Bank of America Corp DE Has $245.65 Million Stock Holdings in Insmed, Inc. $INSM

Key Points

• Bank of America reduced its Insmed position by 12.9% in the first quarter, selling 223,400 shares and retaining 1.50 million shares worth approximately $245.7 million.
• Insmed reported quarterly revenue of $306.0 million, up 229.7% year over year, and an adjusted loss of $0.76 per share that beat analysts’ $0.90 estimate.
• Wall Street remains broadly bullish, with a consensus “Buy” rating and average price target of $209.35, although Insmed shares opened at $98.45 and insiders have sold $5.8 million of stock over the past 90 days.

Bank of America Corp DE cut its position in Insmed, Inc. (NASDAQ:INSM - Free Report) by 12.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,502,281 shares of the biopharmaceutical company's stock after selling 223,400 shares during the period. Bank of America Corp DE owned about 0.69% of Insmed worth $245,653,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of INSM. EverSource Wealth Advisors LLC boosted its stake in Insmed by 65.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 664 shares of the biopharmaceutical company's stock worth $67,000 after purchasing an additional 263 shares during the period. First Trust Advisors LP raised its stake in shares of Insmed by 80.8% during the 2nd quarter. First Trust Advisors LP now owns 47,392 shares of the biopharmaceutical company's stock worth $4,770,000 after purchasing an additional 21,176 shares in the last quarter. Baird Financial Group Inc. bought a new stake in Insmed during the second quarter worth $2,589,000. Amundi lifted its stake in Insmed by 21,194.4% in the 2nd quarter. Amundi now owns 11,499 shares of the biopharmaceutical company's stock valued at $1,130,000 after purchasing an additional 11,445 shares during the last quarter. Finally, Natixis acquired a new stake in shares of Insmed in the second quarter valued at approximately $1,072,000.

Insmed Stock Performance

INSM stock opened at $98.45 on Tuesday. The firm has a market cap of $21.34 billion, a PE ratio of -17.12 and a beta of 0.78. Insmed, Inc. has a 1-year low of $90.39 and a 1-year high of $212.75. The stock has a 50-day moving average price of $104.52 and a 200-day moving average price of $130.30. The company has a current ratio of 4.47, a quick ratio of 4.10 and a debt-to-equity ratio of 0.80.

Insmed (NASDAQ:INSM - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.76) EPS for the quarter, topping the consensus estimate 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 company had revenue of $305.96 million during the quarter, compared to the consensus estimate of $300.81 million. During the same quarter last year, the firm posted ($1.42) EPS. The company's quarterly revenue was up 229.7% on a year-over-year basis. As a group, equities research analysts expect that Insmed, Inc. will post -2.43 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Raymond James Financial assumed coverage on shares of Insmed in a research note on Friday, April 10th. They set an "outperform" rating and a $200.00 target price for the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Insmed in a research report on Friday, July 17th. 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. Mizuho set a $192.00 price objective on Insmed in a research note on Tuesday, June 16th. Finally, Wells Fargo & Company raised their target price on shares of Insmed from $160.00 to $161.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $209.35.

Insider Transactions at Insmed

In other news, CEO William Lewis sold 10,699 shares of the business's stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $117.40, for a total transaction of $1,256,062.60. Following the completion of the sale, the chief executive officer directly owned 259,058 shares of the company's stock, valued at $30,413,409.20. The trade was a 3.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael Alexander Smith sold 1,806 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $95.82, for a total value of $173,050.92. Following the sale, the insider directly owned 37,648 shares of the company's stock, valued at $3,607,431.36. This represents a 4.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 54,590 shares of company stock worth $5,793,738. 2.10% of the stock is currently owned by insiders.

Insmed 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.

Want to see what other hedge funds are holding INSM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Insmed, Inc. (NASDAQ:INSM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source