BofA analyst Jason Zemansky lowered the firm’s price target on Insmed (INSM) to $203 from $214 and keeps a Buy rating on the shares after the company reported BiRCH, its Phase 2b study of brensocatib in CRSsNP, missed all efficacy endpoints and it is ending development in this indication. While the firm recognizes the disappointment, with shares down 15% in post market trading the firm would argue the selloff is “overdone” as this indication was “never a driver of our positive thesis,” nor, the firm would argue, “most of the Street as well.”
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