of the federal Securities and Exchange Commission Thursday, said he is concerned about a recent dramatic jump in Vertex Pharmaceuticals Inc.’s stock price that followed overstated test data for a drug it’s developing.

Grassley, an Iowa Republican, said it was a “potentially troubling issue for investors” that the Cambridge biotechnology company’s stock’s 55 percent boom on May 7 was based on results from clinical trial that Vertex later said were flawed.

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