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Insmed Inc. (INSM)
NASDAQHealth CareBiotechnologySnapshot 2026-06-16
Intact
$95.52-1.99%
Close 2026-06-16 · 1-day change
Recent financial performance is holding in the top half of its industry — the reason to own it looks intact.
The bottom line
Recent financial performance is neutral, and management's recent track record has been fairly steady. The company was unprofitable over the past year, so its earnings quality can't be assessed, and it has a capital-unfriendly stance. Peer multiples imply a price about 194% below where it trades (it looks expensive on this basis); the read is rich, as it trades above peer multiples, and the longer horizon does not make that back through growth. Key factors to watch include any guidance cuts and the performance of sector bellwethers like VRTX, REGN, and ARGX, which could influence INSM's trajectory. This read is provisional.
as of 2026-06-16
Quick facts
- Exchange
- NASDAQ
- Sector
- Health Care
- Industry
- Biotechnology
- Market cap
- $21.12B
- Employees
- —
- IPO date
- 2000-07-17
- Next earnings
- 2026-08-06
Price
Daily closes. Earnings/event dots are placed inline.
Adjusted daily closes (split & dividend). Scroll over the chart to zoom; click a range to reset.
EarningsMaterial event
What's priced in
(what the market already expects)What it's worth (estimated)
A consensus fair price across 2 valuation methods, at three horizons. Current price $95.52. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
12-month· primaryexpensive
$38.20consensus
Range $34.44 – $41.96
vs price: +150% above
Method agreement — · 2 methods
No-growth: today's peer multiple on trailing earnings. The headline read.
3-yearfull
$84.11consensus
Range $75.87 – $92.35
vs price: +14% above
Method agreement — · 2 methods
Embeds projected growth. Leans optimistic by design. Upside context.
5-yearinexpensive
How much to trust our fair value
We take the 12-month fair value above and grade our own number — how the market prices this name versus what we'd justify, and where the two diverge.
Re-ratinglow confidence
At $97 INSM trades at 27× p/s — 2.9× the 9× p/s peer median. The market is re-rating it beyond its own range; our $40 fair value is low-confidence here. Analysts: $160–$245. Not investment advice.
Multiple (P/S)
27.4x
peer 9.4x · own history —
Premium
2.9x peer
Growth the price needs
144%
our forecast 94%
Our fair value
$39.88
range $36.73 – $43.03
Analyst range(a guide on our number, not a target)Our number is below the analyst range
How this stock is priced
One valuation read at a 12-month horizon, plus how price compares to peers and the company's own history.
Long-term · 1–3 yr
expensiverich12-month view
What's priced inUnjustified
The market is pricing in roughly 144% near-term growth, well above our forecast of about 94%. This describes what's priced in, not a forecast of the move.
TTM earnings are negative, so the read leans on sales- and cash-flow-based methods rather than P/E. This is a data condition, not a forward call.
Elevated fragilityrisk posture, not a price call
Flags: expensive valuation, a turbulent sector regime (Heating).
Historical context
How strong is the business
(quality & execution)Factor signals
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Recent financial performance
neutralOperating income rose in 2 of the last 3 quarter-over-quarter moves. Historically, Health Care names rated neutral grew net income 50% of the time over the next year (vs 57% for the rest of the cohort, n=3115).
58th pctl · Health Care
Earnings quality
loss makingOver the trailing year it converted 0.76x of net income into operating cash flow.
Macro sensitivity
Most sensitive to the broad stock market.
- the broad stock market: This stock moves with the broad market (high beta).
Not enough signal to read sensitivity to the US dollar, long-term interest rates, real (inflation-adjusted) rates, Fed net liquidity.
Management & capital allocation
neutral11 material management or governance events in the past 24 months, led by legal/regulatory items. Historically, Health Care names rated neutral grew net income 58% of the time over the next year (vs 50% for the rest of the cohort, n=842).
Earnings setup & market context
The next print and the backdrop around it (sector regime and the AI cycle). Context for the path, not a forecast of returns.
Earnings setup · pre-print positioning
forward-looking
Bullish13 analysts, 100% Buyfor period ending 2026-06-30
Why this setup
Consensus revisions
EPS estimate $-0.78 → $-0.77 (+1.2% / 30d). 4 raised, 7 cut, 13 covering analysts.
Rating actions
0 upgrades, 0 downgrades / 30d, 2 maintained. 100% of analysts rate Buy.
Price target activity
1 PT revisions / 30d. Avg target 97.0% above current price.
Sector context
Intermediate · WeeklySector phase: health care is in maturing, with decelerating (~0.5 years in phase).
Sector regime (90d momentum): headwind.Management scorecard
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Long-term · 1–3 yr
Overall: neutral
- Capital allocation
- neutral
- Earnings discipline
- neutral
- Margin discipline
- strong
- Balance sheet
- weak
- Post-call reaction
- strong
A guidance track record builds as the company issues and delivers on guidance.
How bumpy is the path
(risk while you hold it)Risk: how this stock moves
What a normal day, a bad day, and the worst of the last year would mean for a $10,000 position.
Intermediate · WeeklyLong-term · 1–3 yr
On a typical day, $10k can swing ±$170.
How much price usually moves either way.
On a bad day, this stock has moved -$408.
A rough but not unusual down day (about the 95th percentile).
In the worst 12 months, $10k could have lost $5,654.
Deepest peak-to-trough drop in the last year.
elevatedas of 2026-06-16
Past results, not a forecast. Not investment advice.
What would change the read
(catalysts & re-read triggers)What changed
The most important moves since the prior daily snapshot.
Short-term · Daily
- No material changes since the prior snapshot.
No material changes since the prior snapshot.
as of 2026-06-16
What to watch next
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
Intermediate · Weekly
- UpsideMedium confidenceQuartersactive 4d
Watch for sector revenue growth speeding up again.
Why it matters: If healthcare revenue growth speeds up, it could benefit Insmed's performance.
What confirms / what disproves
Confirms:Healthcare revenue growth increases back toward 10% or higher.
Disproves:Healthcare revenue growth keeps slowing down. It is now below 10%.
Sector context
as of 2026-06-15
News catalysts
Recent news graded against this company's own objectives — whether it reinforces or challenges the thesis, and how confirmed it is.
No graded news catalysts for INSM yet.
This sector is also watching
- Watch for revenue growth re-acceleration in Health Care
What could change this view
Conditional scenarios: if X happens, the view would shift in this direction. These are not predictions.
Intermediate · Weekly
Upside triggers
- If sector bellwethers like VRTX, REGN, and ARGX keep beating earnings and guiding higher, the Healthcare sector momentum should keep lifting INSM and other Healthcare names. Worth watching these names for early signals.
- If INSM raises forward guidance on the next earnings call (currently NEW as of 2026-05-07), that's a momentum boost. Street estimates typically follow guidance up and the stock tends to re-rate higher.
- If INSM beats again next quarter like it did this past one (a solid beat of +24% on the 2026-03-31 print), the momentum tends to extend, with Street estimates ratcheting up and the stock typically following.
Downside triggers
- If INSM cuts guidance on the next call (currently NEW as of 2026-05-07), that's a meaningful negative. The Street tends to walk down estimates and the stock usually takes a leg lower.
- If sector bellwethers like VRTX, REGN, and ARGX start missing or guiding lower, the Healthcare tailwind helping INSM and other Healthcare names could fade. Watch these names for early warning.
Recent events
(material 8-K / filing activity)Material updates
Recent SEC 8-K filings ranked by likely impact, confidence, and recency.
- 2026-05-071mo agoItem 2.02
The slide presentation to be used during the conference call referenced in the press release is attached hereto as Exhibit 99.2 and incorporated herein by reference. The information contained herein, including the exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth b…
Earnings preannouncementpositive
Score history
Whether the overall read has been drifting up or down lately, and how it's changed since last week.
-3.4 vs last weeklatest as of 2026-06-17
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.