Insmed's Pipeline Can Deliver Potential Gains Despite Brensocatib Setback, RBC Says

MT Newswires Live12-19 00:55

Insmed's (INSM) termination of its clinical trial evaluating brensocatib in patients with chronic rhinosinusitis without nasal polyps is the worst-case outcome for the program, but this should not completely change investor perception of the stock, RBC Capital Markets said in a note Wednesday.

Analysts said that while the study's failure to meet efficacy endpoints is "disappointing," there is still a lot of value across the company's pipeline, including its Hidradenitis suppurativa trial, "more likely" success with Arikayce for Mycobacterium avium complex, launch execution for Brinsupri in bronchiectasis, and long-term optionality with TPIP in patients with pulmonary arterial hypertension.

Insmed shares fell more than 16% in recent trading Thursday, as analysts expected, after the company said Wednesday that it has discontinued the brensocatib trial in chronic rhinosinusitis without nasal polyps.

The brokerage removed the potential $3 billion opportunity from its model, although this is slightly offset by the withdrawal of price discounting for Brinsupri and a potential reduction in operational expenses as there would be no need to launch an additional indication.

RBC lowered the stock's price target to $195 from $215, but retained an outperform rating.

Price: 165.74, Change: -32.72, Percent Change: -16.49

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