Insmed (INSM) Hits All-Time High as Firm Posts Highly Optimistic Outlook

We recently published 10 Stocks with Outstanding Gains; 9 on Record Highs. Insmed Inc. (NASDAQ:INSM) is one of the best-performing stocks on Thursday.

Insmed rallied for a fourth straight day to reach a new all-time high, as investors took heart from a highly optimistic business outlook for the full-year period, despite widening its net loss in the third quarter.

At intra-day trading, the stock soared to its highest 52-week price of $194.70 before trimming a few cents to end the day just up by 16.33 percent at $194.22 apiece.

In an updated report, Insmed Inc. (NASDAQ:INSM) said it expects global revenues from Arikayce—its treatment for MAC bacteria infection and so far its largest revenue contributor—to grow between 15 and 18 percent to a range of $420 million to $430 million, versus the $405 million to $425 million projected previously.

In the third quarter alone, revenues from Arikayce grew by 22 percent to $114.3 million from $93.4 million in the same period last year, pushing the company’s total revenues higher by 52 percent to $142.3 million from $93.4 million in the same period last year.

Brinspuri, Insmed Inc.’s (NASDAQ:INSM) treatment for non-cystic fibrosis bronchiectasis (NCFB), also began generating revenues of $28.1 million during the quarter.

Insmed Inc. (NASDAQ:INSM), however, expanded its net loss by 68 percent to $370 million from $220 million in the same period last year, putting the nine-month tally at a 40 percent higher net loss of $948 million versus the $678 million a year earlier.

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Disclosure: None. This article is originally published at Insider Monkey.