Insmed 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