NEW YORK (TheStreet) -- Insmed (INSM) rose Tuesday after the biopharmaceutical company announced data from its Phase 2 clinical trial of ARIKAYCE in treating resistant nontuberculous mycobacterial lung infections.
The company revealed 78 of the 80 patients agreed to receive once-daily ARIKAYCE in addition to standard of care treatment for an additional 84 days at the conclusion of the double blind phase of the trial. Data from 68 of these patients were available for the poster at the American Thoracic Society, where Insmed presented the data Tuesday, and 21 of these patients were culture negative for NTM at Day 168.
Piper Jaffray said the data was in line with expectations and noted specialists around the poster were "extremely enthusiastic." The firm reiterated its "overweight" rating on the stock.
Must Read: JPMorgan Chase (JPM) Declares 40c Dividend
The stock was up 8.56% to $14.21 at 2:34 p.m.