Insmed price target raised to $110 from $92 at Stifel

Stifel analyst Stephen Willey raised the firm’s price target on Insmed (INSM) to $110 from $92 and keeps a Buy rating on the shares. The firm believes Phase 2 TPIP data in pulmonary arterial hypertension demonstrating an “unprecedented” PVR reduction accompanied by “unambiguously-clear and clinically-meaningful” improvements across multiple secondary endpoints represents “an important step” on the company’s path to “making the leap to large-cap status,” the analyst tells investors. This TPIP data provides an important valuation tailwind ahead of a pending brensocatib approval and launch and “will also likely reignite the topic of strategic optionality,” the analyst added.