Insmed price target lowered to $221 from $230 at Guggenheim

Guggenheim lowered the firm’s price target on Insmed (INSM) to $221 from $230 and keeps a Buy rating on the shares after the company announced that the BiRCh trial for Brinsupri in chronic rhinosinusitis without nasal polyps has failed. The firm, which is removing all CRSsNP-related sales and expenses from its model, notes that while the stock was down about 19% in post-market trading, the impact to its price target is a “much more modest” 4%.