Mizuho Securities raised its price target on Insmed Inc. to $195 from $192, citing Japan’s approval of Brinsupri for non-cystic fibrosis bronchiectasis in adults and pediatric patients aged 12 and older.
The upgrade follows Insmed’s August 6 earnings report, which included a revenue beat and raised full-year 2026 guidance for Brinsupri to a range of $1.25 billion to $1.4 billion. Mizuho now projects a 55% upside to Insmed’s current share price of $123.98, maintaining an Outperform rating.
Brinsupri generated $309.2 million in revenue during the second quarter, marking its third full quarter on the market. Arikayce, another key asset, reported $116.3 million in Q2 revenue, an 8% year-over-year increase. H.C. Wainwright separately maintained a Buy rating with a $220 price target, noting Brinsupri’s potential to more than double the performance of prior specialty respiratory launches.
Mizuho increased its probability-of-success assumption for Brinsupri in Japan to 100% from 90%, aligning with the regulatory milestone. The XBI biotech index rose 7% in the period following Insmed’s earnings, though the company’s shares fell 6% on the day.
Analysts have become increasingly bullish, with 12 revising earnings estimates upward. Insmed’s market capitalization stands at $27.1 billion, while the consensus analyst rating sits at 1.22 on a Strong Buy scale. Combined peak sales estimates for Insmed’s three lead assets now exceed $14 billion.
