Stifel analyst Adam Walsh notes that despite another "strong beat and raise quarter," Insmed's shares are trading off, which is likely attributable to persistent concerns regarding future Arikayce drop-outs leading to a flattening of the growth curve, some timing uncertainty on the front-line trial launch, and the recent capital raise done at $26/share and related selling pressure based on that alone. On drop-outs, the analyst acknowledges lack of long-term visibility but believes the rate thus far has been better than expected. On the PRO measure, Walsh believes it is "critically important" for Insmed to "get it right," given the large font-line opportunity. Overall, the analyst sees the selloff as "decidedly overdone" in light of the continued strong Arikayce launch execution and encouraging forward guidance. Walsh reiterates a Buy rating and $43 price target on the shares.