Insmed (INSM) PT Raised to $67 at Stifel
Stifel analyst Stephen D. Willey raised the price target on Insmed (NASDAQ: INSM) to $67.00 (from $39.00) while maintaining a Buy rating.
The analyst comments "We believe topline P3 ASPEN results will establish brensocatib as the first-approved, standardof-care therapy in NCFBE and meaningfully improve investor perception re: brensocatib POS in other diseases mediated by neutrophilic inflammation (including CRSsNP and HS) which remain excluded from our updated model. We believe INSM remains in a strategically enviable position given the longer-term debate amongst investors here isn’t necessarily how the company can generate meaningful longer-term value from its wholly-owned pipeline, but rather how the company will be capable of efficiently procuring the significant capital required to execute on the successful development/commercialization of these collective opportunities. Our updated target-price (now $67) primarily reflects a higher POS for brensocatib in NCFBE (now 95%, previously 70%) and higher brensocatib NCFBE global peak sales estimates (now ~$3.5B, previously ~$2.6B) informed by ASPEN efficacy (modestly-higher utilization/penetration assumptions) and safety (improved patient persistency/discontinuation assumptions) data. We remain Buy-rated ahead of multiple/meaningful near-term catalysts."