H.C. Wainwright doubles Insmed target to $240 on ‘pipeline-in-a-pill’ potential

H.C. Wainwright raised the firm’s price target on Insmed (INSM) to $240 from $120 and keeps a Buy rating on the shares following the approval of Brinsupri the treatment for non-cystic fibrosis bronchiectasis. The firm sees Insmed as “poised to join the ranks” of Roche’s (RHHBY) Genentech and Pfizer’s (PFE) Seagen as companies that have successfully deployed the “pipeline-in-a-pill” strategy, says the analyst, who believes that Brinsupri and its next generation versions will be shown to have effect in a broad range of neutrophil mediated diseases. Given the approval and potential for a “pipeline-in-a-pill”, the firm now includes chronic rhinosinusitis without nasal polyps and hidradenitis suppurativa indications in its valuation, assuming a launch by 2027 for CRSsNP and launch by 2028 for HS.