Insmed price target lowered to $46 from $49 at Cantor Fitzgerald

Cantor Fitzgerald analyst Jennifer Kim lowered the firm’s price target on Insmed to $46 from $49 but keeps an Overweight rating on the shares. The analyst is citing the company’s higher-than-expected R&D spend anticipated for the current quarter behind the price target change but also believes that Insmed is well-capitalized and is making the necessary investments to deliver on key milestones over the next 12-18 months.