UBS analyst Ashwani Verma maintained a Buy rating on Insmed yesterday and set a price target of $223.00.
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Ashwani Verma has given his Buy rating due to a combination of factors, primarily driven by the strong performance and potential of Insmed’s Brinsupri product. The recent launch of Brinsupri exceeded expectations, with a significant increase in new patient starts, which has instilled confidence in the company’s growth prospects. Verma anticipates that upward revisions in buy-side and sell-side estimates for Brinsupri will continue, providing further momentum for the stock.
Additionally, Verma highlights the promising outlook for Insmed’s pipeline, particularly the potential of brensocatib in treating chronic rhinosinusitis without nasal polyps. The upcoming Phase 2 data release and positive physician feedback bolster confidence in the product’s success. Furthermore, Verma has increased the price target for Insmed’s stock to $223, reflecting the improved sales forecasts for Brinsupri and the application of a higher sales multiple, supported by a discounted cash flow framework.
According to TipRanks, Verma is a 4-star analyst with an average return of 7.2% and a 52.21% success rate. Verma covers the Healthcare sector, focusing on stocks such as United Therapeutics, Insmed, and ACADIA Pharmaceuticals.
In another report released today, Wells Fargo also maintained a Buy rating on the stock with a $217.00 price target.