Core Insights - Artisan Mid Cap Fund's fourth-quarter 2025 performance showed a decline, with Investor Class at -0.44%, Advisor Class at -0.37%, and Institutional Class at -0.35%, compared to -3.70% for the Russell Midcap® Growth Index, indicating relative resilience in a challenging market [1]. Group 1: Fund Performance - The Fund seeks investments in companies with franchise characteristics, strong earnings trajectories, and trading at a discount to estimated private market value [1]. - Continued strength in information technology and health care sectors contributed positively to the Fund's performance during the quarter [1]. Group 2: Insmed Incorporated (NASDAQ:INSM) - Insmed Incorporated specializes in therapies for serious and rare diseases, with a market capitalization of $33.917 billion [2]. - The stock closed at $159.03 per share on February 23, 2026, with a one-month return of -2.22% and a 52-week gain of 105.20% [2]. - Insmed was a top contributor to the Fund's performance in Q4, driven by strong sales of its lead product ARIKAYCE® and the successful launch of Brinsupri™, which generated $28 million in initial sales [3]. Group 3: Hedge Fund Interest - Insmed was held by 74 hedge fund portfolios at the end of Q4, an increase from 73 in the previous quarter, indicating growing interest among institutional investors [4]. - Despite its potential, the company is not among the 30 most popular stocks among hedge funds, with some analysts suggesting that certain AI stocks may offer greater upside potential [4].

Key Takeaways Insmed posted a wider Q4 loss of $1.54 per share as revenues jumped 153% to $263.8M.Brinsupri delivered $144.6M in Q4 sales; 2026 guidance calls for at least $1B.Arikayce sales rose 14% to $119.2M; R&D and SG&A expenses climbed sharply.Insmed (INSM) reported a fourth-quarter 2025 loss of $1.54 per share, wider than the Zacks Consensus Estimate of a loss of $1.07. In the year-ago quarter, the company had incurred a loss of $1.32.Quarterly revenues rose 153% year over year to over $263.8 million ...

Insmed (INSM) closed the last trading session at $161, gaining 0.4% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $215.1 indicates a 33.6% upside potential.The average comprises 20 short-term price targets ranging from a low of $162.00 to a high of $241.00, with a standard deviation of $19.56. While the lowest estimate indicates an increase of 0.6% from the current price level, t ...

Insmed Inc. (NASDAQ:INSM) ranks among billionaire Stanley Druckenmiller’s 10 best stock picks. On January 23, Roth/MKM began coverage of Insmed Inc. (NASDAQ:INSM) with a Buy rating and a $212 price target. The firm pointed to Insmed’s solid position for further upside in 2026, with predictions that the company’s Brinsupri medication will continue to exceed market expectations. Illumina (ILMN) Jumps 24.8% on Earnings Beat Moreover, the firm assigned a 75% probability of success to the company’s Phase 3 EN ...

Insmed Incorporated (NASDAQ:INSM) is a biopharmaceutical company focused on developing therapies for rare diseases. The company is known for its innovative approach to addressing unmet medical needs. Insmed's competitors include other biotech firms that specialize in rare diseases, such as Vertex Pharmaceuticals and BioMarin Pharmaceutical.On February 19, 2026, Stifel Nicolaus set a price target of $205 for INSM, suggesting a potential upside of 28.22% from the stock's price of $159.88 at the time. This adj ...

Management attributed the exceptional 2025 performance to the 'stunning' early launch of Brinsupri and accelerated global growth of ARIKAYCE, particularly in Japan and Europe. The Brinsupri launch is exceeding internal benchmarks, with $144.6 million in net revenue during its first full quarter, positioning it as potentially the best specialty respiratory launch in history. The strategic focus is on 'owning' the bronchiectasis and NTM categories, leveraging a similar call point among pulmonologists fo ...

Insmed (INSM) came out with a quarterly loss of $1.54 per share versus the Zacks Consensus Estimate of a loss of $1.07. This compares to a loss of $1.32 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -43.78%. A quarter ago, it was expected that this biopharmaceutical developing inhaled treatments for patients battling rare lung diseases would post a loss of $1.32 per share when it actually produced a loss of $1.75, delivering ...

Insmed (NasdaqGS:INSM) Q4 2025 Earnings call February 19, 2026 08:00 AM ET Company ParticipantsBryan Dunn - Head of Investor RelationsGraig Suvannavejh - Managing DirectorJason Zemansky - VPMartina Flammer - CMOSara Bonstein - CFOSteven Willey - Managing DirectorWill Lewis - Chair and CEOConference Call ParticipantsAdam Walsh - Managing Director and Senior Biotechnology Equity Research AnalystGavin Clark-Gartner - Managing Director and Biotechnology Equity Research AnalystJessica Fye - Managing Director and ...

Financial Data and Key Metrics Changes - Insmed reported a strong performance in 2025, with revenue guidance for BRINSUPRI of at least $1 billion in 2026, reflecting confidence in market access and early launch performance [7][8][28] - The company anticipates total revenue in 2026 to be more than double that of 2025, indicating significant growth potential [8][28] - Cash position at the end of 2025 was approximately $1.4 billion, with a cash burn in Q4 including $70 million of one-time items [31][32] Business Line Data and Key Metrics Changes - BRINSUPRI launched with $144.6 million in net revenue in its first full quarter, exceeding expectations [9] - ARIKAYCE showed strong growth, particularly in Japan with a 40% increase compared to 2024, contributing over a quarter of its global revenues [23] - The company is pursuing four Phase III clinical programs for TPIP, which received orphan drug designation for pulmonary arterial hypertension [24][25] Market Data and Key Metrics Changes - The total addressable market for BRINSUPRI in the U.S. is estimated at 500,000 diagnosed patients with non-CF bronchiectasis, with significant room for expansion as only 11,550 new patients started treatment in 2025 [10][11] - The company is focusing on identifying undiagnosed bronchiectasis patients among the 32 million diagnosed with COPD or asthma, which could significantly increase the patient base for BRINSUPRI [14][15][16] Company Strategy and Development Direction - Insmed aims to expand its leadership in bronchiectasis and NTM, with plans to accelerate the U.S. launch of BRINSUPRI while continuing to grow ARIKAYCE [6][7] - The company is also exploring additional DPP-1 inhibitors for respiratory diseases and other indications, indicating a broader strategy for pipeline expansion [38] - Insmed is actively working on outreach and education initiatives to identify potential patients who could benefit from BRINSUPRI [15][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash flow positivity without needing to raise additional capital, although they may seek capital for business development opportunities [8][33] - Positive early feedback from physicians and patients regarding BRINSUPRI is expected to drive additional prescribing behavior [19][70] - The market access landscape for BRINSUPRI is progressing well, with over 90% of targeted patient lives having access to reimbursement [20][21] Other Important Information - The gross-to-net guidance for BRINSUPRI in 2026 is expected to be in the mid-20s to low 30s percentage range, reflecting good visibility into payer contracting [30][31] - The company is evaluating several business development opportunities to expand its pipeline and support future growth [8][33] Q&A Session Summary Question: Plans to develop other DPP-1 inhibitors within respiratory disease - Insmed intends to bring other DPP-1 inhibitors forward, including INS1033 for rheumatoid arthritis and inflammatory bowel disease, and is also advancing other DPP-1s for respiratory conditions [38] Question: Guidance for BRINSUPRI and patient behavior dynamics - Management is seeing positive metrics across various patient behavior indicators, which supports their confidence in achieving at least $1 billion in revenue for BRINSUPRI [41][42] Question: Trends in scrip data and interest in business development - The launch is performing strongly, and while management does not track Symphony data, they are confident in the trajectory based on internal metrics [45][46] Question: Depth of prescribing and physician behavior - Many physicians are initially prescribing BRINSUPRI to one or two patients, and positive experiences are expected to lead to increased prescribing [68][70] Question: Ex-U.S. contribution to BRINSUPRI guidance - Ex-U.S. contributions for BRINSUPRI in 2026 are expected to be very small, with the majority of revenue coming from the U.S. market [61] Question: Additional capital for business development - Insmed sees a clear path to cash flow positivity based on existing programs, with business development being a separate consideration for potential capital sourcing [63][65]

Financial Data and Key Metrics Changes - Insmed reported a strong performance in 2025, with revenue guidance for BRINSUPRI of at least $1 billion in 2026, reflecting confidence in market access and early launch performance [5][6][25] - The company anticipates total revenue in 2026 to be more than double that of 2025, indicating a significant growth trajectory [6][25] - As of the end of 2025, Insmed had approximately $1.4 billion in cash, cash equivalents, and marketable securities, positioning the company well for future investments [29][31] Business Line Data and Key Metrics Changes - BRINSUPRI launched in the U.S. with net revenue of $144.6 million in its first full quarter, exceeding expectations [7][20] - ARIKAYCE showed strong growth, particularly in Japan with a 40% increase compared to 2024, contributing significantly to global revenues [21][25] - The company is pursuing additional DPP1 inhibitors for respiratory diseases, indicating a strategy to expand its product portfolio [35] Market Data and Key Metrics Changes - The total addressable market for BRINSUPRI in the U.S. is estimated at 500,000 diagnosed patients with non-CF bronchiectasis, with significant potential for expansion as more patients are identified [8][10] - The company is actively working to identify additional patients with undiagnosed bronchiectasis among those with COPD and asthma, which could significantly increase the patient base for BRINSUPRI [12][13] Company Strategy and Development Direction - Insmed aims to accelerate the U.S. launch of BRINSUPRI while continuing to grow ARIKAYCE, focusing on expanding its clinical pipeline in respiratory, inflammation, immunology, and neurology [4][5] - The company is committed to pursuing first or best-in-class therapies within its target therapeutic areas, indicating a proactive approach to pipeline development [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash flow positivity without needing to raise additional capital, although they may seek capital for strategic opportunities [6][31] - The positive early feedback from physicians and patients regarding BRINSUPRI is expected to drive further prescribing behavior, enhancing the launch's momentum [17][66] Other Important Information - The gross-to-net guidance for BRINSUPRI in 2026 is expected to be in the mid-20s to low 30s percentage range, reflecting favorable payer contracting dynamics [27][28] - The company is evaluating several business development opportunities to support pipeline expansion and value creation [6][31] Q&A Session Summary Question: Plans to develop other DPP1 inhibitors - Insmed intends to bring other DPP1s forward, including INS1033 for rheumatoid arthritis and inflammatory bowel disease, and is also advancing DPP1s for respiratory conditions [35] Question: Guidance for BRINSUPRI and patient behavior - Management is seeing metrics at or above targets, contributing to confidence in achieving at least $1 billion in revenue for BRINSUPRI [39] Question: Trends in scrip data and interest in business development - Management noted strong initial performance and is open to pursuing first or best-in-class compounds for business development [42][45] Question: Depth of prescribing and physician behavior - Physicians are initially prescribing BRINSUPRI to one or two patients, with expectations that positive experiences will lead to increased prescribing [66] Question: Ex-U.S. contribution to BRINSUPRI guidance - Ex-U.S. contributions for BRINSUPRI in 2026 are expected to be very small, with a focus on U.S. market dynamics [58]