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Insmed Incorporated Message Board

  • b_leaguered b_leaguered May 24, 2013 5:18 PM Flag

    Anybody checked out Aegerion (AEGR)?

    This is the company that was co-founded by Will Lewis, who served as President and Chief Financial Officer. His re-orientation of the company's strategy toward orphan disease looks to have paid off big for shareholders. Coincidentally, both AEGR and INSM have outperformed the S&P 500 by 306% over the past year. Nasdaq states that institutional ownership of AEGR is 102% (I don't know how they came up with that number). If we follow in AEGR footsteps, then a lot more INSM shares are going to be purchased by institutions. AEGR has one orphan drug for the treatment of an inherited disorder resulting in high cholesterol. Even though this is an orphan indication, AEGR sports a market cap of $1.7 billion. INSM market cap is only $411 million. I think we can look forward to a much higher market cap under Lewis' leadership.

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    • I was just looking into the frequency among births of the disorders treated by Aegerion's drug (lomitapide for Homozygous familial hypercholesterolemia aka HoFH) and Insmed's drug (Arikace for CF with chronic Ps aeruginosa infection). HoFH occurs in 1 per 1 million births. Note that Lomitapide is available only through a restricted program for patients who have been diagnosed with this disease. It's not like it will be used by the wider population of people who have elevated cholesterol, a huge market. CF occurs in the U.S. in 1 per 3,700 births. 70% of CF adults develop Ps aeruginosa infections, so about 1 in 5,300 births result in this condition. A little math reveals that INSM's orphan indication is about 188 times more prevalent than AEGR's orphan indication, yet AEGR has a market cap of $1.7 billion versus INSM's market cap of $411 million. I cannot explain this disparity, but it suggests that INSM may be grossly undervalued when you realize that this does not even take NTM into account.

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