As of this moment, my best guess for their negotiated price is 18. Next week, the shorts will find themselves lit up as fuel to drive the share price to this target. Lazard is excpecting a much higher price for Insmed post phase3 data, and I think they took a page from my book with the 24 target.
I'm more inclined to view the current Lazard target of $24 as a pre-results target.
The Wedbush note is clearly suggestive of the possibility that these analysts have simply been choosing safe targets with a reasonable distance of the then-current share price.
An analyst coming out with a target of $100 at this point will look like a genius if the Phase III results are strong - but like an idiot if the results disappoint. I strongly suspect that these initial targets have been chosen with one eye on maintaining credibility.