Sep. 21 at 6:21 PM
BofA maintained its Buy-
$214 on
$INSM after Insmed announced, FDA accepted its sNDA for Arikayce in newly diagnosed MAC with Priority Review, setting a PDUFA of Jan 28th.
$PFE $TEVA MNKD
MRK LQDA UTHR GSK ASN NVS
BofA said -- While the move was generally expected given the strength of the pivotal ENCORE phase 3b (see our ENCORE takes), the accelerated timeline is a welcome positive, and we see scope for INSM shares to trade with incremental strength.
Arikayce has understandably been overshadowed by bigger drivers Brinsupri and TPIP, but the inhaled antibiotic remains a solid contributor, with management reiterating its
$1B+ peak-sales guidance (2030e BofA
$1.3B vs. VA cons
$1.0B).
And for a stock we'd argue receives insufficient credit for its portfolio, continued progress across programs adds breadth and durability to the growth story, strengthening the case for a broader re-rating.
