Nomura Smid Cap Core Fund on Insmed Incorporated
Thesis
Insmed remains a long-term healthcare holding despite a sharp post-earnings decline. The fund continues to view the pipeline as compelling, including TPIP across multiple pulmonary indications and the recently approved BRINSUPRI for bronchiectasis. Management's data on new patient starts and discontinuation rates was viewed as encouraging, and the fund believes the quarter had minimal impact on its near- and long-term views of BRINSUPRI and the company.
“We believe the information management shared on underlying new patient starts and discontinuation rates was encouraging”
Key risks
- BRINSUPRI revenue growth may fall short of elevated investor expectations