The U.S. Food and Drug Administration has approved Insmed's daily bronchiectasis pill, brensocatib, which will be sold under the brand name Brinsupri.

The U.S. Food and Drug Administration has approved Insmed's oral drug for a type of lung disease, the company said on Tuesday, making it the first treatment for the chronic condition. Shares of the New Jersey-based drugmaker rose 6% in afternoon trade.

Insmed shares got a wave of bullish calls Tuesday after U.S. regulators cleared its new drug Brinsupri, the first treatment approved for non-cystic fibrosis bronchiectasis (NCFB). The stock jumped 8.1% on Tuesday,