BUZZ-Insmed dives after sinus drug setback

Reuters12-18 19:10
BUZZ-<a href="https://laohu8.com/S/INSM">Insmed</a> dives after sinus drug setback

** Drugmaker Insmed's INSM.O shares plunge 20.1% to $158.50 premarket after scrapping sinus drug development after mid-stage study failure

** Jefferies cuts PT to $241 from $269, a 21.4% upside to stock's last close of $198.46

** TD Cowen cuts PT to $219 from $230, a 10.3% upside to stock's last close

** INSM says its drug brenscocatib did not meet the study's primary or secondary endpoints in treating patients with a long-term sinus condition

** Brenscocatib was designed to reduce inflammation in the lungs and airways

** TD Cowen, however, says the program represented only a small component of INSM’s overall value and continues to see significant upside potential

** 18 of 19 brokerages rate the stock "buy" or higher, 1 "hold"; median PT is $228.5 - LSEG data

** As of last close, INSM down 1.1% YTD

(Reporting by Utkarsh Tushar Hathi)

((utkarshtushar.hathi@thomsonreuters.com))

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