Truist trims Insmed price target to $185 following Q1 earnings
Biopharmaceutical firm reports 44% sequential growth for Brinsupri and reaffirms $1 billion revenue outlook for 2026.
Truist Financial has reduced its price target for Insmed Incorporated (NASDAQ:INSM) to $185 from $205, while maintaining a Buy rating on the shares. The adjustment, announced on 13 May, follows the release of the company’s first-quarter 2026 financial results. The bank updated its financial model to reflect recent competitive developments and incorporated physician feedback regarding the drug Brinsupri gathered after the earnings release.
Despite the downward revision to the valuation, Insmed reported robust demand for its core asset. The company recorded a 44% sequential growth rate for Brinsupri during the quarter. Insmed is a global biopharmaceutical entity focused on developing approved and investigational medicines, with Brinsupri described as a once-daily oral reversible inhibitor of dipeptidyl peptidase 1 (DPPI).
During the earnings call, Insmed President, Chief Executive Officer, and Chairman William Lewis affirmed the company’s 2026 revenue outlook of at least $1 billion. Lewis noted that management did not raise the price of Brinsupri at the start of the year and stated that the impact from inventory stocking during the quarter was minimal.
The company provided further detail on patient acquisition trends, estimating that approximately 1,500 of the nearly 7,800 new patients who started treatment in the first quarter came from a “ready and waiting” group. Lewis indicated that the demand boost associated with this cohort had mostly played out as the firm entered the second quarter.
Lewis also highlighted positive metrics regarding patient access and adherence. He reported that the approval rate for Brinsupri since launch has been close to 90%, and more than 80% of patients using the drug have enrolled in the company’s inLighten patient support program. Insmed holds a five-year average revenue growth rate of 23.8%.
