Financial Performance - BRINSUPRI™ (brensocatib) received FDA approval as the first treatment for non-cystic fibrosis bronchiectasis, with total revenue of $28.1 million in Q3 2025[1] - ARIKAYCE® (amikacin liposome inhalation suspension) generated total revenue of $114.3 million in Q3 2025, reflecting a 22% growth compared to Q3 2024[1] - The company raised its 2025 global ARIKAYCE revenue guidance to $420 million to $430 million, indicating a 15% to 18% year-over-year growth compared to 2024[15] - The company reported a net loss of $370.0 million, or $1.75 per share, in Q3 2025, compared to a net loss of $220.5 million, or $1.27 per share, in Q3 2024[11] - Total revenues for Q3 2025 were $142.3 million, a 52% increase from $93.4 million in Q3 2024[8] Expenses - Research and development (R&D) expenses increased to $186.4 million in Q3 2025, up from $150.8 million in Q3 2024, primarily due to increased compensation and clinical development costs[9] - Selling, general and administrative (SG&A) expenses rose to $186.4 million in Q3 2025, compared to $118.9 million in Q3 2024, driven by commercial readiness for BRINSUPRI[11] Assets and Liabilities - As of September 30, 2025, Insmed had cash, cash equivalents, and marketable securities totaling approximately $1.7 billion[15] - Total assets increased to $2,360,736, up from $2,025,231, representing a growth of approximately 16.5% year-over-year[19] - Current assets rose to $1,931,807, compared to $1,621,661, marking an increase of about 19.1%[19] - Total liabilities decreased to $1,415,165 from $1,739,852, reflecting a reduction of approximately 18.6%[19] - Shareholders' equity significantly improved to $945,571, up from $285,379, indicating an increase of about 231.5%[19] - Accounts payable and accrued liabilities increased to $409,835 from $285,209, which is an increase of approximately 43.7%[19] - The company reported a cash and cash equivalents balance of $334,764, down from $555,030, a decrease of about 39.6%[19] Product Development - Insmed anticipates topline data from the Phase 2b BiRCh study of brensocatib by early January 2026 and from the Phase 2b CEDAR study in the first half of 2026[1] - The company plans to initiate a Phase 3 study of TPIP for pulmonary hypertension associated with interstitial lung disease (PH-ILD) in Q4 2025[6] - The company is developing INS1201, a gene replacement therapy for Duchenne muscular dystrophy, which is currently in investigational stages[24] - The company is evaluating TPIP, a dry powder formulation for pulmonary arterial hypertension, which is still in the investigational phase[23] Safety and Efficacy - BRINSUPRI™ is indicated for the treatment of non-cystic fibrosis bronchiectasis in patients aged 12 and older, with safety monitoring for dermatologic reactions[41][42] - The most common adverse reactions in the ASPEN trial included upper respiratory tract infection (≥2%), headache, rash, dry skin, hyperkeratosis, and hypertension[45] - In the ASPEN trial, the incidence of ALT >3X upper limit of normal (ULN) was 0%, 1.2%, and 0.9% for placebo and BRINSUPRI 10 mg and 25 mg, respectively[46] - The incidence of skin cancers among patients treated with BRINSUPRI 10 mg and 25 mg was 0.5% and 1.9%, respectively, compared to 1.1% in placebo-treated patients[47] - The safety and effectiveness of BRINSUPRI have been established in pediatric patients aged 12 years and older, with common adverse reactions consistent with those in adults[51] Company Recognition and Risks - Insmed is advancing a diverse portfolio of approved and mid- to late-stage investigational medicines, focusing on pulmonary and inflammatory conditions[52] - The company has been recognized as one of the best employers in the biopharmaceutical industry, including five consecutive years as the No. 1 Science Top Employer[53] - Forward-looking statements involve substantial risks and uncertainties, including the failure to successfully commercialize ARIKAYCE and BRINSUPRI[54] - The company cautions that actual results may differ materially from those indicated by forward-looking statements due to various risks and uncertainties[56] - The company has a history of operating losses and the possibility that it may never achieve or maintain profitability[56] - The company may face challenges in obtaining regulatory approvals for its product candidates in the U.S., Europe, or Japan[55]

Core Insights - Analysts project Insmed (INSM) will report a quarterly loss of -$1.32 per share, a decline of 3.9% year over year, with revenues expected to reach $114.65 million, an increase of 22.7% from the same quarter last year [1] Earnings Projections - The consensus EPS estimate for the quarter has been revised downward by 0.6% over the past 30 days, indicating a collective reassessment by analysts [2] - Revisions to earnings projections are crucial for predicting investor behavior, as empirical studies show a strong correlation between earnings estimate trends and short-term stock performance [3] Revenue Estimates - Analysts estimate 'Revenue- Japan' at $29.88 million, reflecting a year-over-year increase of 42.4% [5] - The 'Revenue- Europe and rest of world' is projected at $7.24 million, indicating a 29.8% year-over-year change [5] - 'Revenue- U.S.' is expected to reach $72.72 million, showing an 8.8% increase year over year [5] Stock Performance - Insmed shares have returned +14.8% over the past month, outperforming the Zacks S&P 500 composite, which saw a +3.8% change [5] - With a Zacks Rank 3 (Hold), Insmed is anticipated to reflect overall market performance in the near future [5]

Performance Overview - Baron Health Care Fund increased 5.39% in Q3 2025, outperforming the Russell 3000 Health Care Index's 5.05% but underperforming the Russell 3000 Index's 8.18% [2][3] - Since inception on April 30, 2018, the Fund has achieved an annualized return of 9.30%, compared to 8.68% for the Benchmark and 14.48% for the Index [2][4] Key Contributors - Strong stock selection in biotechnology, particularly from argenx SE and Insmed Incorporated, contributed significantly to the Fund's performance [5] - Argenx's Vyvgart sales exceeded expectations, while Insmed's Brinsupri received U.S. approval, representing a $5 billion-plus opportunity [5][16] - Investments in health care services, particularly RadNet, Inc. and Heartflow, Inc., also added value, with RadNet's shares rising due to strong quarterly results and guidance [6][7][17] Key Detractors - Poor stock selection in health care equipment, particularly from Masimo Corporation and Boston Scientific Corporation, negatively impacted performance [8][9] - Eli Lilly's stock fell due to disappointing Phase 3 trial results for orforglipron, alongside broader regulatory uncertainties affecting the pharmaceutical sector [12][21] - The Fund's underweight position in Johnson & Johnson, which saw a 22.3% increase, also detracted from relative performance [12] Portfolio Structure - The Fund held 46 stocks, with a significant overweight in biotechnology (31.8%) and health care equipment (24.0%), while being underweight in pharmaceuticals (15.2%) [24][28] - The top 10 holdings represented 47.8% of net assets, with Eli Lilly and argenx being the largest positions [26] Recent Activity - The Fund added 16 new positions and exited five, maintaining a focus on attractive valuations in the health care sector [29] - Notable purchases included AbbVie Inc., UnitedHealth Group, and Roivant Sciences, while positions in argenx and Eli Lilly were reduced to manage risk [30][31][37] Market Outlook - The health care sector is expected to offer attractive investment opportunities driven by demographic trends, chronic disease prevalence, and technological advancements [14][40] - Recent agreements, such as Pfizer's MFN pricing deal, are seen as positive for the pharmaceutical sector, with limited financial impact anticipated [38]

Core Insights - Insmed Incorporated announced a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) recommending approval of BRINSUPRI (brensocatib) for treating non-cystic fibrosis bronchiectasis (NCFB) in patients aged 12 and older with two or more exacerbations in the past year, potentially making it the first approved treatment for NCFB in the European Union [1][2][3] Company Overview - Insmed is a global biopharmaceutical company focused on delivering first- and best-in-class therapies for serious diseases, with a commitment to transforming patient lives [11][12] - The company has a diverse portfolio of approved and investigational medicines, particularly in pulmonary and inflammatory conditions [11] Product Details - BRINSUPRI is a once-daily oral DPP1 inhibitor designed to target neutrophilic inflammation, specifically for NCFB treatment [4] - The drug has been granted Priority Medicines (PRIME) designation by the EMA, highlighting its significance for public health and therapeutic innovation [2] Clinical Studies - The CHMP opinion is based on data from the Phase 3 ASPEN study and Phase 2 WILLOW study, both of which demonstrated clinical benefits of brensocatib [2][5][6] - The ASPEN study involved over 460 trial sites across nearly 40 countries, enrolling 1,680 adult patients and 41 adolescent patients [5] - The WILLOW study included 256 adult patients and assessed the efficacy and safety of brensocatib over a 24-week period [6] Market Context - NCFB is a chronic and progressive lung disease affecting approximately 500,000 patients in the U.S., 600,000 in the EU5, and 150,000 in Japan, with a rising number of diagnoses globally [7] - Currently, there are no approved therapies specifically targeting bronchiectasis outside the U.S. [7]

Core Insights - Insmed Incorporated will present six abstracts from the Phase 3 ASPEN study of BRINSUPRI (brensocatib) at the CHEST 2025 conference, highlighting its efficacy and potential impact on patients with non-cystic fibrosis bronchiectasis [1][3] Company Overview - Insmed is a global biopharmaceutical company focused on delivering innovative therapies for serious diseases, with a commitment to patient-first approaches [1][18] - The company is advancing a diverse portfolio of approved and investigational medicines, particularly in pulmonary and inflammatory conditions [18] Product Information - BRINSUPRI (brensocatib) is a small molecule, once-daily oral treatment indicated for non-cystic fibrosis bronchiectasis in patients aged 12 and older [6][17] - The drug works by inhibiting neutrophil serine proteases, which are key drivers of chronic airway inflammation in bronchiectasis [6] Clinical Study Details - The ASPEN study was a global, randomized, double-blind, placebo-controlled Phase 3 trial involving over 1,700 patients across 391 sites in 35 countries [7] - The study evaluated the efficacy, safety, and tolerability of brensocatib, with a focus on symptom burden and structural lung changes [2][7] Upcoming Presentations - Presentations at CHEST 2025 will include analyses on the effects of brensocatib on symptom burden, CT outcomes, and its efficacy in patients with comorbid conditions like COPD [2][5] - Specific presentations will cover various subgroups, including Asian populations and patients experiencing pulmonary exacerbations [5][2]

Group 1: Artisan Mid Cap Fund Performance - Artisan Mid Cap Fund's Investor Class fund ARTMX returned 8.80%, Advisor Class fund APDMX also posted a return of 8.80%, and Institutional Class fund APHMX returned 8.83% in Q3 2025, significantly outperforming the Russell Midcap Growth Index which returned 2.78% [1] - The strong performance was primarily driven by holdings in the health care sector [1] Group 2: Insmed Incorporated Overview - Insmed Incorporated (NASDAQ:INSM) is a biopharmaceutical company focused on developing therapeutic products for serious and rare diseases, with a one-month return of 11.47% and a 52-week gain of 110.54% [2] - As of October 14, 2025, Insmed's stock closed at $161.38 per share, with a market capitalization of $34.112 billion [2] Group 3: Insmed's Product Pipeline and Market Potential - Insmed's lead product, ARIKAYCE®, is an inhaled antibiotic for lung infections resistant to standard therapies, and the company recently received FDA approval for Brinsupri™, a once-daily oral treatment for non-cystic fibrosis bronchiectasis [3] - Brinsupri™ addresses a significant unmet need with over one million diagnosed patients in the US, Europe, and Japan, and is expected to see rapid adoption [3] - Insmed has a promising pipeline, including a third de-risked drug candidate with multibillion-dollar potential [3] Group 4: Hedge Fund Interest in Insmed - At the end of Q2 2025, 82 hedge fund portfolios held Insmed Incorporated (NASDAQ:INSM), an increase from 64 in the previous quarter [4]

Core Insights - The article highlights stocks reaching new 52-week highs, indicating market recognition of strong fundamentals and potential catalysts for growth [1][2]. Company Summaries Cogent Biosciences Inc. (COGT) - Cogent Biosciences plans to file its first New Drug Application for Bezuclastinib by the end of 2025, targeting non-advanced systemic mastocytosis [3]. - A phase III trial comparing Bezuclastinib with Sutent is ongoing, with results expected in the second half of 2025 [4]. - The stock reached a 52-week high of $16.99, up from $7.25 when last featured [5]. Assembly Biosciences Inc. (ASMB) - Assembly Biosciences is advancing four key development programs, with ABI-5366 expected to enter phase 2 studies in mid-2026 [6]. - Interim data for ABI-1179 is anticipated this fall, while ABI-6250 is in a phase 1a trial [7]. - The stock hit a 52-week high of $28, up from $14.53 when last featured [8]. Compass Therapeutics Inc. (CMPX) - Compass Therapeutics is conducting a phase 2/3 study of Tovecimig for advanced biliary tract cancer, with analyses of secondary endpoints expected in Q1 2026 [9][10]. - The stock reached a 52-week high of $4.39, up from $2.91 when last featured [11]. NewAmsterdam Pharma Company N.V. (NAMS) - NewAmsterdam Pharma is developing Obicetrapib as a cholesterol-lowering therapy, with positive data from the BROADWAY trial [12][13]. - The company has completed two additional phase III trials and submitted marketing applications to the EMA [16]. - The stock reached a 52-week high of $39.76, up from $21.56 when last featured [17]. Mineralys Therapeutics Inc. (MLYS) - Mineralys is developing Lorundrostat for uncontrolled hypertension, with a pivotal phase III trial achieving its primary endpoint [19]. - A phase II trial for overweight participants with OSA is ongoing, with topline results expected in 1H 2026 [20]. - The stock hit a 52-week high of $43.88, up from $10.34 when last featured [20]. Kymera Therapeutics Inc. (KYMR) - Kymera is set to report data from its phase I trial of KT-621 this quarter, with phase 2b studies planned for late 2025 and early 2026 [21][22]. - The stock reached a 52-week high of $60, up from $40 when last featured [22]. Insmed Inc. (INSM) - Insmed has two approved drugs and is conducting a phase 3 trial of Arikayce, with topline results expected in 1H 2026 [24][25]. - The stock hit a high of $166.54, up from $76.54 when last featured [26]. Adaptive Biotechnologies Corp. (ADPT) - Adaptive Biotechnologies expects MRD revenue between $190 million and $200 million for 2025, up from $145.5 million in 2024 [28][29]. - The stock reached a 52-week high of $15.94, up from $9.80 when last featured [29]. BridgeBio Pharma Inc. (BBIO) - BridgeBio has upcoming topline results from the FORTIFY and CALIBRATE studies expected in Fall 2025 [30]. - The stock reached a 3-year high of $56.24, up from $25.10 when last featured [31]. Tarsus Pharmaceuticals Inc. (TARS) - Tarsus reported strong sales for Xdemvy, with Q2 2025 sales of $102.7 million, compared to $40.8 million in Q2 2024 [32]. - The stock hit an all-time high of $70.15, up from $25.01 when last featured [34]. Palvella Therapeutics Inc. (PVLA) - Palvella's QTORIN is under development for various skin diseases, with a phase 2 trial expected to report data in mid-December 2025 [35][36]. - The stock reached a 52-week high of $76.76, up from $25 when last featured [36]. Merus N.V. (MRUS) - Merus agreed to be acquired by Genmab for $97 per share, with the deal expected to close in early Q1 2026 [37]. - The stock was at $39.71 when last featured [39]. Nephros Inc. (NEPH) - Nephros reported net revenue of $4.4 million for Q2 2025, marking its third consecutive quarter of profitability [40][41]. - The stock hit a 52-week high of $5.98, up from $2.93 when last featured [42].

Core Insights - Insmed (INSM) is valued at $34.3 billion and focuses on developing ARIKAYCE for rare lung conditions and INS1009 for pulmonary arterial hypertension (PAH) [1][6] - The stock has shown strong momentum, gaining 128% over the past year and reaching a 20-year high of $162.80 on October 8 [4][6] - Analysts project significant revenue growth of 29.95% this year and 124.91% next year, with earnings expected to increase by 0.62% this year and 34.92% next year [7][8] Technical Analysis - Insmed has a Weighted Alpha of +126.78 and a 100% "Buy" opinion from Barchart [7] - The stock has made 6 new highs and gained 10.59% in the last month, with a Relative Strength Index (RSI) at 76.32 [7] - A technical support level is identified around $158.60 [7] Market Performance - Since the Trend Seeker signaled a new "Buy" on October 1, the stock has gained 10.12% [2] - The stock has shown consistent price appreciation, supported by strong technical buy signals [2]

Group 1 - Insmed Incorporated (NASDAQ:INSM) is recognized as a promising biotech stock, with Public Employees Retirement System of Ohio acquiring 55,425 shares valued at approximately $5,578,000 in the second quarter [1] - The company has experienced significant market value growth of about $27 billion over the past 18 months, focusing on three key franchises: ARIKAYCE, brensocatib, and TPIP [2] - Insmed raised $650 million, enhancing its business mix with multibillion-dollar compounds, indicating a strong potential for long-term growth by addressing unmet medical needs [3] Group 2 - Insmed specializes in therapies for serious and rare diseases, aiming to transform the lives of its patients since its founding in 1988 [4]

Core Insights - United Therapeutics (UTHR) is set to expand Tyvaso's label in the respiratory disease sector following positive results from the late-stage TETON-2 study, which demonstrated clinical benefits for idiopathic pulmonary fibrosis (IPF) patients after a year of treatment with nebulized Tyvaso [1][5] Study Results - The TETON-2 study achieved its primary endpoint, showing a 95.6 mL improvement in absolute forced vital capacity (FVC) for Tyvaso-treated patients compared to placebo, indicating enhanced lung function [2] - Treatment benefits were consistent across various patient subgroups, including those with different background therapies, smoking statuses, or oxygen use, and the safety profile was consistent with previous Tyvaso studies [2][6] Regulatory Plans - UTHR intends to meet with the FDA by the end of this year to potentially expedite the regulatory review process once results from the TETON-1 study are available, which is expected in the first half of 2026 [4][11] Market Potential - Approximately 100,000 IPF patients are estimated to be living in the United States, representing a significant untapped market with potential sales from the IPF indication possibly exceeding those from pulmonary arterial hypertension (PAH) [8] Competitive Landscape - The success of Tyvaso in IPF may also benefit smaller biotech companies like Insmed (INSM) and Liquidia Corporation (LQDA), which are developing or marketing treprostinil products [9] - Insmed is working on treprostinil palmitil inhalation powder (TPIP), which offers a once-daily dosing option, potentially positioning it as a competitor in the IPF space [10][12] - Liquidia has recently received FDA approval for Yutrepia, an inhaled treprostinil product, marking it as the first inhaled competitor for PAH and PH-ILD indications, and may also explore its application in IPF [13]