Insmed price target raised to $109 from $94 at BofA

BofA raised the firm’s price target on Insmed (INSM) to $109 from $94 and keeps a Buy rating on the shares, citing “easily a best-case topline for treprostinil pro-drug TPIP that exceeded even our bullish outlook.” The firm argues there’s clear potential for TPIP to become “foundational” in pulmonary arterial hypertension PAH given the strength of the data and treprostinil’s “well-established role in the paradigm.” Following yesterday’s update, the firm updated its model, raising its penetration rates and increasing its unadjusted 2035 sales forecasts to $3.4B from $2.0B, the analyst noted.