Insmed initiated with a Buy at Truist

Truist initiated coverage of Insmed with a Buy rating and $48 price target. The biopharmaceutical company, which is developing assets in respiratory and inflammatory diseases, trades at a current stock price that implies limited expectations for Phase 3 data in bronchiectasis, but the firm’s due diligence and work with key opinion leaders gives it confidence in Phase 3 data set for Q2 for a chronic lung disease with limited options; potential label expansion of their first commercial drug for a bacterial lung infection in 2025; and Phase 2 release of data for two rare lung diseases expected in 2024-2025.