** Insmed's INSM.O shares down 1% after hours at $96.88 as biopharma co plans equity raise

** Bridgewater, New Jersey-based Insmed announces $650 mln stock offering

** Goldman Sachs and Leerink are jt bookrunners

** On Tues, INSM shares soared 29% after co said its inhaled drug, treprostinil palmitil, reduced blood pressure in the lungs and improved exercise capacity in patients in mid-stage study

** The shares added another 7.8% to close at $97.98 on Weds, a more than two-decade high

** Co plans to use net offering proceeds for continued R&D and development of its product candidates, per the SEC filing

** With ~182 mln shares outstanding, INSM has nearly $18 bln market cap

** Through Weds close, stock up 42% YTD

** All 19 analysts are bullish on INSM including 6 "strong buy" ratings; median PT of $110 up from $97 a month ago, latest LSEG data shows

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))