Insmed price target raised to $67 from $39 at Stifel

Stifel analyst Stephen Willey raised the firm’s price target on Insmed to $67 from $39 and keeps a Buy rating on the shares. The firm believes topline Phase 3 ASPEN results will establish brensocatib as the first-approved, standard-of-care therapy in NCFBE and “meaningfully improve investor perception” of brensocatib’s odds of success in other diseases mediated by neutrophilic inflammation. The firm’s raised target primarily reflects higher odds for brensocatib in NCFBE and higher brensocatib NCFBE global peak sales estimates, the analyst tells investors.