Insmed initiated with an Outperform at Wolfe Research

Wolfe Research initiated coverage of Insmed with an Outperform rating and $42 price target. The firm sees a “highly favorable” risk/reward for the brensocatib Phase 3 ASPEN readout likely in Q2, the analyst tells investors in a research note. Possibly due to the somewhat weak Phase 2 readout, the market appears to be only valuing brensocatib at a 35% probability of success, Wolfe added.