Fred Alger Management LLC Sells 46,256 Shares of Insmed Incorporated (NASDAQ:INSM)

Fred Alger Management LLC cut its stake in Insmed Incorporated (NASDAQ:INSM) by 9.3% in the third quarter, HoldingsChannel.com reports. The fund owned 452,316 shares of the biopharmaceutical company’s stock after selling 46,256 shares during the period. Fred Alger Management LLC’s holdings in Insmed were worth $33,019,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Darwin Global Management Ltd. acquired a new position in Insmed during the second quarter valued at approximately $237,076,000. Principal Financial Group Inc. grew its holdings in shares of Insmed by 12.9% in the 3rd quarter. Principal Financial Group Inc. now owns 1,871,890 shares of the biopharmaceutical company’s stock valued at $136,648,000 after buying an additional 214,130 shares during the period. Clearbridge Investments LLC grew its holdings in shares of Insmed by 76.8% in the 2nd quarter. Clearbridge Investments LLC now owns 1,644,948 shares of the biopharmaceutical company’s stock valued at $110,212,000 after buying an additional 714,539 shares during the period. Vestal Point Capital LP increased its position in shares of Insmed by 113.3% in the 3rd quarter. Vestal Point Capital LP now owns 1,600,000 shares of the biopharmaceutical company’s stock valued at $116,800,000 after buying an additional 850,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Insmed by 10.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,444,266 shares of the biopharmaceutical company’s stock worth $105,431,000 after buying an additional 137,670 shares during the period.

Insider Buying and Selling

In other Insmed news, insider Orlov S. Nicole Schaeffer sold 37,575 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $71.50, for a total transaction of $2,686,612.50. Following the transaction, the insider now owns 100,100 shares of the company’s stock, valued at $7,157,150. The trade was a 27.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Martina M.D. Flammer sold 13,436 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $74.92, for a total value of $1,006,625.12. Following the completion of the sale, the insider now directly owns 106,134 shares of the company’s stock, valued at approximately $7,951,559.28. The trade was a 11.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 78,882 shares of company stock worth $5,765,446. Insiders own 4.60% of the company’s stock.

Wall Street Analyst Weigh In

INSM has been the subject of a number of research analyst reports. JPMorgan Chase & Co. boosted their target price on Insmed from $74.00 to $83.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. Stifel Nicolaus increased their target price on Insmed from $74.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Cantor Fitzgerald restated an “overweight” rating on shares of Insmed in a report on Monday, September 9th. Bank of America upped their price target on shares of Insmed from $84.00 to $86.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, UBS Group raised their price objective on shares of Insmed from $78.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, August 9th. One research analyst has rated the stock with a sell rating and sixteen have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $83.67.

Insmed Price Performance

NASDAQ:INSM opened at $75.16 on Friday. Insmed Incorporated has a 52-week low of $21.92 and a 52-week high of $80.53. The company has a market cap of $13.45 billion, a P/E ratio of -13.54 and a beta of 1.12. The company has a debt-to-equity ratio of 2.03, a quick ratio of 5.99 and a current ratio of 6.37. The stock’s 50-day simple moving average is $72.20 and its 200 day simple moving average is $67.74.

Insmed (NASDAQ:INSM) last posted its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($1.19) by ($0.08). The business had revenue of $93.40 million during the quarter, compared to analysts’ expectations of $93.36 million. The firm’s revenue was up 18.1% on a year-over-year basis. During the same quarter last year, the business earned ($1.10) earnings per share. As a group, sell-side analysts forecast that Insmed Incorporated will post -5.44 EPS for the current fiscal year.

Insmed 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.