Insmed price target raised to $83 from $62 at BofA

BofA raised the firm’s price target on Insmed to $83 from $62 and keeps a Buy rating on the shares. The firm has increased confidence in brensocatib’s outlook in the wake of the positive ASPEN topline. While BofA acknowledges concerns given the challenges in pulmonology, with worries about diagnosis/reimbursement for lead indication Non-Cystic Fibrosis Bronchiectasis, or NCFB, it is easily identifiable, pulmonologists the firm spoke with are all planning to put 25% of patients on therapy at launch, the analyst tells investors in a research note.