Insmed Inc. ($INSM) shares surged over 27% following positive Phase 2b trial results for its drug TPIP targeting pulmonary arterial hypertension (PAH), demonstrating a 35% reduction in pulmonary vascular resistance (PVR) and a 35.5-meter increase in walk distance. The company plans to initiate Phase 3 trials for both PAH and pulmonary hypertension associated with interstitial lung disease (PH-ILD), with Phase 3 PH-ILD trials expected to start before the end of 2025 and Phase 3 PAH trials in early 2026. Cantor Fitzgerald raised its probability of success for TPIP from 40% to 70%, increasing its discounted cash flow-based equity valuation of Insmed to $113 per share from $98. Insmed also announced a public offering pricing $750 million of common stock. Separately, American Superconductor Corporation ($AMSC) announced a $100 million underwritten public offering priced at $28 to $29 per share, which caused its shares to drop about 18% premarket despite a 40% gain year-to-date. BrightSpring Health Services ($BTSG) priced a secondary offering of 14 million shares at $21.75 per share, with an option for an additional 2.1 million shares. Cabaletta Bio ($CABA) announced a public offering of 39.2 million shares and 10.8 million pre-funded warrants priced at $2 and approximately $2 per warrant, respectively, with an additional 15 million shares possible. Tonix Pharmaceuticals ($TNXP) plans to sell up to $150 million in common stock. Short interest remains elevated for several biotech stocks, including Insmed, Viking Therapeutics ($VKTX), and Mereo BioPharma ($MREO), while short interest in Frontline Ltd. ($FRO) has declined nearly 10%. Targeted Genetics ($TGTX) is noted for its conservative guidance and improved patient retention rates, with short interest slowly decreasing. Overall, the biotech sector is active with multiple public offerings and trial developments.