Insmed price target lowered to $195 from $215 at RBC Capital

RBC Capital analyst Leonid Timashev lowered the firm’s price target on Insmed (INSM) to $195 from $215 but keeps an Outperform rating on the shares. The firm cites the company’s announcement that its Phase 2 BiRCH study of brensocatib in CRSsNP failed, and the program will be discontinued, adding that with no signals to pursue, this is the worst-case outcome for the program and shares could be down about 15%. RBC adds however that there is still a lot to like about the story given additional shot on goal in Hidradenitis Suppurativa, more likely success with Arikayce, launch execution for Brinsupri, and long-term optionality with TPIP, the analyst tells investors in a research note.