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Investing.com - RBC Capital has raised its price target on Insmed (NASDAQ:INSM) to $138.00 from $120.00 while maintaining an Outperform rating following FDA approval of Brinsupri. The stock has shown remarkable momentum, gaining over 55% in the past six months and currently trading near its 52-week high of $122.03.
The FDA approved Insmed’s Brinsupri (brensocatib) on Wednesday, with what RBC Capital describes as a "best-case scenario" label that includes both doses, no major warnings, key secondary endpoints, and no exacerbation cutoff.
RBC Capital notes that while the approval was largely anticipated, focus can now shift to what could be a potentially rapid commercial launch for the treatment.
The investment firm highlights that Brinsupri enters a new indication with no currently approved therapies, and Insmed has demonstrated a high degree of commercial preparedness.
RBC Capital continues to estimate approximately $3.8 billion in U.S. sales potential for the drug, with a total bronchiectasis opportunity exceeding $6 billion.
In other recent news, Insmed received FDA approval for Brinsupri, a treatment for non-cystic fibrosis bronchiectasis (NCFB). Following this significant milestone, several analyst firms adjusted their outlook on the company. Mizuho increased its price target for Insmed to $165, citing revised success probabilities and pricing assumptions. Similarly, Wells Fargo raised its target to $140, noting the high-end pricing of $88,000 for Brinsupri. UBS also adjusted its price target to $140, highlighting the broad label approval without significant warnings. Jefferies increased its target to $148, describing the approval as a "best-case scenario" with versatile dosing options. However, Morgan Stanley downgraded Insmed to Equalweight, despite raising its price target to $126, acknowledging the approval as a key step in Insmed’s growth in rare lung diseases. These developments reflect a positive response from the market to Insmed’s recent achievements.
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