Allspring Global Investments Holdings LLC Increases Holdings in Insmed Incorporated (NASDAQ:INSM)

Allspring Global Investments Holdings LLC lifted its position in Insmed Incorporated (NASDAQ:INSM) by 7,527.8% in the 2nd quarter, HoldingsChannel reports. The firm owned 328,073 shares of the biopharmaceutical company’s stock after purchasing an additional 323,772 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Insmed were worth $21,981,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of INSM. International Assets Investment Management LLC purchased a new position in Insmed during the fourth quarter valued at approximately $25,000. EntryPoint Capital LLC purchased a new position in Insmed during the first quarter valued at approximately $33,000. Fidelis Capital Partners LLC purchased a new position in Insmed during the first quarter valued at approximately $34,000. First Horizon Advisors Inc. raised its position in Insmed by 83.4% during the second quarter. First Horizon Advisors Inc. now owns 631 shares of the biopharmaceutical company’s stock valued at $42,000 after acquiring an additional 287 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in Insmed during the first quarter valued at approximately $59,000.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on INSM. Evercore ISI lifted their price target on Insmed from $42.00 to $75.00 and gave the company an “outperform” rating in a research report on Friday, June 21st. Stifel Nicolaus raised their price objective on Insmed from $74.00 to $88.00 and gave the company a “buy” rating in a report on Friday, August 9th. JPMorgan Chase & Co. raised their price objective on Insmed from $55.00 to $72.00 and gave the company an “overweight” rating in a report on Thursday, June 20th. Cantor Fitzgerald reissued an “overweight” rating on shares of Insmed in a report on Thursday, June 20th. Finally, Morgan Stanley raised their price objective on Insmed from $60.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, July 12th. One analyst has rated the stock with a sell rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $79.19.

Insmed Price Performance

Shares of NASDAQ:INSM opened at $76.53 on Thursday. The business’s 50 day moving average price is $72.89 and its 200-day moving average price is $46.62. The firm has a market capitalization of $11.37 billion, a PE ratio of -14.63 and a beta of 1.16. Insmed Incorporated has a 1 year low of $21.21 and a 1 year high of $80.53.

Insmed (NASDAQ:INSM) last issued its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.22) by ($0.72). The firm had revenue of $90.34 million during the quarter, compared to analysts’ expectations of $87.95 million. Insmed’s revenue was up 17.0% on a year-over-year basis. During the same quarter in the previous year, the company earned ($1.78) earnings per share. As a group, analysts expect that Insmed Incorporated will post -4.71 earnings per share for the current year.

Insmed 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.