Insmed (INSM) PT lowered to $230 at H.C. Wainwright

H.C. Wainwright analyst Andrew Fein lowered the price target on Insmed (NASDAQ: INSM) to $230.00 while maintaining a Buy rating.

The analyst comments "Based on the BiRCh Phase 2b results, we have removed CRSsNP and all related expenses from our model, and as such we and lowering the price target to $230. Our $230 price target is based on: (a) $242.05/share, as a 20x multiple of taxed and diluted FY35 GAAP EPS of $37.59 discounted back to FY25 at 12%; and (b) an NP of $217.13/share, with discount rate 12% and growth rate 2%, with both methods arriving at this target. Risks to our investment thesis and price target include: (1) failure of ALIS (amikacin liposome inhalation suspension; Arikayce) in the Phase 4 study; (2) failure of Brinsupri to expand into additional indications, (3) failure of TPIP in clinical trials, and (4) failure of Arikayce and/or Brinsupri to achieve peak commercial revenue estimates in our model due to market size, penetration rates and/ or pricing or other limiting factors."

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