Insmed price target lowered to $212 from $213 at BofA

BofA lowered the firm’s price target on Insmed (INSM) to $212 from $213 and keeps a Buy rating on the shares after the company reported its investigational phase 2b trial of brensocatib for hidradenitis suppurativa – HS – missed all efficacy endpoints and the company discontinuing the study. While certainly disappointing, the setback wasn’t necessarily unexpected, which should temper the market’s reaction, and the firm continues to believe Insmed’s upside remains underappreciated, the analyst tells investors in a research note.