TD Cowen lowered the firm’s price target on Insmed (INSM) to $241 from $269 and keeps a Buy rating on the shares. The firm noted its Ph2 brenso BiRCh trial in CRSsNP missed the 1st and 2nd endpoints. CRSsNP represented a small percentage of the company’s value, but Cowen sees continued upside driven by brenso’s NCFBE launch, TPIP Ph3 programs across PAH, PH-ILD and IPF, and pipeline expansion and progress.
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