Street View: FDA nod for Insmed's lung disease drug is 'breath of fresh air'

** The U.S. Food and Drug Administration on Tuesday approved Insmed's INSM.O oral drug, Brinsupri, as the first treatment for non-cystic fibrosis bronchiectasis, a chronic lung disease marked by damaged airways, persistent cough and excess mucus production

** At least 6 brokerages raised PT on the stock

CLEAN LABEL WITH 'NO MAJOR WARNINGS'

** RBC Capital Markets ("outperform", PT: $138) views the approval as "a best-case scenario, with both doses approved, no major warnings, key secondary endpoints included, and no exacerbation cutoff"

** Truist ("buy", PT: $126) says the approval was "in line with our and investor expectations," adding that the event bodes well for the drug's next potential indication in CRSsNP, a common inflammatory sinus condition

** Jefferies ("buy", PT: $148) says pricing of $88,000 per year is in-line and "don’t see high hurdles for reimbursement"

** Adds "we could also see higher M&A premium ... as this could be an easy tuck-in for interested Pharma with stronger commercial muscle"

** J.P.Morgan ("overweight"), in a note titled "Breath Of Fresh Air", estimates Brinsupri will reach peak sales of ">$7bn WW" by 2033