Rock Springs Capital Management LP lowered its position in shares of Insmed, Inc. (NASDAQ:INSM – Free Report) by 1.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 314,300 shares of the biopharmaceutical company’s stock after selling 4,950 shares during the quarter. Insmed accounts for approximately 3.0% of Rock Springs Capital Management LP’s investment portfolio, making the stock its 7th largest position. Rock Springs Capital Management LP’s holdings in Insmed were worth $51,394,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. CoreCap Advisors LLC bought a new stake in Insmed in the fourth quarter worth about $27,000. Reflection Asset Management bought a new position in shares of Insmed during the 4th quarter valued at about $30,000. GraniteShares Advisors LLC acquired a new position in shares of Insmed in the 4th quarter worth approximately $30,000. CIBC Private Wealth Group LLC grew its stake in shares of Insmed by 42.1% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 179 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 53 shares during the last quarter. Finally, Raiffeisen Bank International AG acquired a new position in shares of Insmed in the 4th quarter worth approximately $32,000.
Analyst Upgrades and Downgrades
Several research firms recently commented on INSM. BMO Capital Markets began coverage on shares of Insmed in a research note on Monday, July 20th. They set an “outperform” rating and a $192.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Insmed in a research report on Friday, July 17th. HC Wainwright reaffirmed a “buy” rating and issued a $220.00 price target on shares of Insmed in a report on Monday, July 20th. Mizuho set a $192.00 price objective on Insmed in a research report on Tuesday, June 16th. Finally, Raymond James Financial assumed coverage on Insmed in a research report on Friday, April 10th. They set an “outperform” rating and a $200.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $209.13.
Insider Activity
In related news, CFO Sara Bonstein sold 2,404 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $102.27, for a total value of $245,857.08. Following the completion of the transaction, the chief financial officer owned 69,082 shares of the company’s stock, valued at approximately $7,065,016.14. This trade represents a 3.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Lewis sold 10,699 shares of Insmed stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $117.40, for a total transaction of $1,256,062.60. Following the transaction, the chief executive officer owned 259,058 shares in the company, valued at approximately $30,413,409.20. The trade was a 3.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 54,590 shares of company stock worth $5,793,738 over the last three months. 2.10% of the stock is owned by insiders.
Insmed Price Performance
NASDAQ INSM opened at $104.73 on Tuesday. The company has a current ratio of 4.47, a quick ratio of 4.10 and a debt-to-equity ratio of 0.80. Insmed, Inc. has a 1 year low of $90.39 and a 1 year high of $212.75. The company has a market cap of $22.70 billion, a PE ratio of -18.21 and a beta of 0.78. The stock’s 50-day moving average price is $105.15 and its two-hundred day moving average price is $132.75.
Insmed (NASDAQ:INSM – Get Free Report) last announced its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.76) EPS for the quarter, topping the consensus estimate of ($0.90) by $0.14. The company had revenue of $305.96 million during the quarter, compared to analysts’ expectations of $300.81 million. Insmed had a negative net margin of 144.44% and a negative return on equity of 130.11%. The business’s revenue for the quarter was up 229.7% on a year-over-year basis. During the same period last year, the company posted ($1.42) earnings per share. On average, analysts predict that Insmed, Inc. will post -2.43 EPS for the current year.
Insmed Profile
Insmed Incorporated is a biopharmaceutical company focused on developing and commercializing therapies for patients with rare and serious diseases, with a particular emphasis on difficult-to-treat pulmonary infections. Headquartered in Bridgewater, New Jersey, the company concentrates its research and development efforts on targeted drug delivery technologies and novel formulations intended to improve clinical outcomes for patients who have limited treatment options.
The company’s principal marketed product is ARIKAYCE (amikacin liposome inhalation suspension), an inhaled liposomal formulation of the antibiotic amikacin that is approved by the U.S.
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