BUZZ-Insmed shares rise as revenue forecasts are raised

October 29 - ** Pharmaceutical company Insmed (INSM.O) shares rose by 14.7% to $11.39, on track for the biggest single-day gain in more than two months.

** The company raised its annual revenue forecast for its lung disease treatment Brinsupri from $1.25 billion–$1.4 billion to $1.35 billion–$1.4 billion.

** In addition, the company raised the annual revenue forecast for Arikayce, a drug used to treat Mycobacterium avium complex (MAC) lung disease, from $450 million–$470 million to $460 million–$470 million.

** According to data compiled by London Stock Exchange Group (LSEG), third-quarter revenue also exceeded expectations, marking the tenth consecutive quarter that revenue has beaten forecasts.

** Strong demand for Brinsupri in the US market and for Arikayce internationally supported the upward revision, the company stated.

** 24 analysts have given the stock a “buy” or higher rating, with one rating it as “hold,” and a median price target of $196.50, according to LSEG.

** Including today’s move, the stock is still down 36% year-to-date.

(To assist non-English speakers, Reuters has automated the translation of its reports into several other languages. As automated translation may be inaccurate or lack necessary context, Reuters does not guarantee the accuracy of translated texts. They are provided solely for reader convenience. Reuters accepts no responsibility for any damage or loss resulting from the use of automated translations.)