Yes. not a problem. In fact you may want to aggressively wrap that sucker so that any sound that gets into the ceiling joists doesn't get into the HVAC run and then the rest of the house.
Since this is the last time you will ever see that duct, check all the joints and take offs and make sure that they are sealed tight. You can put on the metallic foil duct tape on all the seams if there is any leakage. If take offs are loose, use some self tapping sheet metal screws then tape.
Also make sure it is hung and secured tightly and doesn't rattle.