Why Insmed Stock Is Soaring Again
Investors in Insmed (NASDAQ: INSM), a commercial-stage biotech focused on rare diseases, are having another good day. Traders are bidding up the stock 11% as of 2:47 p.m. EST on Tuesday, after the company received price-target boosts from two influential financial institutions.
On Monday, Insmed announced top-line data from its phase 2 Willow trial, which was testing a compound called INS1007 as a hopeful treatment for non-cystic fibrosis bronchiectasis (NCFBE). The compound met both its primary and secondary endpoints in the trial, and management has decided to move the drug into phase 3.
That upbeat news caused analysts at Morgan Stanley to raise their price target on the stock to $50, up from $37. The analysts also maintained their overweight rating.
Source Fool.com
