Norges Bank Buys Shares of 2,910,971 Insmed, Inc. $INSM

Norges Bank bought a new stake in shares of Insmed, Inc. (NASDAQ:INSM) in the fourth quarter, Holdings Channel.com reports. The fund bought 2,910,971 shares of the biopharmaceutical company’s stock, valued at approximately $506,625,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in INSM. Vanguard Group Inc. increased its position in Insmed by 13.0% during the 3rd quarter. Vanguard Group Inc. now owns 19,935,820 shares of the biopharmaceutical company’s stock valued at $2,870,957,000 after purchasing an additional 2,291,328 shares during the period. Artisan Partners Limited Partnership increased its position in Insmed by 49.0% during the 3rd quarter. Artisan Partners Limited Partnership now owns 4,937,683 shares of the biopharmaceutical company’s stock valued at $711,076,000 after purchasing an additional 1,623,342 shares during the period. Orbis Allan Gray Ltd acquired a new stake in Insmed during the 2nd quarter worth about $153,389,000. Darwin Global Management Ltd. grew its holdings in Insmed by 5.8% during the 3rd quarter. Darwin Global Management Ltd. now owns 20,457,445 shares of the biopharmaceutical company’s stock worth $2,897,797,000 after acquiring an additional 1,112,824 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Insmed by 14.4% during the 4th quarter. Geode Capital Management LLC now owns 4,299,052 shares of the biopharmaceutical company’s stock worth $751,936,000 after acquiring an additional 539,625 shares during the period.

Insider Activity

In other news, CEO William Lewis sold 10,699 shares of the firm’s stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $143.97, for a total value of $1,540,335.03. Following the completion of the sale, the chief executive officer directly owned 301,185 shares in the company, valued at $43,361,604.45. This trade represents a 3.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Roger Adsett sold 88,060 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $164.63, for a total value of $14,497,317.80. Following the completion of the sale, the chief operating officer owned 106,810 shares of the company’s stock, valued at approximately $17,584,130.30. This represents a 45.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 156,643 shares of company stock worth $24,513,766 in the last three months. Company insiders own 2.10% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on INSM shares. Roth Mkm reiterated a “buy” rating and set a $212.00 price target on shares of Insmed in a report on Friday, April 17th. Morgan Stanley upgraded Insmed from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $166.00 to $212.00 in a report on Monday, March 30th. Jefferies Financial Group started coverage on Insmed in a report on Monday, March 16th. They set a “buy” rating and a $228.00 price target for the company. Truist Financial decreased their price target on Insmed from $205.00 to $185.00 and set a “buy” rating for the company in a report on Wednesday, May 13th. Finally, Leerink Partners raised their price objective on shares of Insmed from $210.00 to $215.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $210.95.

Insmed Stock Performance

Shares of INSM opened at $106.91 on Monday. The company has a debt-to-equity ratio of 0.80, a current ratio of 4.47 and a quick ratio of 4.10. The stock has a 50-day moving average of $134.42 and a 200-day moving average of $157.87. The company has a market cap of $23.17 billion, a PE ratio of -18.59 and a beta of 0.79. Insmed, Inc. has a one year low of $65.56 and a one year 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 the consensus estimate of $300.81 million. Insmed had a negative return on equity of 130.11% and a negative net margin of 144.44%.The firm’s revenue for the quarter was up 229.7% compared to the same quarter last year. During the same period last year, the business posted ($1.42) EPS. On average, equities research analysts predict that Insmed, Inc. will post -2.52 EPS for the current fiscal year.

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.