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Insmed falls on mixed results

Biotech Insmed (INSM) said a phase-two trial of its lung-infection drug Arikayce failed to meet its primary endpoint of a certain reduction in density of mycobacteria but met its secondary endpoint. "We are encouraged by the achievement of culture conversion in this trial," Insmed said, "which we believe is the ultimate goal in the treatment of mycobacterial infections." Some analysts agreed. Leerink Swann raised its price target to 30 from 20, and Piper Jaffray reiterated its overweight rating. Shares dropped 13.1% to 15.90.