Insmed (INSM) PT Raised to $77 at Wells Fargo

Wells Fargo analyst Tiago Fauth raised the price target on Insmed (NASDAQ: INSM) to $77.00 (from $55.00) while maintaining a Overweight rating.

The analyst commented, "As we expected (HERE), the ASPEN Ph3 readout was a clear win. Today's data significantly strengthened brenso's profile as a potential first-in-disease treatment for bronchiectasis, a multi-billion dollar potential indication. We raise our PT to $77."

"Our Model Update: 1) Increase brenso PoS to 90% from 70%; 2) Lower discount rate to
8% from 10%; 3) Increase M&A weight to 67% from 33%. Our new PT is $77/sh assuming
~165M fully diluted shares."

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