Insmed Incorporated (NASDAQ:INSM) Sees Significant Drop in Short Interest

Insmed Incorporated (NASDAQ:INSM) was the recipient of a significant decline in short interest in the month of July. As of July 31st, there was short interest totalling 13,690,000 shares, a decline of 7.9% from the July 15th total of 14,870,000 shares. Based on an average daily volume of 3,490,000 shares, the days-to-cover ratio is currently 3.9 days.

Wall Street Analyst Weigh In

INSM has been the topic of several research reports. StockNews.com lowered shares of Insmed from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Bank of America reiterated a “buy” rating and issued a $83.00 price target on shares of Insmed in a report on Friday, July 5th. Mizuho upped their price objective on Insmed from $36.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, June 7th. HC Wainwright reiterated a “buy” rating and issued a $90.00 target price on shares of Insmed in a research note on Monday, August 12th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Insmed from $55.00 to $72.00 and gave the stock an “overweight” rating in a report on Thursday, June 20th. 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 company currently has an average rating of “Moderate Buy” and an average price target of $79.19.

Insider Activity

In other news, insider John Drayton Wise sold 7,852 shares of Insmed stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $49.79, for a total transaction of $390,951.08. Following the completion of the sale, the insider now owns 121,657 shares of the company’s stock, valued at $6,057,302.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider John Drayton Wise sold 7,852 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $49.79, for a total transaction of $390,951.08. Following the transaction, the insider now owns 121,657 shares in the company, valued at $6,057,302.03. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Sara Bonstein sold 220,564 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief financial officer now directly owns 117,481 shares of the company’s stock, valued at $5,874,050. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 249,611 shares of company stock valued at $12,584,876. 4.60% of the stock is currently owned by company insiders.

Institutional Trading of Insmed

Institutional investors and hedge funds have recently bought and sold shares of the business. Rafferty Asset Management LLC lifted its position in Insmed by 17.4% during the fourth quarter. Rafferty Asset Management LLC now owns 321,087 shares of the biopharmaceutical company’s stock valued at $9,950,000 after purchasing an additional 47,563 shares during the period. Kingdon Capital Management L.L.C. purchased a new stake in shares of Insmed in the fourth quarter worth about $12,551,000. Artia Global Partners LP acquired a new stake in Insmed during the fourth quarter worth about $2,322,000. Norges Bank purchased a new position in Insmed during the fourth quarter valued at approximately $45,029,000. Finally, Clearbridge Investments LLC acquired a new position in Insmed in the first quarter valued at approximately $25,242,000.

Insmed Price Performance

NASDAQ INSM opened at $76.19 on Wednesday. The company has a market cap of $11.32 billion, a price-to-earnings ratio of -14.57 and a beta of 1.16. The stock’s fifty day moving average price is $71.28 and its 200 day moving average price is $44.69. Insmed has a 1 year low of $21.21 and a 1 year high of $78.87.

Insmed (NASDAQ:INSM) last announced its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.94) earnings per share 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 analyst estimates of $87.95 million. During the same quarter in the previous year, the company earned ($1.78) earnings per share. The business’s revenue for the quarter was up 17.0% on a year-over-year basis. Research analysts expect that Insmed will post -4.71 earnings per share for the current 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.