Insmed (NASDAQ:INSM) Hits New 12-Month High Following Analyst Upgrade

Shares of Insmed Incorporated (NASDAQ:INSM) hit a new 52-week high during mid-day trading on Monday after Evercore ISI raised their price target on the stock from $42.00 to $75.00. Evercore ISI currently has an outperform rating on the stock. Insmed traded as high as $68.17 and last traded at $68.17, with a volume of 1247 shares. The stock had previously closed at $67.99.

A number of other equities research analysts have also issued reports on INSM. Mizuho upped their target price on shares of Insmed from $36.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, June 7th. UBS Group increased their price objective on shares of Insmed from $46.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, May 29th. Morgan Stanley raised their target price on shares of Insmed from $40.00 to $43.00 and gave the stock an “overweight” rating in a research note on Friday, May 10th. Bank of America restated a “buy” rating and issued a $40.00 price target on shares of Insmed in a research report on Tuesday, May 28th. Finally, Barclays lifted their price objective on Insmed from $40.00 to $63.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 29th. One investment analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, Insmed has an average rating of “Moderate Buy” and an average target price of $62.38.

Insider Activity

In related news, CEO William Lewis sold 22,198 shares of Insmed stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $25.52, for a total value of $566,492.96. Following the completion of the sale, the chief executive officer now owns 384,125 shares in the company, valued at approximately $9,802,870. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Insmed news, CEO William Lewis sold 22,198 shares of Insmed stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $25.52, for a total value of $566,492.96. Following the completion of the transaction, the chief executive officer now directly owns 384,125 shares of the company’s stock, valued at approximately $9,802,870. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Sara Bonstein sold 11,088 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $25.32, for a total transaction of $280,748.16. Following the sale, the chief financial officer now owns 117,481 shares in the company, valued at $2,974,618.92. The disclosure for this sale can be found here. In the last three months, insiders have sold 295,842 shares of company stock valued at $13,762,062. Company insiders own 4.60% of the company’s stock.

Hedge Funds Weigh In On Insmed

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in Insmed by 2.7% in the first quarter. Vanguard Group Inc. now owns 14,509,235 shares of the biopharmaceutical company’s stock valued at $393,636,000 after purchasing an additional 383,714 shares during the period. RTW Investments LP boosted its stake in shares of Insmed by 86.5% in the 3rd quarter. RTW Investments LP now owns 1,865,108 shares of the biopharmaceutical company’s stock valued at $47,094,000 after buying an additional 865,108 shares during the period. Capital International Investors acquired a new position in shares of Insmed during the first quarter worth about $43,973,000. Norges Bank purchased a new stake in shares of Insmed during the fourth quarter worth approximately $45,029,000. Finally, Principal Financial Group Inc. raised its holdings in Insmed by 5.9% in the first quarter. Principal Financial Group Inc. now owns 1,439,280 shares of the biopharmaceutical company’s stock valued at $39,048,000 after acquiring an additional 79,717 shares in the last quarter.

Insmed Price Performance

The company has a market cap of $10.36 billion, a PE ratio of -13.33 and a beta of 1.11. The business’s 50 day moving average is $39.98 and its 200-day moving average is $32.35.

Insmed (NASDAQ:INSM) last released its quarterly earnings data 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 analysts’ expectations of $77.76 million. Insmed’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same period last year, the firm posted ($1.17) earnings per share. As a group, sell-side analysts predict that Insmed Incorporated will post -4.5 EPS for the current fiscal year.

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.