Truist reduced Insmed’s price target after adjusting estimates for BRINSUPRI amid rising competition and physician feedback.
Truist cut its price target for Insmed (INSM) to $185 from $205 while maintaining a Buy rating. The adjustment follows Q1 2026 results and reflects updated modeling based on competitive pressures and physician feedback post-earnings.
Insmed reported 44% sequential growth for BRINSUPRI, its once-daily oral DPPI inhibitor, and reaffirmed its 2026 revenue outlook of at least $1 billion. CEO William Lewis noted minimal inventory stocking impact and strong patient access, with approval rates near 90% since launch.
Management indicated that a boost from a “ready and waiting” patient group, which accounted for 1,500 of 7,800 new starts in Q1, had largely run its course entering Q2.