Piper Jaffray Reiterates Overweight Rating On Insmed Following 4Q14 Earnings


In a research report released this morning, Piper Jaffray analyst Joshua Schimmer reiterated an Overweight rating on Insmed Incorporated (NASDAQ:INSM) with a $51 price target, following the company’s fourth-quarter financial results and update on its pipeline.

Schimmer noted, “The company has filed and validated the MAA for Arikayce for CF/NTM and initiated the Phase 3 confirmatory trial with multiple clinical trial sites activated. In addition, INS-1009, an inhaled version of treprostinil for pulmonary arterial hypertension (PAH), is expected to enter the clinic this year. INSM will be hosting an analyst day next month and we look forward to additional details.”

Furthermore, “Management provided 1H2015 cash spending of $46-56 M, as clinical ramp-up, infrastructure build, manufacturing investments, and future EU launch planning all are expected to increase. INSM expects to provide additional guidance at their analyst event next month. INSM’s balance sheet contains cash and cash equivalents of ~$159M. Based on model updates to incorporate guidance and rollover the DCF, our price target for INSM shares remains at $51.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst INSM has a total average return of 19.0% and a 69.2% success rate. Schimmer has a 16.7% average return when recommending INSM, and is ranked #206 out of 3492 analysts.

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