Insmed Up Over 30% On FDA Decision

Insmed INSM shareholders are having a big day. Shares are up 31.2 percent after the company announced that the FDA granted Arikayce breakthrough therapy designation.

Arikayce is designed to treat lung infections; more specifically nontuberculous mycobacterial lung disease.

Insmed further stated that the designation was based on results from the phase two trial and the company plans to meet with the FDA to form a regulation pathway.

Shares were last trading at $16.34, a 31.2 percent gain.