Insmed Surges on Positive PAH Drug Trial Results

Insmed shares surged nearly 30% to a 52-week high after announcing positive Phase 2 trial results for its treprostinil palmitil inhalation powder (TPIP) in treating pulmonary arterial hypertension (PAH), meeting all key endpoints. Multiple major analyst firms, including H.C. Wainwright, Mizuho, BofA Securities, Evercore ISI, RBC Capital, and Stifel, raised their price targets—some to $120—and maintained bullish ratings. Analysts highlighted strong commercial potential for TPIP due to its once-daily dosing and anticipate further gains from Insmed’s upcoming brensocatib launch, as well as ongoing Arikayce and TPIP programs. Insmed plans to begin Phase 3 trials for PAH and pulmonary hypertension associated with interstitial lung disease by early 2026. The company's market capitalization now exceeds $16 billion, and despite robust investor enthusiasm, some technical indicators suggest the stock could be overbought. Shares of rival United Therapeutics fell sharply following the announcement.