HC Wainwright cuts PT on Insmed after skin condition study failure

Brokerage HC Wainwright cuts PT on drugmaker Insmed INSM.O to $220 from $245, keeps rating at "Buy"

Co said on Tuesday it will stop developing brensocatib for hidradenitis suppurativa, a painful skin disease that causes inflamed lumps, after a mid-stage study missed its main goal

Co says the study failed to show a meaningful reduction in abscesses and inflamed nodules versus placebo at tested doses

Co says the drug was well tolerated with no new safety issues, including at the highest dose studied

Brokerage says the setback does not change its main view and allows Insmed to focus on other pipeline drugs

As of last close, INSM stock down ~6% YTD