NEW YORK (TheStreet) -- Insmed (INSM) plunged Monday after the company announced it would conduct two Phase III studies of its lead drug candidate Arikayce, which indicates a delay in FDA approval of the treatment.
The company also announced its intention to file a marketing authorization application for Arikayce with the European Medicines Agency by the end of this year.
The stock was down 25.91% to $12.78 at 3:12 p.m. More than 3.9 million shares changed hands, compared to the average volume of 883,698.
Must Read: Warren Buffett's 25 Favorite StocksSTOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. INSM data by YCharts
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
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