Analyst Ritu Baral from TD Cowen maintained a Buy rating on Insmed (INSM – Research Report) and keeping the price target at $98.00.
Ritu Baral has given her Buy rating due to a combination of factors related to Insmed’s promising product pipeline and financial performance. The company is on track with its development and regulatory milestones, particularly with the anticipated approval of brensocatib for NCFBE, which has shown strong efficacy and safety results in clinical trials. The absence of an advisory committee meeting for the PDUFA date suggests a smooth approval process.
Additionally, Insmed’s financial position is robust, with first-quarter revenues slightly exceeding expectations and a significant cash reserve that supports future growth initiatives. The continued growth in Arikayce sales, despite market maturity, and the strategic plans for global expansion further bolster the company’s outlook. These factors collectively contribute to a positive long-term growth trajectory for Insmed, justifying the Buy rating.
In another report released yesterday, Bank of America Securities also reiterated a Buy rating on the stock with a $94.00 price target.