Insmed (INSM) PT Raised to $145 at Stifel

Stifel analyst Stephen Willey raised the price target on Insmed (NASDAQ: INSM) to $145.00 (from $121.00) while maintaining a Buy rating.

The analyst comments "We’re updating our model following FDA’s recent approval of Brinsupri (brensocatib) as the first approved therapy for treatment of non-CF bronchiectasis (NCFBE). As widely anticipated, both doses (10/25mg QD) received approval, the indication of use reads broadly (adults/adolescents, no specification for prior exacerbation history), and featured safety precautions reflect on-mechanism AEs (dermatologic and periodontal/gingival). However, we believe the inclusion of FEV1 data in the efficacy section and a launch price of $88K/year (for both doses) are upside surprises – with the former representing an important data point in our KOL discussions and the latter landing on the higher side of management’s guidance and our prior $82K/year estimate. Our FY25E+ Brinsupri estimates move modestly higher (~10%) on pricing and ~250bps of additional gross-to-net leverage (previously 32.5%). Our increased target price (now $145) also reflects a 4Q29 TPIP approval in PHILD (previously 1H30) and adoption/uptake more-closely reflecting early Tyvaso launch kinetics."

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