Shares of Inspire Pharmaceuticals rose Friday after the company's partner said it received approval in Japan for the dry-eye treatment diquafosol.

Shares rose 77 cents, or 13 percent, to $6.73 in afternoon trading. The stock has traded between $3.52 and $7.07 over the last 52 weeks.

Diquafosol was licensed to Santen Pharmaceutical Co., based in Japan, for certain uses.

Wedbush Morgan analyst Liana Moussatos reaffirmed a "neutral" rating on Inspire, citing the approval. She said there are about 8 million dry-eye patients in Japan and sales of diquafosol there could reach $90 million annually. Assuming Inspire receives a 10 percent royalty, that would be about $9 million in peak royalties.

She raised her price target on Inspire's shares to $13 from $12. Inspire is based in Durham, N.C.

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