Buy Insmed for a double, this analyst says

Roth Capital Partners analyst Adam Walsh says Insmed’s (Insmed Incorporated Stock Quote, Chart, News, Analysts, Financials NASDAQ:INSM) latest TPIP data strengthens the case for the drug in pulmonary arterial hypertension.

Walsh reiterated his “Buy” rating and $212.00 target on Insmed after the company reported positive 12-month data from its ongoing extension study.

Insmed said patients who stayed on TPIP improved their six-minute walk distance by 55.7 metres from the study baseline, up from 35.5 metres at Week 16 in the earlier Phase 2b study. Patients who crossed over from placebo to TPIP improved by 54.1 metres, essentially catching up to the continued-treatment group.

Walsh said the data exceeded his expectations and help reduce risk for the Phase 3 PALM-PAH trial, which began in April 2026.

He said the results show the treatment effect is durable, with improvement continuing over 12 months in a progressive disease. He also said the crossover results support the view that TPIP, rather than patient selection or a placebo effect, is driving the benefit.

Walsh said the data should also address questions about once-daily dosing, because the measurements were taken about 24 hours after dosing and still showed sustained improvement.

Safety was also encouraging, he said. Among patients who received higher doses, there were no deaths, no drug-related serious adverse events and no treatment discontinuations tied to side effects. Across the full 91-patient study, 91% of patients completed at least 12 months of treatment.

Walsh also pointed to improved risk scores, saying the data add another supportive measure beyond walking distance. He cited comments from PAH specialist Dr. Raymond Benza, who described the results as among the most impressive he has seen across PAH therapies.

Walsh said the data reduce Phase 3 risk by showing a larger and sustained walking-distance benefit, a clean safety profile at higher doses and a reproducible treatment effect in patients newly switched from placebo.

Insmed expects 24-month extension data in mid-2027. Walsh left his model unchanged.

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