Avidity Partners Management LP Sells 359,200 Shares of Insmed Incorporated (NASDAQ:INSM)

Avidity Partners Management LP reduced its stake in shares of Insmed Incorporated (NASDAQ:INSM) by 60.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 232,800 shares of the biopharmaceutical company’s stock after selling 359,200 shares during the quarter. Insmed accounts for 1.6% of Avidity Partners Management LP’s portfolio, making the stock its 26th largest position. Avidity Partners Management LP owned about 0.13% of Insmed worth $16,073,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Jennison Associates LLC boosted its stake in Insmed by 0.6% in the fourth quarter. Jennison Associates LLC now owns 773,813 shares of the biopharmaceutical company’s stock worth $53,424,000 after purchasing an additional 4,560 shares in the last quarter. Capital CS Group LLC acquired a new position in Insmed during the 4th quarter worth about $586,000. Tidal Investments LLC lifted its position in Insmed by 447.0% during the 3rd quarter. Tidal Investments LLC now owns 24,102 shares of the biopharmaceutical company’s stock worth $1,759,000 after buying an additional 19,696 shares in the last quarter. Harbor Capital Advisors Inc. grew its holdings in Insmed by 237.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 59,600 shares of the biopharmaceutical company’s stock worth $4,115,000 after acquiring an additional 41,918 shares during the last quarter. Finally, abrdn plc increased its position in Insmed by 159.5% in the 4th quarter. abrdn plc now owns 289,653 shares of the biopharmaceutical company’s stock valued at $19,998,000 after acquiring an additional 178,041 shares in the last quarter.

Insmed Stock Performance

Shares of INSM stock opened at $72.30 on Friday. Insmed Incorporated has a 52 week low of $21.92 and a 52 week high of $84.91. The company has a market capitalization of $13.15 billion, a price-to-earnings ratio of -12.93 and a beta of 1.07. The company has a 50-day simple moving average of $73.42 and a 200 day simple moving average of $73.46. The company has a debt-to-equity ratio of 2.03, a quick ratio of 5.99 and a current ratio of 6.37.

Insmed (NASDAQ:INSM) last released its quarterly earnings results on Thursday, February 20th. The biopharmaceutical company reported ($1.32) EPS for the quarter, missing the consensus estimate of ($1.17) by ($0.15). Insmed had a negative net margin of 251.24% and a negative return on equity of 4,773.73%. The business had revenue of $104.44 million during the quarter, compared to analyst estimates of $102.31 million. On average, sell-side analysts predict that Insmed Incorporated will post -4.56 earnings per share for the current year.

Insider Buying and Selling at Insmed

In other news, CFO Sara Bonstein sold 28,390 shares of the stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $80.90, for a total value of $2,296,751.00. Following the completion of the transaction, the chief financial officer now owns 155,506 shares of the company’s stock, valued at approximately $12,580,435.40. This represents a 15.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William Lewis sold 18,750 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $77.94, for a total transaction of $1,461,375.00. Following the completion of the transaction, the chief executive officer now directly owns 379,534 shares of the company’s stock, valued at approximately $29,580,879.96. The trade was a 4.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 387,487 shares of company stock valued at $30,825,692 in the last three months. Corporate insiders own 3.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on INSM. Morgan Stanley upped their price objective on Insmed from $85.00 to $90.00 and gave the stock an “overweight” rating in a report on Thursday, February 6th. Stifel Nicolaus lowered their price objective on shares of Insmed from $97.00 to $96.00 and set a “buy” rating for the company in a research report on Friday, February 21st. Wells Fargo & Company raised their target price on shares of Insmed from $85.00 to $107.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Cantor Fitzgerald restated an “overweight” rating on shares of Insmed in a report on Wednesday, February 19th. Finally, HC Wainwright restated a “buy” rating and set a $90.00 target price on shares of Insmed in a report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $94.00.

Insmed Company Profile

Insmed Incorporated is a global biopharmaceutical company on a mission to transform the lives of patients with serious and rare diseases. Insmed’s first commercial product is ARIKAYCE® (amikacin liposome inhalation suspension), which is approved in the United States for the treatment of Mycobacterium avium complex (MAC) lung disease as part of a combination antibacterial drug regimen for adult patients with limited or no alternative treatment options.