Insmed (NASDAQ:INSM) Stock Price Down 3.7%

Shares of Insmed Incorporated (NASDAQ:INSM) dropped 3.7% on Wednesday . The stock traded as low as $61.64 and last traded at $62.11. Approximately 947,363 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 2,557,484 shares. The stock had previously closed at $64.50.

Wall Street Analyst Weigh In

INSM has been the subject of several research analyst reports. Mizuho increased their price objective on Insmed from $36.00 to $82.00 and gave the company a “buy” rating in a report on Friday, June 7th. Morgan Stanley increased their price objective on Insmed from $40.00 to $43.00 and gave the company an “overweight” rating in a report on Friday, May 10th. HC Wainwright reissued a “buy” rating and issued a $70.00 price objective on shares of Insmed in a report on Tuesday. Barclays increased their price target on Insmed from $40.00 to $63.00 and gave the stock an “overweight” rating in a report on Wednesday, May 29th. Finally, StockNews.com raised Insmed from a “sell” rating to a “hold” rating in a report on Tuesday, May 14th. One research analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $66.31.

Insmed Stock Performance

The firm has a 50 day moving average price of $45.63 and a 200-day moving average price of $34.09.

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

Insider Transactions at Insmed

In related news, insider Martina M.D. Flammer sold 21,195 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $55.00, for a total value of $1,165,725.00. Following the completion of the transaction, the insider now owns 106,134 shares of the company’s stock, valued at approximately $5,837,370. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Martina M.D. Flammer sold 21,195 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $55.00, for a total value of $1,165,725.00. Following the completion of the transaction, the insider now owns 106,134 shares of the company’s stock, valued at approximately $5,837,370. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Drayton Wise sold 5,088 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $25.47, for a total transaction of $129,591.36. Following the completion of the transaction, the insider now directly owns 123,259 shares of the company’s stock, valued at approximately $3,139,406.73. 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 90 days. 4.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of INSM. Capital International Investors acquired a new position in shares of Insmed during the 1st quarter valued at about $43,973,000. Norges Bank acquired a new position in shares of Insmed during the 4th quarter valued at about $45,029,000. Vanguard Group Inc. increased its stake in shares of Insmed by 7.7% during the 3rd quarter. Vanguard Group Inc. now owns 14,345,512 shares of the biopharmaceutical company’s stock valued at $362,224,000 after acquiring an additional 1,024,956 shares during the last quarter. Clearbridge Investments LLC acquired a new position in shares of Insmed during the 1st quarter valued at about $25,242,000. Finally, Assenagon Asset Management S.A. increased its stake in shares of Insmed by 325.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,211,560 shares of the biopharmaceutical company’s stock valued at $32,870,000 after acquiring an additional 927,040 shares during 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.