Stifel analyst Adam Walsh said the advisory committee meeting outcome for Insmed's ALIS was both positive and in-line with consensus expectations going in, as it resulted in a "strong" 12-2 vote for ALIS, but only in the refractory patient population. He maintains his peak sales estimate of over $750M in that population alone and recommends investors build or add to existing positions ahead of the September 28 PDUFA date as he sees a 95% chance for first-pass ALIS approval in refractory NTM. Walsh keeps a Buy rating and $43 price target on Insmed shares.