Insmed price target raised to $62 from $40 at BofA

BofA raised the firm’s price target on Insmed to $62 from $40 and keeps a Buy rating on the shares. The positive readout for novel DPP-1 inhibitor brensocatib was “a watershed moment for Insmed,” the analyst tells investors. The firm, which adds that “it’s tough for us to find much to quibble about over the data,” calls the results supportive of “brenso’s very compelling, long-term opportunity and likely transformative impact on the company.” The firm is raising its view on the odds of success risk adjustment in NCFB to 95% from 70% and CRSsNP to 20% from 15% prior, the analyst noted.