Engineers Gate Manager LP Sells 32,748 Shares of Insmed, Inc. $INSM

Key Points

• Engineers Gate Manager LP reduced its Insmed stake by 20.6% in the second quarter, selling 32,748 shares and retaining 126,044 shares valued at approximately $13.4 million.
• Insmed insiders sold 273,753 shares worth approximately $35.6 million over the past 90 days, including a $32.0 million sale by COO Roger Adsett.
• Analysts maintain a broadly positive outlook, with an average rating of “Buy” and a $205.52 price target. Insmed also exceeded quarterly expectations, reporting revenue of $425.5 million and an adjusted loss of $0.06 per share.

Engineers Gate Manager LP reduced its position in shares of Insmed, Inc. (NASDAQ:INSM - Free Report) by 20.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 126,044 shares of the biopharmaceutical company's stock after selling 32,748 shares during the quarter. Engineers Gate Manager LP owned about 0.06% of Insmed worth $13,439,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. CIBC Private Wealth Group LLC raised its stake in shares of Insmed by 42.1% during the third quarter. CIBC Private Wealth Group LLC now owns 179 shares of the biopharmaceutical company's stock worth $26,000 after buying an additional 53 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in Insmed by 10.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 747 shares of the biopharmaceutical company's stock worth $130,000 after acquiring an additional 69 shares during the period. Private Advisor Group LLC raised its position in shares of Insmed by 1.8% during the 1st quarter. Private Advisor Group LLC now owns 4,749 shares of the biopharmaceutical company's stock valued at $777,000 after acquiring an additional 82 shares during the last quarter. Glenmede Trust Co. NA lifted its stake in shares of Insmed by 5.4% in the 1st quarter. Glenmede Trust Co. NA now owns 1,916 shares of the biopharmaceutical company's stock valued at $313,000 after purchasing an additional 98 shares during the period. Finally, Allworth Financial LP boosted its position in shares of Insmed by 20.5% in the 4th quarter. Allworth Financial LP now owns 635 shares of the biopharmaceutical company's stock worth $111,000 after purchasing an additional 108 shares during the last quarter.

Insider Buying and Selling

In related news, COO Roger Adsett sold 239,850 shares of the firm's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $133.27, for a total value of $31,964,809.50. Following the completion of the transaction, the chief operating officer owned 98,744 shares of the company's stock, valued at approximately $13,159,612.88. This trade represents a 70.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael Smith sold 1,806 shares of the business's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $95.82, for a total transaction of $173,050.92. Following the sale, the insider directly owned 37,648 shares in the company, valued at $3,607,431.36. This trade represents a 4.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 273,753 shares of company stock worth $35,604,764. 2.10% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on INSM shares. Evercore restated an "outperform" rating and set a $170.00 target price on shares of Insmed in a report on Friday, August 7th. Guggenheim cut their price target on shares of Insmed from $207.00 to $205.00 and set a "buy" rating on the stock in a research report on Friday, August 7th. Jefferies Financial Group restated a "buy" rating and set a $175.00 price objective on shares of Insmed in a report on Thursday, August 6th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $235.00 target price on shares of Insmed in a research note on Tuesday, July 28th. Finally, HC Wainwright reiterated a "buy" rating on shares of Insmed in a report on Monday, August 10th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $205.52.

Insmed Stock Down 1.2%

Shares of Insmed stock opened at $127.28 on Friday. The business's 50 day simple moving average is $117.40 and its 200 day simple moving average is $124.21. Insmed, Inc. has a 52-week low of $90.39 and a 52-week high of $212.75. The firm has a market cap of $27.80 billion, a PE ratio of -30.97 and a beta of 0.82. The company has a debt-to-equity ratio of 0.74, a quick ratio of 3.40 and a current ratio of 3.72.

Insmed (NASDAQ:INSM - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates of ($0.67) by $0.61. The firm had revenue of $425.49 million during the quarter, compared to the consensus estimate of $395.50 million. Insmed had a negative return on equity of 123.94% and a negative net margin of 76.94%.The business's revenue was up 296.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.70) EPS. On average, analysts predict that Insmed, Inc. will post -1.83 earnings per share for the current fiscal year.

About Insmed

Insmed Incorporated NASDAQ: INSM is a global biopharmaceutical company focused on developing and commercializing therapies for serious and rare diseases. The company's work centers on areas of significant unmet medical need, including pulmonary and infectious diseases, as well as other specialty conditions.

Insmed's primary commercial product is ARIKAYCE (amikacin liposome inhalation suspension), an inhaled antibacterial therapy approved in the United States for adults with refractory Mycobacterium avium complex lung disease as part of a combination antibacterial regimen.

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