Assenagon Asset Management S.A. Reduces Stock Position in Insmed, Inc. $INSM

Key Points

• Assenagon Asset Management cut its Insmed stake by 40.8% in the first quarter, leaving it with 63,259 shares worth about $10.3 million.
• Insmed’s stock has drawn mostly bullish analyst coverage, with Morgan Stanley upgrading the name and the consensus rating standing at “Moderate Buy” with an average target price of $211.86.
• The company reported quarterly EPS of -$0.76, beating estimates, while revenue rose 229.7% year over year to $305.96 million; meanwhile, CEO William Lewis and CFO Sara Bonstein recently sold shares in separate transactions.

Assenagon Asset Management S.A. reduced its stake in Insmed, Inc. (NASDAQ:INSM - Free Report) by 40.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 63,259 shares of the biopharmaceutical company's stock after selling 43,567 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Insmed were worth $10,344,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. CIBC Private Wealth Group LLC raised its position in Insmed by 42.1% in the third quarter. CIBC Private Wealth Group LLC now owns 179 shares of the biopharmaceutical company's stock valued at $26,000 after purchasing an additional 53 shares during the period. CoreCap Advisors LLC acquired a new stake in shares of Insmed during the 4th quarter worth about $27,000. GraniteShares Advisors LLC acquired a new stake in shares of Insmed during the 4th quarter worth about $30,000. Reflection Asset Management purchased a new stake in Insmed in the 4th quarter valued at about $30,000. Finally, Raiffeisen Bank International AG purchased a new stake in Insmed in the 4th quarter valued at about $32,000.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Morgan Stanley upgraded Insmed from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $166.00 to $212.00 in a report on Monday, March 30th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Insmed in a research note on Tuesday, April 21st. Royal Bank Of Canada reduced their price target on shares of Insmed from $205.00 to $195.00 and set an "outperform" rating on the stock in a research report on Friday, June 5th. HC Wainwright reissued a "buy" rating on shares of Insmed in a research note on Friday, May 8th. Finally, Truist Financial dropped their price objective on shares of Insmed from $205.00 to $185.00 and set a "buy" rating for the company in a report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $211.86.

Insmed Stock Down 1.0%

INSM stock opened at $103.38 on Friday. The company has a debt-to-equity ratio of 0.80, a current ratio of 4.47 and a quick ratio of 4.10. The firm has a market capitalization of $22.41 billion, a PE ratio of -17.98 and a beta of 0.79. Insmed, Inc. has a 12 month low of $90.39 and a 12 month high of $212.75. The company's 50 day simple moving average is $112.90 and its 200-day simple moving average is $143.82.

Insmed (NASDAQ:INSM - Get Free Report) last released its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.76) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.90) by $0.14. Insmed had a negative net margin of 144.44% and a negative return on equity of 130.11%. The firm had revenue of $305.96 million during the quarter, compared to the consensus estimate of $300.81 million. During the same period in the previous year, the firm earned ($1.42) earnings per share. Insmed's revenue was up 229.7% compared to the same quarter last year. Equities analysts expect that Insmed, Inc. will post -2.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO William Lewis sold 21,398 shares of the company's stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $103.32, for a total transaction of $2,210,841.36. Following the sale, the chief executive officer directly owned 258,917 shares of the company's stock, valued at approximately $26,751,304.44. This represents a 7.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sara Bonstein sold 2,404 shares of Insmed stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $102.27, for a total transaction of $245,857.08. Following the completion of the transaction, the chief financial officer directly owned 69,082 shares of the company's stock, valued at $7,065,016.14. This trade represents a 3.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 172,987 shares of company stock valued at $25,286,564. Corporate insiders own 2.10% of the company's stock.

Insmed Company Profile

Insmed Incorporated is a biopharmaceutical company focused on developing and commercializing therapies for patients with rare and serious diseases, with a particular emphasis on difficult-to-treat pulmonary infections. Headquartered in Bridgewater, New Jersey, the company concentrates its research and development efforts on targeted drug delivery technologies and novel formulations intended to improve clinical outcomes for patients who have limited treatment options.

The company's principal marketed product is ARIKAYCE (amikacin liposome inhalation suspension), an inhaled liposomal formulation of the antibiotic amikacin that is approved by the U.S.

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