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Investing.com - Morgan Stanley (NYSE:MS) has raised its price target on Insmed (NASDAQ:INSM) to $144.00 from $126.00 while maintaining an Equalweight rating on the stock. The company’s shares have surged 84% year-to-date and are currently trading near their 52-week high of $130.13.
The price target increase reflects Morgan Stanley’s confidence in the growth potential of brensocatib, a key drug in Insmed’s portfolio.
The firm cited expectations for a clean label and optionality from potential label expansion into areas such as CRSsNP (chronic rhinosinusitis without nasal polyps) as factors supporting the higher valuation.
Despite the higher price target sitting above the current share price, Morgan Stanley maintained its Equalweight rating on Insmed stock.
The firm indicated that the current valuation largely captures the near-term opportunity for Insmed, and it sees better risk-adjusted upside potential in other biotech companies within its coverage universe.
In other recent news, Insmed has seen a series of significant developments. The company received FDA approval for Brinsupri (brensocatib), marking it as the first therapy for non-CF bronchiectasis with approved doses for both adults and adolescents. This approval has led to several analysts raising their price targets for Insmed. H.C. Wainwright doubled its target to $240, citing the approval as a key catalyst. Wolfe Research increased its target to $173, pointing to upcoming data as a potential catalyst for further growth. Stifel also raised its target to $145, maintaining a Buy rating. Additionally, Truist Securities lifted its price target to $139, highlighting the broad label approval of Brinsupri. William Blair initiated coverage with an Outperform rating, noting potential valuation increases from the company’s key products. These recent developments reflect a positive outlook from multiple analysts regarding Insmed’s future.
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