As previously reported, JMP Securities analyst Liisa Bayko downgraded Insmed to Market Perform from Outperform as she has less confidence in Amikacin Liposome Inhalation Suspension after hosting a call last week with Dr. Lee Simon, an ex-FDA Division Director, who confirmed some concerns she had and "pointed out a few new insights" that left Bayko feeling more cautious. Following her call with the regulatory expert, and ahead of the FDA Advisory Committee meeting on Tuesday, Bayko lowered her odds on the probability of success for ALIS to 60% from 80%.