Insmed (INSM) PT Raised to $121 at Jefferies

Jefferies analyst Kelly Shi raised the price target on Insmed (NASDAQ: INSM) to $121.00 (from $105.00) while maintaining a Buy rating.

The analyst comments "We think INSM's Ph2 PAH data hits the blue sky scenario. The 35% pbo-adj PVR reduction represents the best efficacy on this endpoint in PAH, and the stat sig +35.5m 6MWD also beats expectations. Such results set stage for pivotal trial success and we could see physicians switch from Tyvaso in the future. INSM is planning to initiate Ph3 in early'26 and now engaging with FDA on trial design. We increased peak rev from $1.6B to $2.6B ($1.25B in PAH). PT to $121."

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