Insmed

INSM

Market cap $33.4B

INSM scraps Brinsupri for HS after phase IIb failure, with placebo outperforming treatment despite no safety issues.

Insmed said on Tuesday it ‌would discontinue the development of its treatment for a chronic, inflammatory skin condition, after ​the drug failed a mid-stage trial.

—Study Did Not Meet Primary or Secondary Efficacy Endpoints; Insmed Will Discontinue HS Program—  —Safety Was Consistent with Previous Studies and No New Safety Signals Were Identified for Either Dose of Brensocatib—  BRIDGEWATER, N.J., April 7, 2026 /PRNewswire/ -- Insmed Incorporated (Nasdaq: INSM), a people-first global biopharmaceutical company striving to deliver first- and best-in-class therapies to transform the lives of patients facing serious diseases, today announced that the Phase 2b CEDAR study, which evaluated brensocatib in adult patients with moderate to severe hidradenitis suppurativa (HS), did not meet its primary or secondary efficacy endpoints in either the 10 mg or 40 mg treatment arms.

Insmed Inc  (NASDAQ:INSM) shares were last seen up 0.3% to trade at $164.03, after a price-target hike to $237 from $231 at Barclays.

Insmed remains a Buy, with enterprise value near $30B and robust growth driven by Brinsupri and pipeline assets. Brinsupri's launch exceeded expectations, with Q4 revenues of $144.6M and management guiding for $1B in 2026 sales. TPIP offers differentiation in PAH/PH-ILD with once-daily dosing and encouraging Phase 2b data, supporting a $3B rNPV estimate.

Insmed (INSM) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might help the stock continue moving higher in the near term.

Here is a fact that should reframe how you think about Insmed (NASDAQ:INSM) and its lung disease franchise: Japan has more patients with MAC lung disease than the entire United States.

Insmed (INSM) remains a "Strong Buy", driven by positive phase 3b ENCORE results for ARIKAYCE in 1st-line MAC lung disease and robust pipeline progress. INSM is positioned to expand ARIKAYCE's label to 1st-line MAC patients [200k+], convert accelerated to full approval for refractory MAC, and pursue Japanese label expansion. BRINSUPRI is approved for non-cystic fibrosis bronchiectasis, with 2026 revenue guidance of at least $1 billion; ARIKAYCE 2025 sales reached $433.8 million, up 19% YoY.

Insmed stock jumps as Arikayce meets key goals in a late-stage study, paving the way for label expansion and a major boost to its potential market.

Insmed Incorporated (INSM) Shareholder/Analyst Call Transcript