Lazard says Arikace is "still viable," which will hopefully be some consolation for Insmed (INSM...

Lazard says Arikace is "still viable," which will hopefully be some consolation for Insmed (INSM -15.4%) shareholders who are taking a rather nasty hit right now courtesy of Phase 3 trial results (previous) which suggested CF patients treated with Novartis' (NVS +0.4%) Tobi performed better on lung function tests — the results were close enough however, to allow INSM to claim statistical non-inferiority. Lazard's Joshua Schimmer reiterates a Buy rating and a $24 price target. Investors are also reminded that UBS believes the drug's real potential might lie in non-tuberculous mycobacteria rather than CF.