Morgan Stanley cited the clean label and extensive launch preparations as factors reinforcing confidence in the initial launch trajectory of the drug. The firm has incorporated CRSsNP into its model to reflect brensocatib's potential beyond bronchiectasis, which contributed to the higher price target despite the rating downgrade. Morgan Stanley explained the downgrade by noting that the current valuation largely captures the near-term opportunity for Insmed. In other recent news, Insmed Incorporated reported its second-quarter 2025 earnings, revealing a revenue of $107.4 million, which surpassed the forecast of $103.41 million. However, the company experienced a larger-than-expected loss per share, with an EPS of negative $1.70 compared to the expected negative $1.30. The FDA approved Insmed's Brinsupri for treating non-cystic fibrosis bronchiectasis (NCFB), marking a significant milestone as it becomes the first FDA-approved therapy specifically targeting this condition.