Is INSM or IONS more undervalued in 2026?

CirclFi compares Insmed Incorporated (INSM) and Ionis Pharmaceuticals, Inc. (IONS) using 13 institutional-grade valuation models. INSM has a Quality of Company score of 4.0/10 while IONS scores 3.6/10.

Which is a better buy — INSM or IONS?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do INSM and IONS valuations compare?

INSM at $108.37 and IONS at $77.33 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

INSM vs IONS Valuation Comparison 2026 — Intrinsic Value Analysis

INSM

Biotechnology

Insmed Incorporated

Quality

4.0

out of 10

Value Trap

SAFE

Price

$108.37

Last close

Models

11/13

Active

IONS

Biotechnology

Ionis Pharmaceuticals, Inc.

Quality

3.6

out of 10

Value Trap

SAFE

Price

$77.33

Last close

Models

12/13

Active

Model-by-Model Comparison

Model	Type	INSM Fair Value	INSM Upside	IONS Fair Value	IONS Upside
Bayesian DCF	Intrinsic	$36.85	-66.0%	$26.36	-65.9%
Earnings Power Value	Intrinsic	$64.56	-52.2%	$36.24	-50.5%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%

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INSM vs IONS — Which Stock Is More Undervalued?

INSM scores higher with a 4.0/10 quality rating vs IONS's 3.6/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Insmed Incorporated (INSM) and Ionis Pharmaceuticals, Inc. (IONS) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

INSM currently trades at $108.37 with a QOC of 4.0/10, while IONS trades at $77.33 with a QOC of 3.6/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).