Insmed (INSM) PT Lowered to $203 at BofA Securities

BofA Securities lowered the price target on Insmed (NASDAQ: INSM) to $203.00 (from $214.00) while maintaining a Buy rating.

The analyst comments "Yesterday afternoon, Insmed (INSM) reported BiRCH, its phase 2b of brensocatib in CRSsNP, missed all efficacy endpoints, with the company ending development in the indication. INSM shares are -15% post market (After hours close $160.25), and while some of this likely reflects ongoing YE trading dynamics, we’d argue the selloff is overdone. We recognize the disappointment given a potential TAM larger than NCFB, with Insmed reporting positive blended/ blinded efficacy trends in the meantime. That said, the team had long admitted the study was high risk given a lack of pre-clinical support (there are no animal models), with KOLs warning the role of neutrophils in the disease is variable. Thus, while today’s results are a setback for Insmed, it was never a driver of our positive thesis—nor, we’d argue, most of the Street as well."

You May Also Be Interested In

• Stripe, Advent In Talks To Buy Paypal - WSJ
• Home Depot (HD) call put ratio 1.5 calls to 1 put with a focus on September 330 puts into quarter results
• Mosaic sets pricing for tender offers on up to $1.4B in debt