Insmed’s (INSM) Buy Rating Reaffirmed at Bank of America

Insmed (NASDAQ:INSM)‘s stock had its “buy” rating reiterated by stock analysts at Bank of America in a report issued on Friday, Benzinga reports. They presently have a $83.00 target price on the biopharmaceutical company’s stock. Bank of America‘s target price suggests a potential upside of 23.90% from the stock’s previous close.

Several other research analysts have also recently weighed in on INSM. Evercore ISI upped their price objective on Insmed from $42.00 to $75.00 and gave the stock an “outperform” rating in a research report on Friday, June 21st. StockNews.com raised Insmed from a “sell” rating to a “hold” rating in a research report on Tuesday, May 14th. Truist Financial upped their price objective on Insmed from $68.00 to $88.00 and gave the stock a “buy” rating in a research report on Monday. Wells Fargo & Company upped their price objective on Insmed from $55.00 to $77.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 29th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Insmed in a report on Thursday, June 20th. One analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $66.31.

Insmed Stock Performance

NASDAQ INSM traded up $4.99 during trading hours on Friday, reaching $66.99. 757,542 shares of the company’s stock were exchanged, compared to its average volume of 2,549,153. The company’s 50-day moving average is $45.63 and its two-hundred day moving average is $34.09. Insmed has a one year low of $19.74 and a one year high of $70.65. The company has a market capitalization of $9.95 billion, a price-to-earnings ratio of -12.75 and a beta of 1.16.

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

Insider Buying and Selling at Insmed

In other Insmed news, CFO Sara Bonstein sold 220,564 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $50.00, for a total value of $11,028,200.00. Following the sale, the chief financial officer now owns 117,481 shares in the company, valued at $5,874,050. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Sara Bonstein sold 220,564 shares of the stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $11,028,200.00. Following the transaction, the chief financial officer now owns 117,481 shares in the company, valued at $5,874,050. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William Lewis sold 22,198 shares of the 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 transaction, the chief executive officer now owns 384,125 shares in the company, valued at approximately $9,802,870. The disclosure for this sale can be found here. Insiders have sold 295,842 shares of company stock worth $13,762,062 over the last 90 days. Company insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Insmed

A number of large investors have recently added to or reduced their stakes in the stock. Transcend Capital Advisors LLC acquired a new stake in Insmed during the second quarter worth approximately $314,000. Comerica Bank boosted its holdings in shares of Insmed by 3,984.1% in the 1st quarter. Comerica Bank now owns 49,540 shares of the biopharmaceutical company’s stock valued at $1,344,000 after purchasing an additional 48,327 shares in the last quarter. Kennedy Capital Management LLC acquired a new stake in shares of Insmed in the 1st quarter valued at $267,000. Hood River Capital Management LLC boosted its holdings in shares of Insmed by 6.3% in the 1st quarter. Hood River Capital Management LLC now owns 962,501 shares of the biopharmaceutical company’s stock valued at $26,113,000 after purchasing an additional 56,682 shares in the last quarter. Finally, Capital International Investors acquired a new stake in shares of Insmed in the 1st quarter valued at $43,973,000.

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.