(INSM) Insmed - Overview
Stock: Liposomal Antibiotic, DPP1 Inhibitor, Treprostinil Inhalation, Gene Therapy
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 45.3% |
| Relative Tail Risk | -11.5% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.39 |
| Alpha | 74.46 |
| Character TTM | |
|---|---|
| Beta | 0.561 |
| Beta Downside | 0.696 |
| Drawdowns 3y | |
|---|---|
| Max DD | 30.69% |
| CAGR/Max DD | 3.20 |
Description: INSM Insmed December 17, 2025
Insmed Inc. (NASDAQ: INSM) focuses on developing and commercializing therapies for rare, serious respiratory diseases. Its only currently marketed product, ARIKAYCE (liposomal amikacin), is approved for refractory nontuberculous mycobacterial (NTM) lung infections, and the company is pursuing a Phase 3 trial of a combination regimen for Mycobacterium avium complex (MAC) disease. The pipeline also includes brensocatib (a reversible DPP-1 inhibitor) in Phase 3 for bronchiectasis and Phase 2 for chronic rhinosinusitis without polyps and hidradenitis suppurativa, as well as treprostinil palmitil inhalation powder in Phase 3 for pulmonary hypertension associated with interstitial lung disease and Phase 2 for pulmonary arterial hypertension. Early-stage programs span a micro-dystrophin AAV gene therapy for Duchenne muscular dystrophy and next-generation DPP-1 inhibitors.
In FY 2023, ARIKAYCE generated approximately $140 million in revenue, representing a 25 % year-over-year increase, while the company posted a net loss of $210 million, largely driven by R&D spend that now exceeds $300 million annually. Cash and cash equivalents of $340 million give Insmed a runway of roughly 12-18 months under current burn rates, assuming no material trial failures or unexpected regulatory setbacks. The NTM market is estimated at $2-3 billion globally, growing at 6-8 % CAGR, providing a modest but defensible niche for ARIKAYCE and potential upside from MAC approvals.
The biotech sector’s valuation is heavily influenced by the success rate of Phase 3 trials (historically ~55 % for respiratory indications) and the pace of FDA review, both of which add considerable uncertainty to Insmed’s near-term outlook. A key driver will be whether brensocatib can achieve a differentiated efficacy signal in bronchiectasis, a disease affecting an estimated 600,000 U.S. patients and projected to expand with aging demographics. For a deeper quantitative assessment, you may find the ValueRay platform’s detailed valuation model for INSM worth reviewing.
Piotroski VR‑10 (Strict, 0-10) 1.5
| Net Income: -1.18b TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.38 > 0.02 and ΔFCF/TA -7.40 > 1.0 |
| NWC/Revenue: 338.8% < 20% (prev 405.5%; Δ -66.67% < -1%) |
| CFO/TA -0.37 > 3% & CFO -883.4m > Net Income -1.18b |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 4.63 > 1.5 & < 3 |
| Outstanding Shares: last quarter (211.4m) vs 12m ago 21.71% < -2% |
| Gross Margin: 69.97% > 18% (prev 0.77%; Δ 6920 % > 0.5%) |
| Asset Turnover: 20.26% > 50% (prev 16.71%; Δ 3.55% > 0%) |
| Interest Coverage Ratio: -12.98 > 6 (EBITDA TTM -1.09b / Interest Expense TTM 84.7m) |
Altman Z'' -10.41
| A: 0.64 (Total Current Assets 1.93b - Total Current Liabilities 417.2m) / Total Assets 2.36b |
| B: -2.25 (Retained Earnings -5.31b / Total Assets 2.36b) |
| C: -0.50 (EBIT TTM -1.10b / Avg Total Assets 2.21b) |
| D: -3.75 (Book Value of Equity -5.30b / Total Liabilities 1.42b) |
| Altman-Z'' Score: -10.41 = D |
Beneish M -2.74
| DSRI: 1.18 (Receivables 65.3m/42.3m, Revenue 447.0m/343.0m) |
| GMI: 1.10 (GM 69.97% / 77.25%) |
| AQI: 0.93 (AQ_t 0.13 / AQ_t-1 0.14) |
| SGI: 1.30 (Revenue 447.0m / 343.0m) |
| TATA: -0.13 (NI -1.18b - CFO -883.4m) / TA 2.36b) |
| Beneish M-Score: -2.74 (Cap -4..+1) = A |
What is the price of INSM shares?
Over the past week, the price has changed by -2.88%, over one month by -15.02%, over three months by -22.08% and over the past year by +91.42%.
Is INSM a buy, sell or hold?
- StrongBuy: 14
- Buy: 5
- Hold: 0
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the INSM price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 215.2 | 43.9% |
| Analysts Target Price | 215.2 | 43.9% |
| ValueRay Target Price | 233.3 | 56% |
INSM Fundamental Data Overview February 09, 2026
P/B = 33.8009
Revenue TTM = 447.0m USD
EBIT TTM = -1.10b USD
EBITDA TTM = -1.09b USD
Long Term Debt = 539.7m USD (from longTermDebt, last quarter)
Short Term Debt = 12.3m USD (from shortTermDebt, last quarter)
Debt = 745.1m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 410.3m USD (from netDebt column, last quarter)
Enterprise Value = 31.03b USD (31.96b + Debt 745.1m - CCE 1.68b)
Interest Coverage Ratio = -12.98 (Ebit TTM -1.10b / Interest Expense TTM 84.7m)
EV/FCF = -34.24x (Enterprise Value 31.03b / FCF TTM -906.1m)
FCF Yield = -2.92% (FCF TTM -906.1m / Enterprise Value 31.03b)
FCF Margin = -202.7% (FCF TTM -906.1m / Revenue TTM 447.0m)
Net Margin = -264.8% (Net Income TTM -1.18b / Revenue TTM 447.0m)
Gross Margin = 69.97% ((Revenue TTM 447.0m - Cost of Revenue TTM 134.2m) / Revenue TTM)
Gross Margin QoQ = 58.74% (prev 73.86%)
Tobins Q-Ratio = 13.14 (Enterprise Value 31.03b / Total Assets 2.36b)
Interest Expense / Debt = 2.74% (Interest Expense 20.4m / Debt 745.1m)
Taxrate = 21.0% (US default 21%)
NOPAT = -868.7m (EBIT -1.10b * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 4.63 (Total Current Assets 1.93b / Total Current Liabilities 417.2m)
Debt / Equity = 0.79 (Debt 745.1m / totalStockholderEquity, last quarter 945.6m)
Debt / EBITDA = -0.38 (negative EBITDA) (Net Debt 410.3m / EBITDA -1.09b)
Debt / FCF = -0.45 (negative FCF - burning cash) (Net Debt 410.3m / FCF TTM -906.1m)
Total Stockholder Equity = 645.0m (last 4 quarters mean from totalStockholderEquity)
RoA = -53.64% (Net Income -1.18b / Total Assets 2.36b)
RoE = -183.6% (Net Income TTM -1.18b / Total Stockholder Equity 645.0m)
RoCE = -92.82% (EBIT -1.10b / Capital Employed (Equity 645.0m + L.T.Debt 539.7m))
RoIC = -59.23% (negative operating profit) (NOPAT -868.7m / Invested Capital 1.47b)
WACC = 7.85% (E(31.96b)/V(32.71b) * Re(7.98%) + D(745.1m)/V(32.71b) * Rd(2.74%) * (1-Tc(0.21)))
Discount Rate = 7.98% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 20.84%
Fair Price DCF = unknown (Cash Flow -906.1m)
EPS Correlation: -4.78 | EPS CAGR: 13.97% | SUE: 4.0 | # QB: 1
Revenue Correlation: 94.79 | Revenue CAGR: 28.17% | SUE: 4.0 | # QB: 2
EPS next Quarter (2026-03-31): EPS=-0.81 | Chg30d=+0.371 | Revisions Net=+4 | Analysts=8
EPS next Year (2026-12-31): EPS=-2.57 | Chg30d=+0.940 | Revisions Net=+9 | Growth EPS=+56.1% | Growth Revenue=+140.1%