Graig Suvannavejh, an analyst from Mizuho Securities, reiterated the Buy rating on Insmed (INSM – Research Report). The associated price target is $35.00.
Graig Suvannavejh has given his Buy rating due to a combination of factors related to Insmed’s performance and future prospects. The company’s preliminary sales figures for Arikayce in the fourth quarter of 2023 notably surpassed Mizuho Securities’ expectations, reaching $305 million, which demonstrates a robust year-over-year growth of 24%. This performance was bolstered by stronger than anticipated sales in Japan. Additionally, while Insmed’s revenue guidance for 2024 did not exceed the overall consensus estimates, it did come in above Mizuho’s internal projections, indicating a positive outlook for the year ahead.
Furthermore, Suvannavejh’s confidence is reinforced by Insmed’s forward-looking statements regarding potential peak sales, particularly the company’s first-time projection of over $1 billion for TPIP. This estimation, alongside the existing expectations for Arikayce and brensocatib, suggests a cumulative peak sales forecast now exceeding $6 billion. Insmed has also completed patient enrollment for the ENCORE study, which aims to expand Arikayce’s label, with topline data expected in 2025. This progress, along with favorable FDA feedback on patient-reported outcomes, underscores the company’s potential for continued growth and value creation.
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Based on the recent corporate insider activity of 57 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of INSM in relation to earlier this year.
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Insmed (INSM) Company Description:
Insmed, Inc. is a biopharmaceutical company on a mission to transform the lives of patients with serious and rare diseases. Its first commercial product is ARIKAYCE (amikacin liposome inhalation suspension), which is approved in the United States for the treatment of Mycobacterium avium complex (MAC) lung disease as part of a combination antibacterial drug regimen for adult patients with limited or no alternative treatment options. The MAC lung disease is a rare and often chronic infection that can cause irreversible lung damage and can be fatal. Its earlier-stage clinical pipeline includes INS1007, a novel oral reversible inhibitor of dipeptidyl peptidase 1 with therapeutic potential in non-cystic fibrosis bronchiectasis and other inflammatory diseases, and INS1009, an inhaled formulation of a treprostinil prodrug that may offer a differentiated product profile for rare pulmonary disorders, including pulmonary arterial hypertension. The company was founded in 1988 and is headquartered in Bridgewater, NJ.
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