Insmed: Brinsupri-Led Growth, Pipeline Optionality, and Discounted Valuation Underpin Buy Rating

Analyst Danielle Brill of Truist Financial maintained a Buy rating on Insmed, with a price target of $205.00.

Danielle Brill has given his Buy rating due to a combination of factors tied to Insmed’s product portfolio and growth outlook. He views the recent share price pullback, driven by a setback in a Brinsupri trial for a secondary indication, as an attractive entry point ahead of the drug’s much more important launch in non-CF bronchiectasis in 2026. His proprietary pulmonologist survey suggests a far steeper and broader adoption curve than what is embedded in current Street expectations, with physicians indicating they plan to put a large portion of their bronchiectasis patients on Brinsupri over the next several years, implying a multibillion-dollar peak sales opportunity. Brill also underscores Insmed’s strong balance sheet, which he believes provides ample runway to execute on these launches without immediate financing pressure.

In addition to Brinsupri, Brill highlights meaningful upside optionality from Arikayce if the ENCORE trial is successful and the label can be broadened to cover all MAC patients, even though he builds in only modest contribution from this scenario. He further points to the TPIP program as a major long-term value driver, arguing that the positive Phase 2b data in PH-ILD and PAH, combined with the clinical precedent set by Tyvaso (which uses the same active ingredient), significantly reduces development risk. While pivotal TPIP readouts are several years away, Brill models substantial risk-adjusted revenue by 2035 across PAH and PH-ILD, with potential upside from IPF and PPF not yet fully reflected in his forecasts. Taken together, the robust near-term launch story, multiple late-stage catalysts, and discounted valuation relative to his revised $205 price target support his Buy recommendation on Insmed shares.

In another report released yesterday, Bank of America Securities also reiterated a Buy rating on the stock with a $203.00 price target.

Based on the recent corporate insider activity of 161 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.