Insmed downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Maxwell Skor downgraded Insmed (INSM) to Equal Weight from Overweight with a price target of $126, up from $112. The approval of Brinsupri came with a “clean” label and the company’s launch preparations bring confidence in the initial launch trajectory, the analyst tells investors in a research note. However, the firm believes Insmed’s current valuation largely captures the drug’s near-term opportunity. It cites valuation for the downgrade.