Shares of Insmed (INSM) jumped nearly 30% Tuesday after the biopharmaceutical company reported positive results from a Phase 2 trial for its treatment of pulmonary arterial hypertension.

The Bridgewater, N.J.-based company said the study was "evaluating the efficacy and safety of treprostinil palmitil inhalation powder" in patients with pulmonary arterial hypertension, or PAH, and that the trial "met its primary endpoint and all secondary efficacy endpoints."

Pulmonary hypertension, which develops when the blood pressure in your lungs is higher than normal, affects about 1% of people globally, per the National Heart, Lung, and Blood Institute.

Insmed said it would "immediately engage with the U.S. Food and Drug Administration (FDA) regarding the Phase 3 trial design for PAH. Insmed plans to initiate a Phase 3 trial in patients with pulmonary hypertension associated with interstitial lung disease before the end of 2025 and a Phase 3 trial in patients with PAH in early 2026."

The news caused Insmed shares to soar nearly 28% Tuesday afternoon to around $90, their highest level in nearly a quarter century.

Shares of United Therapeutics (UTHR), which makes rival PAH treatments, recently sank almost 14% to about $283, their lowest level since April.

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