Shares of Insmed shoot up 18% in after-hours after company says it expects drug ARIKAYCE to bring in $9.8 million in fourth quarter
Shares of Insmed Incorporated shot up 18% in after-hours trading Friday after the company announced it expected sales of its antibacterial Arikayce to be $9.8 million for the fourth quarter, with $9.2 million in U.S. sales and $600,000 in sales outside the U.S. The drug is used to treat patients with a lung disease caused by a group of bacteria called Mycobacterium avium complex (MAC) and who do not respond to traditional treatment. Arikayce was granted accelerated approval by the FDA in September. Insmed said more than 500 U.S. patients had started treatment with the drug and approximately 600 physicians had written at least one prescription for the therapy as of Dec. 31. Shares of Insmed have fallen 51% in the past 12 months, while the iShares NASDAQ Biotech ETF has fallen 6.75%. The S&P 500 has fallen 7%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.