Insmed (INSM) PT Raised to $58 at UBS

UBS analyst Trung Huynh raised the price target on Insmed (NASDAQ: INSM) to $58.00 (from $46.00) while maintaining a Buy rating.

The analyst comments "Management believes from now through the regulatory review process, the path is noncontroversial given the strength of data presented across safety and efficacy. An NDA is expected to be filed in 4Q24 with a US launch anticipated in mid-2025 and EU/JP launch in 1H26. While it remains early days to comment on pricing strategy, management had previously noted Fasenra (list price of c.$40,000) as a base case comp but will navigate the FDA's label first to fully understand brensocatib's value proposition before committing to price. Importantly, given there currently is no approved treatment for NCFBE, the company believes adoption could be quick and lead to a very successful launch. Management plans to hold a commercial outlook day on June 4, 2024 to discuss refreshed details around the Arikayce, brensocatib, and TPIP opportunities. Recall, management had previously cited a peak sales guide of >$1bn for Arikayce, >$5bn for brensocatib, and >$2bn for TPIP."

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