Insmed Incorporated (NASDAQ: INSM) ended Monday’s session slightly higher and then traded in a tight range after the closing bell, as investors weighed two forces that have been shaping the stock into year-end: Nasdaq-100 inclusion (effective today) and the market’s continuing digestion of last week’s brensocatib CRSsNP trial miss. [1]
Below is what happened after the bell on Dec. 22, 2025, and the key items to know before U.S. markets open Tuesday, Dec. 23, 2025.
INSM stock price after the bell: where shares finished and what after-hours trading showed
Insmed closed regular trading on Monday, Dec. 22 at $175.76, up 0.53%. The session range was $174.00 to $179.33 on volume of about 2.74 million shares, according to one widely followed real-time feed. [2]
In after-hours trading, quotes were modestly higher at points: one feed showed INSM around $178.05 at 7:36 p.m. ET. [3]
A later after-hours print in another data feed had the stock back near $175.76 around 8:15 p.m. ET, highlighting the typical thin liquidity and “noise” that can characterize evening trading.
Bottom line after the bell: there was no obvious “new headline” move Monday evening—more of a steadying trade after a volatile stretch earlier in the month. (Insmed’s investor-relations press release page shows the most recent company release dated Dec. 17, 2025, not Dec. 22.) [4]
Today’s biggest structural catalyst: Insmed officially joins the Nasdaq-100
While not a new announcement on Monday, today was the effective date for a major index change: Nasdaq’s annual Nasdaq-100 reconstitution became effective prior to market open on Monday, Dec. 22, 2025, and Insmed is one of the six additions. [5]
Nasdaq’s reconstitution matters because the Nasdaq-100 underpins hundreds of tracking products with over $600 billion in assets under management globally, including the Invesco QQQ Trust (QQQ). Index-linked funds and strategies typically need to buy new constituents and sell removed names, which can influence liquidity, volume, and short-term price behavior, especially around the effective date and nearby rebalancing windows. [6]
Who else was added/removed (context for flows): Alongside Insmed, Nasdaq’s release listed additions including Alnylam, Ferrovial, Monolithic Power Systems, Seagate, and Western Digital, while removals included Biogen, CDW, GlobalFoundries, Lululemon, ON Semiconductor, and The Trade Desk. [7]
What to watch from here: Even after the effective date, it’s common to see residual positioning into the next session—particularly from active managers, market makers, and options desks that hedge around index-related flows.
The headline still driving sentiment: brensocatib’s CRSsNP setback (and why the market still cares)
The dominant company-specific development remains last week’s update: Insmed said it discontinued development of its experimental anti-inflammatory drug brensocatib for chronic rhinosinusitis without nasal polyps (CRSsNP) after a mid-stage study did not show benefit, which Reuters reported sent shares down nearly 17% in extended trading at the time. [8]
In its Form 8‑K filed Dec. 17, Insmed provided more trial detail:
- The Phase 2b BiRCh study enrolled 288 patients across 104 sites, testing 10 mg and 40 mg doses for 24 weeks (on top of background mometasone furoate nasal spray). [9]
- The primary endpoint (change from baseline in the 28‑day average daily Sinus Total Symptom Score at Week 24) showed placebo outperformed the drug arms (placebo LS mean -2.44 vs. -2.21 for 10 mg and -2.33 for 40 mg). [10]
- Insmed stated it discontinued the CRSsNP program and intends to present data at a future congress; safety appeared consistent, with no new safety signals described in the topline disclosure. [11]
Why does this matter for Tuesday’s open? Because even with the Nasdaq-100 catalyst supporting attention and liquidity, portfolio managers are still recalibrating how much “pipeline optionality” to assign after the CRSsNP miss—and what that means for valuation after INSM’s big 2025 run.
New forecasts and analyst-style takeaways published today (Dec. 22): what changed, what didn’t
A notable “today” item for investors was a fresh roundup of analyst forecasting and expectations published Dec. 22. MarketBeat reported that H.C. Wainwright raised its FY2025 EPS estimate for Insmed to (-$6.64) from (-$6.76), while reiterating a Buy rating and a $230 price target. The same write-up also included longer-dated EPS trajectory estimates (still negative into 2026 in that model) and referenced Insmed’s recent quarterly EPS miss and revenue beat. [12]
Two important nuances for readers:
- These “forecast recap” articles often reflect analyst note changes issued earlier but compiled and republished today for a broader audience.
- The key value of today’s update is not a single price target—it’s confirmation that, despite the CRSsNP miss, at least some bullish analysts are still framing Insmed as a multi-catalyst story into 2026. [13]
What to know before the market opens Tuesday, Dec. 23: a practical checklist for INSM traders and investors
1) Watch for “day two” Nasdaq-100 flow effects
Insmed’s Nasdaq-100 membership is now live, but secondary flows (hedging adjustments, ETF completion trades, and active manager repositioning) can spill into the next session. Expect INSM to remain sensitive to opening volatility and late-day imbalances. [14]
2) Confirm whether any new filings hit overnight
Insmed’s SEC filings page shows the most recent cluster of filings occurred Dec. 17–19 (including a Dec. 17 8‑K tied to the BiRCh update, and insider-related filings on Dec. 18–19). If anything new appears Tuesday morning, it can shift premarket pricing quickly. [15]
3) Separate “after-hours noise” from a real trend
Because INSM’s after-hours prints ranged from mid-$170s to upper-$170s depending on time and feed, Tuesday’s first 15–30 minutes may matter more than Monday night’s tape. [16]
4) Know the near-term fundamental catalysts the Street is still modeling
Even after the CRSsNP decision, Insmed’s longer roadmap still includes multiple readouts and launches that investors will use to anchor valuation. In its Q3 2025 update, Insmed highlighted:
- ARIKAYCE: global revenue growth and an anticipated Phase 3 ENCORE topline readout in the first half of 2026 (with a potential U.S. sNDA in the second half of 2026 if successful). [17]
- Brensocatib/BRINSUPRI: U.S. launch following FDA approval and additional planned international launches in 2026 pending approvals, plus ongoing development in other inflammatory diseases (separate from CRSsNP). [18]
- TPIP: Phase 3 planning/initiations across pulmonary indications stretching through 2026. [19]
For Tuesday specifically, these aren’t “tomorrow morning” catalysts—but they are the backdrop behind dips, bounces, and analyst models.
5) Earnings timing: what calendars currently show (and what’s still unconfirmed)
Several market calendars currently list Insmed’s next report as estimated around Thursday, Feb. 19, 2026 (before market open), while noting the company has not confirmed the date. That estimate can influence options positioning and near-term sentiment as the calendar turns into January. [20]
Quick context: why the stock has stayed volatile into year-end
Insmed’s tape over the last week tells the story in numbers:
- Dec. 17 close: $198.46
- Dec. 18 close: $166.55 (sharp drop)
- Dec. 19 close: $174.84 (partial rebound)
- Dec. 22 close: $175.76 (stabilization) [21]
That’s the setup into Tuesday: a stock with fresh index-driven visibility, but still “re-pricing” a pipeline narrative after a high-profile clinical miss.
The one thing to remember heading into Tuesday’s open
If you’re watching INSM into the opening bell on Dec. 23, the market’s question is less about Monday’s modest after-hours tick and more about this: Does Nasdaq-100 inclusion and ongoing confidence in Insmed’s broader pulmonary pipeline outweigh the near-term hit to sentiment from the CRSsNP discontinuation? [22]
That tug-of-war is likely to remain the defining theme for INSM’s price action as year-end liquidity thins and investors position for 2026 clinical and commercial catalysts.
This article is for informational purposes only and is not investment advice.
References
1. stockanalysis.com, 2. stockanalysis.com, 3. stockanalysis.com, 4. investor.insmed.com, 5. mondovisione.com, 6. mondovisione.com, 7. mondovisione.com, 8. www.reuters.com, 9. app.quotemedia.com, 10. app.quotemedia.com, 11. app.quotemedia.com, 12. www.marketbeat.com, 13. www.marketbeat.com, 14. mondovisione.com, 15. investor.insmed.com, 16. stockanalysis.com, 17. investor.insmed.com, 18. investor.insmed.com, 19. investor.insmed.com, 20. www.marketbeat.com, 21. stockanalysis.com, 22. mondovisione.com
