UPDATE: Goldman Sachs Starts Insmed (INSM) at Buy

Goldman Sachs analyst Andrea Tan initiates coverage on Insmed (NASDAQ: INSM) with a Buy rating and a price target of $56.00.

The analyst comments "We initiate coverage on Insmed (INSM) with a Buy rating and 12-month price target of $56. INSM is a rare disease company with an initial focus in pulmonary diseases via commercial Arikayce for refractory nontuberculous mycobacteria (NTM) lung disease caused by Mycobacterium avium complex (MAC) infection (label expanding studies are underway in 1L setting; GSe peak Arikayce global sales of $3.1bn), late-stage brensocatib for neutrophil-mediated diseases, including bronchiectasis (Ph3 ASPEN underway - GSe peak global sales of $3.3bn), and TPIP in various stages of pulmonary hypertension (not included in models). With INSM trading near its commercial base business (~$20/share), we see the name as attractive at current levels, noting strong commercial execution spurred by favorable COVID and idiosyncratic tailwinds for FY22 Arikayce sales (30%+ YoY growth; details within) and pipeline catalysts (Ph2 brensocatib in cystic fibrosis (CF) and Ph2a TPIP right heart catheterization in pulmonary arterial hypertension (PAH)) to serve as inflection points and unlock pipeline value. Separately, INSM's fourth pillar dedicated to translational medicine will be unveiled at the upcoming R&D day in 2H22 where the goal of 1 IND/year (first one in gene therapy by YE22) is designed to deliver long-term growth across multiple indications."

For an analyst ratings summary and ratings history on Insmed click here. For more ratings news on Insmed click here.

Shares of Insmed closed at $22.22 yesterday.

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