1811 ET [Dow Jones]--Insmed's shares aren't being given a fair shake by traders, who may be using their positions as "a source of funds" given a broader run-up in biotechnology stocks, Mizuho analysts write in a note. They raise their price target to $195 from $192, citing the Japanese approval of the company's Brinsupri treatment for non-cystic fibrosis bronchiectasis. Investors are likely overlooking the significance of the Japanese launch, they write, adding that the company has strong business fundamentals and an ability to execute. "We continue to see INSM shares undervalued," the analysts write. Shares of Insmed close down 1.4% at $123.98, having fallen 29% this year.
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