Lazard Calls Insmed's Arikace 'Still Viable' Following Competitor Concern, Continues to See Massive Upside in Shares
12:00p ET July 1, 2013 (Benzinga)
Insmed (NASDAQ: INSM) shares are down more than 15 percent Monday morning amid a Phase 3 trial of Arikace which met a primary endpoint, but a company slideshow which revealed competitor Novartis's (NYSE: NVS) Tobi drug showed more favorable results.
Lazard analyst Joshua Schimmer reiterated a Buy rating on Insmed following the downside. The analyst believes Arikace is "still viable" despite the concern and market reaction Monday.
With shares of Insmed last trading at $10.16, Schimmer's $24 price target represents potential upside of about 136 percent.