INSM - Why Shares of Insmed Are Soaring This Week
2023-09-08 14:09:00 ET
Shares of Insmed (NASDAQ: INSM) were up more than 17% for the week as of 10:30 a.m. ET on Friday, according to data provided by S&P Global Market Intelligence . The healthcare company closed last week at $22.64, then rose to a 52-week high of $27.15 on Tuesday and Thursday. The company announced positive trial data earlier in the week, and analysts upgraded their positions on the stock.
On Tuesday, Insmed reported positive top-line results from its Phase 3 study of Arikayce to treat patients (who had not started antibiotics) with newly diagnosed or recurrent nontuberculous mycobacterial (NTM) lung infection caused by Mycobacterium avium complex (MAC). There are no established endpoints to evaluate MAC treatments, and Insmed said it is hoping the Food and Drug Administration (FDA) will adopt its Quality of Life-Bronchiectasis measurement.
The biotech company is looking to extend Arikayce's currently allowed approval from the FDA strictly as a combination therapy, with other antibiotics, to treat MAC lung disease patients with limited or no other options.
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Why Shares of Insmed Are Soaring This Week