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Insmed Incorporated Message Board

  • justarook04 justarook04 Mar 17, 2014 7:05 PM Flag

    What Leerink Swann stated in December (4 months ago)- Terry

    I posted this in late January (this was from Mid-December 2013 the 2025E was a mistype and probably should have read either 2017 or 2018):

    Here is their (Joe S) assessment of Insmed last month They have a $22 target currently.

    "Investment Thesis
    • We believe that INSM shares are poised to appreciate as the
    company develops and subsequently commercializes its sole product
    Arikace (inhaled liposomal amikacin) in two attractive orphan
    disease markets: cystic fibrosis (CF) and non-tuberculous
    mycobacteria (NTM).
    • We believe that Arikace presents an attractive clinical profile and is
    differentiated by its unique biochemical capacity to target evasive
    respiratory infections.
    • During 1Q14, we anticipate a readout on Arikace’s safety and
    efficacy in the (potentially pivotal) Phase II TARGET study in
    American NTM patients.
    • We see optionality with INSM shares here after the CLEAR-108
    data, which demonstrated that 1x daily Arikace is non-inferior to 2x
    daily Tobi in cystic fibrosis. If TARGET is a success, INSM shares
    could be worth $30+ on 2025E sales of $1B in NTM/CF. If
    TARGET fails, we model a $340MM worldwide market opportunity
    for Arikace in CF that could create a ~$9 floor value for the stock
    which could be bolstered by Arikace’s potential in other indications
    such as non-CF bronchiectasis.
    • INSM has three Orange Book listable patents including a
    composition of matter patent expiring in 2028 and may be entitled to
    additional market exclusivity under Hatch-Waxman, GAIN act
    legislation, or QIDP for the NTM indication. Our Outperform rating
    reflects our expectation that INSM shares will appreciate as clinical,
    regulatory and commercial catalysts are realized and investors
    augment their view of the company’s potential."

    Sentiment: Buy

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