Insmed (NASDAQ:INSM) Shares Down 3.7%

Insmed Incorporated (NASDAQ:INSM) shares fell 3.7% on Wednesday . The stock traded as low as $61.64 and last traded at $62.11. 947,363 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 2,557,484 shares. The stock had previously closed at $64.50.

Wall Street Analyst Weigh In

Several research firms have weighed in on INSM. Truist Financial increased their target price on shares of Insmed from $68.00 to $88.00 and gave the stock a “buy” rating in a report on Monday. UBS Group increased their target price on shares of Insmed from $46.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th. TD Cowen raised their price objective on shares of Insmed from $45.00 to $67.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th. Wells Fargo & Company raised their price objective on shares of Insmed from $55.00 to $77.00 and gave the stock an “overweight” rating in a report on Wednesday, May 29th. Finally, Stifel Nicolaus raised their price objective on shares of Insmed from $39.00 to $67.00 and gave the stock a “buy” rating in a report on Friday, May 31st. One analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Insmed has a consensus rating of “Moderate Buy” and a consensus target price of $66.31.

Insmed Trading Down 3.9 %

The firm’s 50 day simple moving average is $44.16 and its 200-day simple moving average is $33.70. The stock has a market capitalization of $9.21 billion, a price-to-earnings ratio of -12.33 and a beta of 1.16.

Insmed (NASDAQ:INSM) last issued its quarterly earnings results on Thursday, May 9th. The biopharmaceutical company reported ($1.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.22) by $0.16. The business had revenue of $75.50 million during the quarter, compared to analyst estimates of $77.76 million. During the same quarter in the previous year, the firm posted ($1.17) earnings per share. The firm’s quarterly revenue was up 15.8% on a year-over-year basis. As a group, equities research analysts predict that Insmed Incorporated will post -4.65 earnings per share for the current year.

Insider Activity

In other news, CEO William Lewis sold 22,198 shares of Insmed stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $25.52, for a total value of $566,492.96. Following the completion of the transaction, the chief executive officer now owns 384,125 shares of the company’s stock, valued at approximately $9,802,870. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CFO Sara Bonstein sold 220,564 shares of Insmed stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $11,028,200.00. Following the completion of the sale, the chief financial officer now owns 117,481 shares of the company’s stock, valued at approximately $5,874,050. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William Lewis sold 22,198 shares of Insmed stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $25.52, for a total transaction of $566,492.96. Following the sale, the chief executive officer now directly owns 384,125 shares of the company’s stock, valued at approximately $9,802,870. The disclosure for this sale can be found here. Insiders sold a total of 295,842 shares of company stock valued at $13,762,062 in the last quarter. Company insiders own 4.60% of the company’s stock.

Institutional Trading of Insmed

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rafferty Asset Management LLC boosted its holdings in shares of Insmed by 17.4% during the 4th quarter. Rafferty Asset Management LLC now owns 321,087 shares of the biopharmaceutical company’s stock worth $9,950,000 after buying an additional 47,563 shares during the period. Kingdon Capital Management L.L.C. bought a new stake in shares of Insmed during the 4th quarter worth about $12,551,000. Artia Global Partners LP acquired a new stake in Insmed in the 4th quarter worth about $2,322,000. Norges Bank acquired a new stake in Insmed in the 4th quarter worth about $45,029,000. Finally, Walleye Capital LLC acquired a new stake in Insmed in the 3rd quarter worth about $1,820,000.

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.