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Leon Wang

Vice President and Equity Research Analyst at Barclays PLC

New York, NY, US

Leon Wang is a Vice President and Equity Research Analyst at Barclays, specializing in biotechnology equity research with coverage focused on companies such as MoonLake Immunotherapeutics, Neurocrine Biosciences, and Insmed. He has demonstrated a strong performance track record, maintaining a 62.96% success rate across his ratings and generating a notable 224% one-year return on Insmed, with an overall analyst rating of 4.43 stars on TipRanks. Wang began his career in investment research, advancing to his current role at Barclays where he continues to distinguish himself in biotech analysis. He holds professional credentials aligned with Wall Street analyst standards and maintains active securities licensing.

Leon Wang's questions to INSMED (INSM) leadership

Question · Q3 2024

Leon Wang asked about the primary endpoint for the CEDAR study in hidradenitis suppurativa (HS) and for factors that could influence ARIKAYCE's full-year 2024 revenue performance within its guidance range.

Answer

CEO Will Lewis emphasized that CEDAR is an exploratory proof-of-concept study, not powered for statistical significance. CMO Martina Flammer specified the primary endpoint is percent change in abscess and nodule count, with HiSCR 50 and 75 as key secondary endpoints. CFO Sara Bonstein reiterated the $340M-$360M ARIKAYCE guidance, highlighting the recent deployment of the expanded sales force as a positive factor for the remainder of the year.

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Question · Q3 2024

Leon Wang of Barclays asked about the design of the CEDAR study in hidradenitis suppurativa (HS), particularly the primary endpoint. He also inquired about the factors that could influence ARIKAYCE's full-year 2024 revenue performance relative to its guidance range.

Answer

CEO Will Lewis emphasized that the CEDAR study is an exploratory, proof-of-concept trial not powered for statistical significance. CMO Martina Flammer specified the primary endpoint is the percent change in abscess and nodule count, with HiSCR 50 and 75 as key secondary endpoints to inform a potential Phase III. CFO Sara Bonstein reiterated the $340M-$360M ARIKAYCE guidance, expressing confidence and noting the newly deployed sales force as a positive factor for Q4.

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