Insmed (NASDAQ:INSM) Shares Down 3.7%

Insmed Incorporated (NASDAQ:INSM) shares traded down 3.7% on Wednesday . The company traded as low as $61.64 and last traded at $62.11. 947,363 shares changed 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.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. TD Cowen raised their target price on shares of Insmed from $45.00 to $67.00 and gave the company a “buy” rating in a research note on Wednesday, May 29th. StockNews.com raised shares of Insmed from a “sell” rating to a “hold” rating in a research note on Tuesday, May 14th. Cantor Fitzgerald reissued an “overweight” rating on shares of Insmed in a research note on Thursday, June 20th. Bank of America lifted their price target on shares of Insmed from $62.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Finally, HC Wainwright reissued a “buy” rating and set a $70.00 price target on shares of Insmed in a research note on Tuesday. One investment analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $66.31.

Insmed Price Performance

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

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

Insider Activity at Insmed

In related news, CEO William Lewis sold 22,198 shares of Insmed stock in a transaction 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 sale, the chief executive officer now owns 384,125 shares in the company, valued at $9,802,870. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO William Lewis sold 22,198 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $25.52, for a total transaction of $566,492.96. Following the sale, the chief executive officer now owns 384,125 shares in the company, valued at approximately $9,802,870. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Sara Bonstein sold 11,088 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $25.32, for a total transaction of $280,748.16. Following the sale, the chief financial officer now owns 117,481 shares in the company, valued at approximately $2,974,618.92. The disclosure for this sale can be found here. Insiders have sold a total of 295,842 shares of company stock worth $13,762,062 over the last quarter. Corporate insiders own 4.60% of the company’s stock.

Institutional Trading of Insmed

Hedge funds have recently modified their holdings of the business. 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 valued at $9,950,000 after buying an additional 47,563 shares in the last quarter. Kingdon Capital Management L.L.C. bought a new stake in shares of Insmed during the 4th quarter valued at $12,551,000. Artia Global Partners LP bought a new stake in shares of Insmed during the 4th quarter valued at $2,322,000. Norges Bank purchased a new position in shares of Insmed in the 4th quarter worth about $45,029,000. Finally, Walleye Capital LLC purchased a new position in shares of 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.