BofA notes Insmed (INSM) shares were strong in pre-market trading following United Therapeutics’ (UTHR) announcement that TETON-2, its Phase 3 trial evaluating Tyvaso for idiopathic pulmonary fibrosis met its primary endpoint, which the firm views as “warranted” given read-throughs from United’s Tyvaso to Insmed’s TPIP. While the success opens another potential $4B opportunity for the treprostinil prodrug, TPIP avoided many of the administrative issues of native treprostinil, says the analyst, who adds that “today’s news represents a win for the Insmed story.” The firm reiterates a Buy rating and $142 price target on Insmed shares, which are up up 4% to $141.93 in early morning trade.
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