H.C. Wainwright has reaffirmed its Buy recommendation for Insmed Inc. (NASDAQ: INSM) and maintained a $230.00 price target on the shares. The stock is trading at $164.91, implying a market capitalization of $35.55 billion after a 103% rise over the past year.
The analyst firm highlighted Insmed's decision to provide 2026 revenue guidance for Brinsupri of more than $1 billion earlier than anticipated as a positive development. H.C. Wainwright characterized the early guidance as offering improved clarity on payer dynamics and market access, and as an indication that early launch metrics are tracking at or above the company's internal targets.
On a trailing-twelve-month basis, Insmed reported revenue of $606 million, representing 67% growth. The note referenced InvestingPro Tips in observing that analysts expect continued sales expansion in the current year.
Regarding long-term potential, Insmed has not revised its peak Brinsupri revenue target, which remains set at greater than $5 billion. H.C. Wainwright's modeling likewise assumes roughly $5 billion in peak Brinsupri sales for the bronchiectasis indication.
The firm said it will wait for additional updates on Insmed's initiatives to extend Brinsupri into COPD and asthma - indications that, if pursued successfully, could encompass up to an additional 32 million patients. H.C. Wainwright indicated those updates are expected toward the end of 2026 and into 2027, and framed the COPD and asthma opportunity as potential upside beyond the core bronchiectasis market.
H.C. Wainwright described the initial first-year guidance for Brinsupri as having immediate near-term relevance, while viewing COPD and asthma as possible future contributors to the company's revenue base. At the same time, InvestingPro analysis noted that the stock may be overvalued at current levels.
Insmed's most recent quarterly results were mixed. For fourth-quarter 2025, the company reported earnings per share of -$1.54, missing expectations of -$1.17 and representing a 31.62% negative surprise. Revenue for the quarter was $263.8 million, outpacing the forecasted $208.2 million and delivering a 26.71% positive surprise.
Separately, Stifel lowered its price target for Insmed to $205 from $212 but maintained a Buy rating. Stifel cited higher cost expectations as the rationale for the target reduction, while noting that management's guidance for more than $1 billion in fiscal 2026 Brinsupri sales aligns with investor expectations. The firm also emphasized observations about patient access dynamics and payer contracting as part of its assessment.
Taken together, these analyst views and the company's quarterly results provide a snapshot of both the early commercial traction for Brinsupri and the remaining uncertainties investors are weighing - including cost trends, payer negotiations, and the timing and scope of potential label expansion into COPD and asthma.
Key points:
- H.C. Wainwright reiterates Buy and a $230 target on Insmed, citing >$1 billion 2026 Brinsupri guidance provided earlier than expected.
- Insmed reported $606 million in trailing-twelve-month revenue, up 67%, and quarterly revenue of $263.8 million that beat estimates while EPS missed.
- Potential expansion into COPD and asthma could represent up to 32 million additional patients, with updates expected late 2026 into 2027.
Risks and uncertainties:
- Valuation risk - InvestingPro analysis suggests the stock may be overvalued at current prices, which affects investors in the biotech and broader healthcare equity markets.
- Execution and cost risk - Higher cost expectations cited by Stifel highlight potential margin pressure and operational risks for Insmed, impacting profitability metrics used by analysts.
- Market access and payer dynamics - Clarity on payer contracting and patient access will materially influence near-term revenues for Brinsupri and the commercial outlook in respiratory markets.