UPDATE: UBS Starts Insmed (INSM) at Buy
June 18, 2013 6:42 AM EDT Send to a Friend
(Updated - June 18, 2013 10:55 AM EDT)
UBS initiated coverage on Insmed (NASDAQ: INSM) with a Buy rating and a price target of $17.50. Analyst Matthew Harrison is positive on the company's pipeline.
"We believe that Arikace, Insmed’s key late-stage clinical asset, has a solid chance of success in its primary indication of cystic fibrosis (CF) patients with underlying lung infections given its differentiated lipid delivery technology and its once-daily dosing (compared to 2-3x daily for the competition). Further, we believe that the Non-tuberculous mycobacteria (NTM) opportunity is underappreciated by the Street and could provide a second leg to growth with Phase II data by YE 2013," said Harrison.
Shares of Insmed closed at $12.78 yesterday, with a 52 week range of $2.86-$14.30.