Lord Abbett & CO. LLC cut its holdings in Insmed, Inc. (NASDAQ:INSM – Free Report) by 52.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 720,898 shares of the biopharmaceutical company’s stock after selling 791,758 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Insmed were worth $125,465,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of INSM. EverSource Wealth Advisors LLC grew its holdings in shares of Insmed by 65.6% in the second quarter. EverSource Wealth Advisors LLC now owns 664 shares of the biopharmaceutical company’s stock valued at $67,000 after purchasing an additional 263 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of Insmed by 80.8% in the second quarter. First Trust Advisors LP now owns 47,392 shares of the biopharmaceutical company’s stock valued at $4,770,000 after purchasing an additional 21,176 shares in the last quarter. Baird Financial Group Inc. purchased a new position in shares of Insmed in the second quarter valued at $2,589,000. Amundi grew its holdings in shares of Insmed by 21,194.4% in the second quarter. Amundi now owns 11,499 shares of the biopharmaceutical company’s stock valued at $1,130,000 after purchasing an additional 11,445 shares in the last quarter. Finally, Natixis purchased a new position in shares of Insmed in the second quarter valued at $1,072,000.
Insmed Stock Up 1.2%
NASDAQ:INSM opened at $97.85 on Friday. Insmed, Inc. has a twelve month low of $90.39 and a twelve month high of $212.75. The company has a market cap of $21.21 billion, a price-to-earnings ratio of -17.02 and a beta of 0.79. The stock has a fifty day simple moving average of $124.55 and a 200-day simple moving average of $151.31. The company has a current ratio of 4.47, a quick ratio of 4.10 and a debt-to-equity ratio of 0.80.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on INSM. Weiss Ratings restated a “sell (d-)” rating on shares of Insmed in a research report on Tuesday, April 21st. Mizuho raised their price target on Insmed from $204.00 to $206.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 25th. Wells Fargo & Company lowered their price target on Insmed from $177.00 to $160.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. JPMorgan Chase & Co. lowered their price target on Insmed from $180.00 to $179.00 and set an “overweight” rating for the company in a research report on Monday, June 8th. Finally, Guggenheim lowered their price target on Insmed from $230.00 to $226.00 and set a “buy” rating for the company in a research report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $212.50.
Read Our Latest Report on INSM
Insiders Place Their Bets
In related news, CEO William Lewis sold 7,605 shares of Insmed stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $102.27, for a total value of $777,763.35. Following the completion of the sale, the chief executive officer directly owned 265,432 shares in the company, valued at $27,145,730.64. The trade was a 2.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Roger Adsett sold 2,370 shares of Insmed stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $102.27, for a total value of $242,379.90. Following the completion of the sale, the chief operating officer owned 98,603 shares of the company’s stock, valued at $10,084,128.81. The trade was a 2.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 160,482 shares of company stock valued at $24,438,193 in the last three months. 2.10% of the stock is owned by company insiders.
About Insmed
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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