Boehringer Ingelheim’s AIRLEAF data reads well for Insmed, says Stifel

Stifel analyst Stephen Willey believes the publication of results from Boehringer Ingelheim’s Phase 2 AIRLEAF trial evaluating BI 1291583 in NCFBE represents a best/better-case scenario for Insmed’s shares – which the firm would expect to appropriately move higher today after successfully navigating the gauntlet of competitive DPP1/CatCi data presentations made at the ongoing ERS meeting. While the headline PER reductions initially observed with Haisco/Chiesi’s HSK31858 yielded some minor consternation, BI 1291583 appeared to be the more-concerning competitive threat given previously published preclinical/Phase 1 PK/PD data suggesting potentially greater NSP reductions. Importantly, AIRLEAF recapitulated the ceiling effect associated with DPP1/CatC inhibition observed in ASPEN, failed to achieve the trial’s underlying superiority hypothesis on TTFE/PER at the highest 5mg dose, and the better outcomes achieved with the 2.5mg dose appear confounded by small patient numbers and baseline imbalances, Stifel adds. The firm has a Buy rating on Insmed.