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Roth believes that potential upside from clinical data expected later this year, combined with above-consensus expectations for its lead drug, could boost Insmed . The investment firm initiated the biopharmaceutical stock at a buy rating and $212 price target, implying an upside of 32% from here. Shares of Insmed have rallied 160% over the past 12 months. INSM 1Y mountain INSM 1Y chart Roth analyst Adam Walsh wrote that Insmed is “well-positioned for 2026 upside” as its lead drug Brinsupri continues to outperform expectations and key clinical catalysts approach. Walsh noted that Brinsupri, the first approved therapy for non-cystic fibrosis bronchiectasis that was approved by the FDA last August, notched first full-quarter sales of $144.6 million. This was above consensus estimates of $65 million. He added that around 9,000 patient starts represented U.S. population penetration of around 3.6%, validating his above-consensus view and supporting his estimate of 28% U.S. peak penetration. “We model 2026E revenue of $1.2B vs pre-announcement VA consensus of $726M,” the analyst wrote. “First-in-disease positioning, placebo-like safety, oral convenience, and Day 1 access underpin near-term momentum; competitors four years behind and 2040 LOE support durability.” Another catalyst comes from the expected phase 3 ENCORE trial results for Arikayce, which treats mycobacterium avium complex lung disease. “ENCORE success could add ~$1.3B in unadjusted frontline revenue; our PoS-adjusted peak is $1.86B, 18% above VA consensus ($1.58B). We believe Japan’s culture conversion co-primary provides downside protection,” Walsh added. Walsh also said that Insmed’s broader pipeline provides additional upside beyond its lead assets. The analyst noted that positive data from a phase 2 trial for TPIP, which targets pulmonary arterial hypertension and related conditions, could position it as a best-in-class therapy and add meaningful long-term upside if later-stage trials are successful. Meanwhile, an emerging early pipeline of drugs provides long-dated optionality for Insmed, he added.
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