Insmed stock price target raised to $240 from $120 at H.C. Wainwright

Investing.com - H.C. Wainwright doubled its price target on Insmed (NASDAQ:INSM) to $240 from $120 on Thursday, while maintaining a Buy rating following the approval of the company’s drug Brinsupri. The stock, currently trading near its 52-week high of $123.42, has delivered an impressive 78% return year-to-date according to InvestingPro data.

The firm cited the approval of Brinsupri (brensocatib) as a key catalyst, positioning Insmed to join companies like Genentech and Seagen that have successfully implemented a "pipeline-in-a-pill" strategy.

H.C. Wainwright believes Brinsupri, with its clean safety profile and ease of prescribing, has potential applications across a range of neutrophil mediated diseases beyond non-CF bronchiectasis, representing a significant commercial opportunity.

The research firm also highlighted Arikayce’s continued commercial success as a contributing factor to its positive outlook on Insmed. Get deeper insights into Insmed’s financial health and growth potential with InvestingPro, which offers exclusive analysis and 16 additional ProTips for informed investment decisions.

Additionally, H.C. Wainwright noted promising data suggesting that TPIP may be a best-in-class inhaled therapy for pulmonary hypertension, further strengthening Insmed’s market position in the $26 billion market cap company.

In other recent news, Insmed has seen a series of analyst upgrades following the FDA approval of Brinsupri (brensocatib) for non-CF bronchiectasis. Stifel increased its price target for Insmed to $145 from $121, maintaining a Buy rating, while TD Cowen raised its target to $154 from $135, also keeping a Buy rating. RBC Capital lifted its price target to $138 from $120, describing the approval as a "best-case scenario" due to the clean label and lack of major warnings. Mizuho adjusted its price target to $165 from $130, citing the approval’s impact on their model assumptions. Wolfe Research also raised its price target significantly to $173 from $109, maintaining an Outperform rating. The approval of Brinsupri includes both 10mg and 25mg doses for patients 12 years and older, with no exacerbation requirement. Analysts have noted that the approval could serve as a significant catalyst for Insmed, with Wolfe Research highlighting the upcoming chronic rhinosinusitis without nasal polyps readout as a key event. These developments reflect a positive outlook from analysts regarding Insmed’s recent regulatory achievements.

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