Insmed price target lowered to $160 from $177 at Wells Fargo

Wells Fargo lowered the firm’s price target on Insmed (INSM) to $160 from $177 and keeps an Overweight rating on the shares. The firm thinks shares were weak on concerns around the peak sales potential of Brinsupri due to discontinuations, which appear higher than clinical trials. What matters most is the steady-state rate, Wells argues, adding that it thinks 40% annual discontinuation would support a large opportunity.