Insmed (INSM) PT Lowered to $220 at H.C. Wainwright

H.C. Wainwright analyst Andrew Fein lowered the price target on Insmed (NASDAQ: INSM) to $220.00 (from $245.00) while maintaining a Buy rating.

The analyst commented: "INSM announced that the Phase 2b CEDAR study, which evaluated brensocatib in adult patients with moderate to severe hidradenitis suppurativa (HS), did not meet its primary or secondary efficacy endpoints, and the program will be discontinued. This news is not unexpected, given that the BiRCh trial of brensocatib in CRSsNP missed both the primary and secondary endpoints and was discontinued in December 2025 (see our note here). We do not view this as materially impacting our overall thesis for INSM, and we believe that the discontinuation of the HS program allows for more focus and resources for continued and future work in the DPP1 inhibitor space. Based on the discontinuation of the hidradenitis suppurativa (HS) program due to the CEDAR trial of brensocatinib in HS missing both primary and secondary endpoints, we are decreasing our price target to $220 from $245. Buy reiterated."

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