Leerink Swann Reiterates Outperform on Insmed Following MEDACorp KOL Checks
Dwight Einhorn, Benzinga Staff Writer
August 28, 2013 11:52 AM
In a report published Wednesday, Leerink Swann analyst Joseph P. Schwartz reiterated an Outperform rating and $22.00 price target on Insmed (NASDAQ: INSM [FREE Stock Trend Analysis]).
In the report, Leerink Swann noted, “With potentially pivotal but simultaneously proof-of-concept Arikace non-tuberculous mycobacteria (NTM) data imminent in 1Q:14, we have performed additional MEDACorp KOL checks and a more rigorous assessment of the TARGET protocol and have come away more bullish on Arikace's ability to generate an approvable portfolio of clinical data. We believe that some on the Street have been wary investing ahead of TARGET since its primary efficacy measure has never been utilized to support a drug approval. However, our additional due diligence has rendered us more confident as specialists highlight the diagnostic importance of sputum culture analyses, the clinical relevance of TARGET's secondary endpoints, and the seriousness of the NTM cases afflicting TARGET's patient population which could lower the bar for trial success. Reiterate OP rating on INSM and $22 PT in 12 months.”
Interesting DD by the biotech analysts. I think they will raise their PT fairly quickly once Insmed reaches 20. Notice how they bacame "more" bullish but kept the same price target. That means 22 sooner than later IMO.