Insmed price target lowered to $225 from $258 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Insmed (INSM) to $225 from $258 and keeps a Buy rating on the shares. Insmed’s Phase 2b BiRCh trial in chronic rhinosinusitis without nasal polyps missed both primary and secondary endpoints, leading to discontinuation of brensocatib for this indication, though no new safety issues emerged, the analyst tells investors in a research note. While disappointing and removing a potential growth driver, focus is expected to return to the strong Brinsupri launch in bronchiectasis, upcoming Q4 updates, EU approval expansion, and additional 2026 data readouts that could drive further opportunities, Goldman says.