Insmed (NASDAQ:INSM) Price Target Raised to $85.00 at Morgan Stanley

Insmed (NASDAQ:INSM) had its price objective upped by analysts at Morgan Stanley from $60.00 to $85.00 in a report issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the biopharmaceutical company’s stock. Morgan Stanley’s price objective indicates a potential upside of 11.37% from the stock’s previous close.

A number of other research analysts also recently commented on INSM. Wells Fargo & Company increased their price objective on Insmed from $55.00 to $77.00 and gave the company an “overweight” rating in a report on Wednesday, May 29th. Evercore ISI raised their price target on Insmed from $42.00 to $75.00 and gave the stock an “outperform” rating in a research note on Friday, June 21st. Bank of America restated a “buy” rating and set a $83.00 price target on shares of Insmed in a research note on Friday, July 5th. Cantor Fitzgerald restated an “overweight” rating on shares of Insmed in a research note on Thursday, June 20th. Finally, The Goldman Sachs Group raised their price target on Insmed from $74.00 to $102.00 and gave the stock a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, Insmed presently has an average rating of “Moderate Buy” and an average target price of $74.50.

Insmed Stock Performance

INSM stock traded down $0.71 during mid-day trading on Friday, reaching $76.32. The company had a trading volume of 3,352,124 shares, compared to its average volume of 2,593,995. Insmed has a fifty-two week low of $20.16 and a fifty-two week high of $77.92. The company has a market capitalization of $11.34 billion, a price-to-earnings ratio of -14.63 and a beta of 1.16. The firm has a fifty day simple moving average of $50.32 and a 200 day simple moving average of $35.59.

Insmed (NASDAQ:INSM) last released its quarterly earnings data on Thursday, May 9th. The biopharmaceutical company reported ($1.06) EPS for the quarter, beating analysts’ consensus estimates of ($1.22) by $0.16. The business had revenue of $75.50 million during the quarter, compared to analysts’ expectations of $77.76 million. During the same quarter in the previous year, the company posted ($1.17) EPS. The company’s revenue was up 15.8% compared to the same quarter last year. As a group, analysts predict that Insmed will post -4.71 earnings per share for the current year.

Insider Activity

In other news, CEO William Lewis sold 22,198 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $25.52, for a total value of $566,492.96. Following the completion of the sale, the chief executive officer now directly owns 384,125 shares of the company’s stock, valued at approximately $9,802,870. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider John Drayton Wise sold 5,088 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $25.47, for a total value of $129,591.36. Following the completion of the sale, the insider now directly owns 123,259 shares of the company’s stock, valued at approximately $3,139,406.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William Lewis sold 22,198 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 384,125 shares of the company’s stock, valued at $9,802,870. The disclosure for this sale can be found here. Insiders sold 295,842 shares of company stock valued at $13,762,062 in the last three months. 4.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Insmed

Several hedge funds and other institutional investors have recently bought and sold shares of INSM. Capital International Investors acquired a new position in Insmed during the first quarter worth $43,973,000. Norges Bank purchased a new position in Insmed during the fourth quarter worth $45,029,000. Vanguard Group Inc. increased its position in Insmed by 7.7% during the third quarter. Vanguard Group Inc. now owns 14,345,512 shares of the biopharmaceutical company’s stock worth $362,224,000 after buying an additional 1,024,956 shares in the last quarter. Clearbridge Investments LLC purchased a new position in Insmed during the first quarter worth $25,242,000. Finally, Assenagon Asset Management S.A. increased its position in Insmed by 325.8% during the first quarter. Assenagon Asset Management S.A. now owns 1,211,560 shares of the biopharmaceutical company’s stock worth $32,870,000 after buying an additional 927,040 shares in the last quarter.

About Insmed

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.