Insmed Incorporated (NASDAQ:INSM) Sees Large Growth in Short Interest

Insmed Incorporated (NASDAQ:INSM) was the recipient of a large increase in short interest in June. As of June 15th, there was short interest totalling 11,570,000 shares, an increase of 6.5% from the May 31st total of 10,860,000 shares. Based on an average trading volume of 3,270,000 shares, the short-interest ratio is presently 3.5 days.

Insider Buying and Selling at Insmed

In other Insmed news, CEO William Lewis sold 22,198 shares of the firm’s 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 sale, the chief executive officer now owns 384,125 shares of the company’s stock, valued at approximately $9,802,870. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider John Drayton Wise sold 5,088 shares of the stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $25.47, for a total transaction of $129,591.36. Following the transaction, the insider now directly owns 123,259 shares in the company, valued at approximately $3,139,406.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Lewis sold 22,198 shares of the stock in a transaction dated Tuesday, May 14th. The shares were 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 $9,802,870. The disclosure for this sale can be found here. Insiders have sold a total of 295,842 shares of company stock valued at $13,762,062 in the last 90 days. Corporate insiders own 4.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Transcend Capital Advisors LLC purchased a new position in shares of Insmed in the 2nd quarter valued at approximately $314,000. Comerica Bank lifted its stake 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 during the period. Kennedy Capital Management LLC purchased a new position in shares of Insmed in the 1st quarter valued at approximately $267,000. Hood River Capital Management LLC lifted its stake 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 during the period. Finally, Capital International Investors purchased a new position in shares of Insmed in the 1st quarter valued at approximately $43,973,000.

Insmed Stock Performance

NASDAQ INSM opened at $62.00 on Friday. Insmed has a fifty-two week low of $19.74 and a fifty-two week high of $70.65. The stock has a 50 day simple moving average of $45.63 and a two-hundred day simple moving average of $34.09. The stock has a market cap of $9.21 billion, a P/E ratio of -11.85 and a beta of 1.16.

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Bank of America increased their price objective on Insmed from $62.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, June 28th. HC Wainwright reiterated a “buy” rating and set a $70.00 price objective on shares of Insmed in a research report on Tuesday. Truist Financial raised their price target on Insmed from $68.00 to $88.00 and gave the stock a “buy” rating in a research report on Monday. Barclays raised their price target on Insmed from $40.00 to $63.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 29th. Finally, The Goldman Sachs Group raised their price target on Insmed from $49.00 to $74.00 and gave the stock a “buy” rating in a research report on Wednesday, May 29th. One analyst has rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $66.31.

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.