Insmed

INSM · NASDAQ

$95.67+$0.38 (+0.40%)TodayMarket closed · Oct 20, 7:58 PM ET

Prev close $95.29

INSM analyst rating

BuyConsensus of 24 analysts over the last 12 months. 96% rate it a buy.

Strong buy0
Buy23
Hold1
Underperform0
Sell0

12-month price target · 26 analysts

Average $201.84 (+111.0% upside)

Low: $170.69
Now: $95.67
High: $255.15

Upgrades and downgrades

The latest rating actions, newest first

INSM analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Wolfe Research	Oct 12, 2026	Downgrade	Outperform → Peer Perform	—	47%
HC Wainwright & Co.	Oct 12, 2026	Maintains	Buy	$220.00	54%
Barclays	Sep 30, 2026	Maintains	Overweight	$237.00 → $207.00	45%
Goldman Sachs	Sep 24, 2026	Initiates	Buy	$188.00	42%
Roth Capital	Sep 15, 2026	Maintains	Buy	$212.00 → $198.00	17%
JP Morgan	Aug 10, 2026	Maintains	Overweight	$179.00 → $175.00	57%
Truist Securities	Aug 10, 2026	Maintains	Buy	$185.00 → $195.00	36%
Guggenheim	Aug 7, 2026	Maintains	Buy	$207.00 → $205.00	66%
Wells Fargo	Aug 7, 2026	Maintains	Overweight	$161.00 → $169.00	29%
Evercore ISI Group	Aug 7, 2026	Maintains	Outperform	$160.00 → $170.00	49%

The case for and against

Updated Oct 14, 2026

Bull case

Insmed is attractive because Brinsupri is showing stronger-than-expected U.S. launch dynamics, with 2Q26 revenue of $309.2M, FY 2026 guidance raised to $1.25B-$1.4B, and a larger treatable population plus better net pricing supporting higher peak sales. The company’s approved indication for non-cystic fibrosis bronchiectasis is broader than the original ASPEN study entry criteria, while updated GOLD guidance and high persistence and compliance assumptions suggest durable demand as more patients are diagnosed and retained on therapy. Beyond Brinsupri, Arikayce still contributes meaningful revenue, and TPIP adds upside across rare lung diseases, giving Insmed a diversified respiratory pipeline with multiple catalysts and a path to expand beyond the U.S. market.

Bear case

Insmed is viewed negatively because its commercial outlook is increasingly dependent on Arikayce and Brinsupri, yet Arikayce’s modeled peak is reduced to $1.5 billion in 2034 from $1.9 billion as pricing resets and a smaller patient base limit upside. Although 2026 revenue is still estimated at $467 million within guidance, the higher $220,012 U.S. list price, 22% gross-to-net, and slower frontline adoption point to weaker growth momentum, while EU frontline revenue is no longer modeled. Below the line, cash taxes start in FY27E, the effective rate rises to 23% from FY31E, and royalty/contingent obligations plus reliance on third-party manufacturing add pressure despite ~$1.2 billion of cash at the end of 2Q 2026.

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