William Lewis, the Chief Executive Officer of Insmed, Inc. (NASDAQ: INSM), divested 4,096 shares of the company’s stock on January 6, 2024. The shares were sold at an average price of $173.33, resulting in a total transaction value of $709,959.68. Following this sale, Lewis retains ownership of 320,987 shares, which are currently valued at approximately $55.6 million. This transaction reflects a 1.26% decrease in his overall position in the company.
The details of this sale were disclosed in a filing with the Securities and Exchange Commission, accessible to the public. Insmed’s stock performance has been dynamic, as evidenced by recent trading activities. On the day following Lewis’s sale, the stock closed down by $5.73, ending the session at $170.27. During this trading day, 2,588,589 shares changed hands, surpassing the average volume of 2,142,398 shares. Insmed currently boasts a market capitalization of approximately $36.31 billion and holds a price-to-earnings (P/E) ratio of -27.51.
Institutional Investments Reflect Confidence
Insmed has attracted interest from various institutional investors, who have been active in adjusting their stakes in the company. For instance, Darwin Global Management Ltd. increased its holding in Insmed by 5.8% during the third quarter, now owning 20,457,445 shares valued at approximately $2.9 billion. Similarly, Vanguard Group Inc. expanded its position by 13.0%, acquiring an additional 2,291,328 shares to reach a total of 19,935,820 shares, valued at around $2.87 billion.
Other notable movements include Capital International Investors, which raised its holdings by 1.0%, and Artisan Partners Limited Partnership, which increased its stake by an impressive 49.0% in the same period. Additionally, Duquesne Family Office LLC lifted its stake by 3.0%, now holding 2,423,435 shares valued at approximately $349 million.
Analyst Ratings Indicate Positive Sentiment
Market analysts have expressed optimism regarding Insmed’s future prospects. In a recent research note, Truist Financial initiated coverage on Insmed, offering a “buy” rating alongside a price target of $202.00. Additionally, Evercore ISI reaffirmed an “outperform” rating with a target price of $180.00. On the other hand, Redburn Partners set a higher target price of $263.00, indicating aggressive growth expectations.
Furthermore, UBS Group adjusted its target price from $223.00 to $215.00 while maintaining a “buy” rating. Meanwhile, Bank of America increased its target price from $142.00 to $187.00, also categorizing the stock as a “buy.” According to data from MarketBeat.com, Insmed holds a consensus rating of “Moderate Buy” with a price target averaging $205.64.
About Insmed
Insmed Incorporated is dedicated to developing and commercializing therapies for patients with rare and serious diseases, particularly focusing on challenging pulmonary infections. Headquartered in Bridgewater, New Jersey, the company emphasizes research and development of targeted drug delivery technologies and innovative formulations aimed at improving clinical outcomes for patients with limited options.
The firm’s primary marketed product is ARIKAYCE (amikacin liposome inhalation suspension), an inhaled liposomal formulation of the antibiotic amikacin, which has received approval from the U.S. Food and Drug Administration. As Insmed continues to evolve in the biopharmaceutical landscape, investor interest and analyst confidence remain pivotal in shaping its market trajectory.
