Brinsupri approval sets stage for next leg of Insmed growth, says BofA

After Insmed (INSM) announced the FDA approved brensocatib as “Brinsupri,” making it the first approved treatment for non-cystic fibrosis bronchiectasis, BofA said a review of the label “reveals no surprises.” Putting aside near-term reactions, the firm argues that the debate largely remains on the commercial outlook and management’s $5B peak guidance, adding that “while today’s approval is a significant milestone for Insmed, we suspect it’s unlikely to change the narrative.” The firm, which continues to be positive on the opportunity, keeps a Buy rating and $121 price target on Insmed shares.