Insmed Shares Rise 100% After Positive Results From Lung Disease Study

Insmed Incorporated (NASDAQ:INSM) shares are trading higher by $13.80, or 112 percent, at $26.09 in Tuesday's session.

The catalyst for the rally is the announcement of positive top-line results from its Phase 3 Convert study of ALIS in adult patients with treatment-refractory nontuberculous Mycobacterial (NTM) lung disease.

Its much higher opening print of $29.50 is only two cents from the high for the day ($29.52), which exceeds its former all-time high from March 2006 at $27.90.

Since reaching that elevated level, profit-takers have come into Insmed and it has drifted lower. As of 11:15 a.m. EST, the stock has fallen to $25.38 and is trying to remain in the $26.00 handle.