Eventide Asset Management LLC Sells 521,518 Shares of Insmed, Inc. $INSM

Eventide Asset Management LLC lowered its position in shares of Insmed, Inc. (NASDAQ:INSM) by 51.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 483,589 shares of the biopharmaceutical company’s stock after selling 521,518 shares during the period. Insmed accounts for approximately 1.3% of Eventide Asset Management LLC’s investment portfolio, making the stock its 16th biggest holding. Eventide Asset Management LLC’s holdings in Insmed were worth $84,164,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in INSM. CIBC Private Wealth Group LLC increased its stake in shares of Insmed by 42.1% during the third quarter. CIBC Private Wealth Group LLC now owns 179 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 53 shares during the period. CoreCap Advisors LLC bought a new position in shares of Insmed during the fourth quarter worth approximately $27,000. GraniteShares Advisors LLC bought a new position in shares of Insmed during the fourth quarter worth approximately $30,000. Raiffeisen Bank International AG bought a new position in shares of Insmed during the fourth quarter worth approximately $32,000. Finally, RiverPark Advisors LLC bought a new position in shares of Insmed during the third quarter worth approximately $38,000.

Insider Activity

In other news, CFO Sara Bonstein sold 2,404 shares of Insmed stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $102.27, for a total value of $245,857.08. Following the transaction, the chief financial officer owned 69,082 shares in the company, valued at approximately $7,065,016.14. This trade represents a 3.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Lewis sold 10,699 shares of Insmed stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $143.97, for a total value of $1,540,335.03. Following the completion of the transaction, the chief executive officer owned 301,185 shares in the company, valued at approximately $43,361,604.45. The trade was a 3.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 160,482 shares of company stock valued at $24,438,193 over the last quarter. 2.10% of the stock is owned by corporate insiders.

Insmed Price Performance

Shares of NASDAQ:INSM opened at $97.85 on Friday. The firm has a 50 day moving average of $124.55 and a 200-day moving average of $151.31. The stock has a market capitalization of $21.21 billion, a PE ratio of -17.02 and a beta of 0.79. The company has a current ratio of 4.47, a quick ratio of 4.10 and a debt-to-equity ratio of 0.80. Insmed, Inc. has a 12 month low of $90.39 and a 12 month high of $212.75.

Insmed (NASDAQ:INSM) last issued its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.76) EPS for the quarter, beating the consensus estimate of ($0.90) by $0.14. The company had revenue of $305.96 million during the quarter, compared to analysts’ expectations of $300.81 million. Insmed had a negative net margin of 144.44% and a negative return on equity of 130.11%. The business’s revenue for the quarter was up 229.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.42) EPS. On average, equities research analysts predict that Insmed, Inc. will post -2.54 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on INSM shares. Cantor Fitzgerald reiterated an “overweight” rating on shares of Insmed in a research note on Wednesday. Jefferies Financial Group initiated coverage on Insmed in a research note on Monday, March 16th. They set a “buy” rating and a $228.00 target price on the stock. Truist Financial lowered their price objective on Insmed from $205.00 to $185.00 and set a “buy” rating on the stock in a research note on Wednesday, May 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Insmed in a research note on Tuesday, April 21st. Finally, Guggenheim lowered their price objective on Insmed from $230.00 to $226.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $212.50.

Insmed Profile

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.