Insmed (NASDAQ:INSM) shares climbed about 4.7% on Monday after analysts reacted to positive clinical data from United Therapeutics and Morgan Stanley upgraded the stock to Overweight from Equalweight.
Morgan Stanley also raised its price target on Insmed to $212 from $166 after conducting proprietary survey research on the launch of Brinsupri for bronchiectasis. The firm’s AlphaWise survey of 75 U.S. pulmonologists, conducted in March 2026, found that 85% had already prescribed Brinsupri. The drug currently accounts for roughly 12% of their patient share, with physicians expecting that figure to rise to about 21% by the end of the year. The survey also showed repeat prescribing trends and steady patient flow across pulmonology practices, with low discontinuation rates and consistent prescription refills.
Separately, United Therapeutics reported encouraging results from its Phase 3 TETON-1 trial evaluating Tyvaso in idiopathic pulmonary fibrosis. The study showed a placebo-adjusted improvement in forced vital capacity of about 130 mL, exceeding the approximately 96 mL improvement reported in the earlier TETON-2 study.
Following the data, Jefferies maintained its Buy rating on Insmed and kept a $230 price target, saying the results support the inhaled prostacyclin drug class in idiopathic pulmonary fibrosis ahead of Insmed’s planned Phase 3 studies of TPIP in IPF and progressive pulmonary fibrosis expected to begin in the second half of 2026.
Leerink Partners also reiterated its Outperform rating with a $215 price target. The firm said Insmed’s TPIP pipeline remains undervalued despite expectations that Brinsupri sales could exceed $1 billion in 2026. Leerink estimates peak sales for TPIP could approach $5 billion across multiple pulmonary disease indications.
Stifel maintained a Buy rating and a $208 price target, noting that the TETON-1 results help remove a key uncertainty that had weighed on Insmed shares. According to the firm, the trial data confirms the role of treprostinil in treating idiopathic pulmonary fibrosis and reduces perceived clinical development risk for Insmed’s TPIP program.