Insmed (INSM) PT Raised as RBC Capital Sees 'Continued Upside From Here'

RBC Capital analyst Leonid Timashev raised the price target on Insmed (NASDAQ: INSM) to $106.00 (from $99.00) while maintaining an Outperform rating.

The analyst commented: "TPIP Win Enables Best-in-Prostanoid Potential in PAH; See Continued Upside From Here; This morning PAH data came in as a "home-run" scenario, with PVR and 6MWD (35%/35.5m) well above even our bullish view and markedly above key competitors. We see no red flags in the data given the strong efficacy, tolerable profile, and robust stats, and see a clear path towards ph.III success and ultimate commercialization, with today's win likely to shift investor discussions towards the brenso launch and M&A potential. We increase our PoS to 70% and our revenue estimate to $2.2B by 2034 for TPIP, and see further upside for shares in the near-term driven by what we see as a likely successful brensocatib launch come August ($6B+ WW potential), and in the mid-to-long term from Arikayce and TPIP opportunities. Tgt to $106 from $99; we reiterate our Outperform rating."

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