Intel stock extends gains after report of possible U.S. government stake
Investing.com - TD Cowen raised its price target on Insmed (NASDAQ:INSM) to $154.00 from $135.00 on Wednesday, while maintaining a Buy rating following the FDA approval of Brinsupri for non-CF bronchiectasis. The stock, currently trading near its 52-week high with a market cap of $25.93 billion, has shown remarkable momentum with a 55% gain over the past six months according to InvestingPro data.
The FDA approved Brinsupri (brensocatib) in 10mg and 25mg doses for the treatment of non-CF bronchiectasis in patients 12 years and older, with no exacerbation requirement language in the label. The approval features a clean label without market-limiting warnings, monitoring requirements, or contraindications.
Insmed has set the wholesale acquisition cost (WAC) at $88,000 per year for the medication. The company is now beginning payor discussions and contracting, with revenue expected to start in late September.
TD Cowen projects $48 million in worldwide sales for fiscal year 2025, growing to $720 million in 2026. The firm forecasts peak U.S. sales of $4.3 billion by 2031.
The analyst noted that while the approval and broad label were anticipated, the inclusion of FEV1 (forced expiratory volume) benefit in the label represents a positive surprise that supports the drug’s use, potentially contributing to what TD Cowen expects will be "a rapid and robust launch."
In other recent news, Insmed has received FDA approval for its drug Brinsupri, marking a significant milestone for the company. The approval includes a comprehensive label with both doses, no major warnings, and key secondary endpoints. Following this development, several financial firms have adjusted their price targets for Insmed. RBC Capital increased its target to $138, maintaining an Outperform rating, while Mizuho raised its target to $165, also with an Outperform rating. Wells Fargo set a new target of $140, noting the US pricing of $88,000 for the treatment is on the higher end of expectations. UBS also adjusted its price target to $140, emphasizing the broad approval label. However, Morgan Stanley downgraded Insmed to Equalweight, despite raising its price target to $126, citing the approval as a pivotal moment in the company’s growth in rare lung diseases. These developments reflect a range of perspectives from analysts on Insmed’s future prospects.
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