Insmed price target raised to $138 from $120 at RBC Capital

After Insmed (INSM) announced the FDA approved Brinsupri for non-cystic fibrosis bronchiectasis, RBC Capital raised the firm’s price target on Insmed to $138 from $120 and keeps an Outperform rating on the shares. While the approval was largely anticipated, the label – with both doses approved, no major warnings, key secondary endpoints included, and no exacerbation cutoff – “appears to be a best-case scenario,” the analyst tells investors. The firm continues to estimate about $3.8B in U.S. sales and a greater than $6B total bronchiectasis opportunity, RBC added.