Why Insmed, Himax Technologies, and Yamana Gold Jumped Today
The stock market's week got off to a tough start on Tuesday, coming out of the Labor Day holiday with substantial declines due to concerns about the geopolitical situation between the U.S. and North Korea. Major market benchmarks were down about 1% on the day, with the Dow Jones Industrials falling more than 230 points. Financial stocks, especially those in the insurance industry, took a hit on concerns about the likelihood that Hurricane Irma may hit the U.S. toward the end of the week -- which would be the second major hurricane to make landfall here in a month. Yet some segments of the market still remained strong, and a few companies reported good news that helped their stocks post large gains. Insmed (NASDAQ: INSM), Himax Technologies (NASDAQ: HIMX), and Yamana Gold (NYSE: AUY) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.
Insmed shares more than doubled -- rising 120% to $26.99 -- after the biotechnology company reported favorable results from a late-stage clinical trial of a treatment for a form of lung disease. Insmed said that its phase 3 Convert study of its amikacin liposome inhalation suspension met its primary endpoint, with more than three times as many patients with nontuberculous mycobacterial lung disease seeing favorable outcomes from the treatment compared to simply getting traditional guideline-based therapy options. As CEO Will Lewis explained, "Treatment of this serious and potentially debilitating disease is an unmet medical need, and we expect these important data will enable us to submit for accelerated approval." Investors have high hopes for the drug, and even though nontuberculous mycobacterial lung disease caused by mycobacterium avium complex is rare, the positive results bode well for the possibility that the treatment will be effective against related diseases as well.
Image source: Insmed.
Source: Fool.com
