Insmed, the Healthcare sector company, was revisited by a Wall Street analyst on September 8. Analyst Joseph Schwartz from Leerink Partners reiterated a Buy rating on the stock and has a $180.00 price target.
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Joseph Schwartz has given his Buy rating due to a combination of factors, primarily centered around the promising prospects of Insmed’s drug brensocatib. The optimism is fueled by the potential positive outcomes from the Phase 2 BiRCh trial for treating chronic rhinosinusitis without nasal polyps (CRSsNP). Key opinion leaders are hopeful that brensocatib will show significant symptomatic benefits, which could resonate well with both patients and the medical community.
Furthermore, the potential market for brensocatib in CRSsNP is substantial, with expectations that it could match or exceed the $5 billion opportunity seen with non-cystic fibrosis bronchiectasis (NCFB). The recent approval of brensocatib under the brand name Brinsupri in NCFB adds to the confidence in its market potential. Additionally, there is a belief that brensocatib could exhibit “pipeline in a product” potential, similar to other successful drugs like Humira and Dupixent, making it a compelling investment opportunity.
In another report released on September 9, J.P. Morgan also maintained a Buy rating on the stock with a $153.00 price target.