William Blair analyst Matt Phipps has maintained their bullish stance on INSM stock, giving a Buy rating yesterday.
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Matt Phipps has given his Buy rating due to a combination of factors including Insmed’s impressive financial performance and promising product launches. The company’s third-quarter revenue significantly surpassed expectations, with total revenue reaching $142.3 million compared to the anticipated $111.7 million. This financial strength is largely attributed to the successful launch of Brinsupri, which generated $28.1 million in sales, far exceeding initial estimates.
Additionally, the strong market reception of Brinsupri is evident from the 2,550 patient starts, which surpassed the expected 2,000 prescriptions. This positive momentum is complemented by the performance of Arikayce, which also exceeded sales forecasts. Furthermore, Insmed’s pipeline developments, such as the upcoming BiRCh trial results for brensocatib and the progress in the CEDAR trial, provide additional growth potential, reinforcing the Buy rating.
Phipps covers the Healthcare sector, focusing on stocks such as Merus, Bristol-Myers Squibb, and Upstream Bio, Inc.. According to TipRanks, Phipps has an average return of 1.5% and a 45.99% success rate on recommended stocks.
In another report released yesterday, Mizuho Securities also maintained a Buy rating on the stock with a $196.00 price target.