Insmed initiated with a Buy at UBS

UBS analyst Trung Huynh initiated coverage of Insmed with a Buy rating and $46 price target. Insmed is a commercial-stage biotech developing therapies for pulmonary indications and rare diseases, the analyst tells investors in a research note. The firm believes the market is underappreciating the peak adjusted sales for the company’s two key assets, Brensocatib and Arikayc, by 30% collectively. It sees a “rich near-term catalyst path” for the assets, saying they have been partially de-risked through robust clinical data or well-validated mechanisms with a key read-out as early as this May. UBS sees 60% upside to the current share price.