Leerink analyst Joseph Schwartz raised his price target for Insmed to $27 from $21 to reflect Q1 net income/EPS and management's current estimates for the refractory NTM opportunity. The analyst notes that the upcoming Phase 3 data from the CONVERT study investigating Arikayce in patients with nontuberculous mycobacterium lung infections remains a key binary catalyst for investors. Additionally, he sees a positive outcome surrounding INS-1007 bolstering Insmed's position as a leading biotechnology company in the rare pulmonology disease space. The analyst reiterates an Outperform rating on the shares.