Insmed (INSM) PT Raised to $194 at UBS

UBS analyst Ashwani Varma raised the price target on Insmed (NASDAQ: INSM) to $194.00 (from $140.00) while maintaining a Buy rating.

The analyst commented, "We are raising our PT to $194 (from $140) as we layer in additional Brinsupri indications in our model. INSM stock is up +136% YTD, but we see more upside from here as - 1) Brinsupri launch in NCFB is well-positioned for strong uptake, right out of the gate as we get first patient starts number on 3Q earnings (we model Brinsupri NCFB peak sales of c.$6.5bn vs cons of $6.3bn). 2) Ph2b Brinsupri data in CRSsNP by YE25 can serve as another attractive catalyst (we model a 40% probability of success for c.$3.1bn in worldwide unadjusted sales vs cons of $2.7bn). 3) Disclosure of TPIP's Ph3 trial design in IPF can provide some clarity on its ability to establish major contribution to patient care (we model a 60% probability of success for c.$4.4bn in worldwide unadjusted sales and we do not think IPF is currently reflected in consensus estimates)."

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