Mizuho raises Insmed stock price target to $195 on Japan approval

Mizuho has hiked its price target on Insmed shares (NASDAQ:INSM) to $195, up from $192, following Japan's regulatory approval of Brinsupri. Insmed recently announced that Brinsupri has been approved in Japan for non-cystic fibrosis bronchiectasis in adults and children aged 12 or older. Mizuho has upgraded its probability-of-success assumption for Brinsupri in Japan to 100%, up from 90%.

This new target implies a 55% upside from the current market price of $123.98. The stock now trades at $123.98 with a market capitalization of $27.1 billion, and the analyst consensus remains a "strong buy" rating of 1.22. Insmed reported a positive revenue beat for Brinsupri in the second quarter of 2026 on August 6 and raised guidance for both Brinsupri and TPIP.

Despite a 6% decline in Insmed shares since the August 6 earnings report, the XBI biotech index has gained 7%. Mizuho maintains confidence in the Brinsupri launch and believes the current share weakness is unwarranted given the company's solid fundamentals.