Eventide Asset Management LLC Sells 521,518 Shares of Insmed, Inc. $INSM

Eventide Asset Management LLC cut its position in shares of Insmed, Inc. (NASDAQ:INSM - Free Report) by 51.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 483,589 shares of the biopharmaceutical company's stock after selling 521,518 shares during the quarter. Insmed accounts for about 1.3% of Eventide Asset Management LLC's portfolio, making the stock its 16th biggest holding. Eventide Asset Management LLC owned about 0.23% of Insmed worth $84,164,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Artisan Partners Limited Partnership boosted its position in Insmed by 49.0% during the third quarter. Artisan Partners Limited Partnership now owns 4,937,683 shares of the biopharmaceutical company's stock valued at $711,076,000 after purchasing an additional 1,623,342 shares during the last quarter. Atika Capital Management LLC acquired a new position in Insmed during the third quarter valued at approximately $13,681,000. iA Global Asset Management Inc. boosted its position in Insmed by 15,973.5% during the fourth quarter. iA Global Asset Management Inc. now owns 26,682 shares of the biopharmaceutical company's stock valued at $4,644,000 after purchasing an additional 26,516 shares during the last quarter. Nordea Investment Management AB acquired a new position in Insmed during the fourth quarter valued at approximately $3,492,000. Finally, Tobam acquired a new position in Insmed during the third quarter valued at approximately $2,750,000.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Truist Financial reduced their price target on Insmed from $205.00 to $185.00 and set a "buy" rating for the company in a research report on Wednesday, May 13th. Royal Bank Of Canada reduced their price target on Insmed from $205.00 to $195.00 and set an "outperform" rating for the company in a research report on Friday, June 5th. Leerink Partners increased their price target on Insmed from $210.00 to $215.00 and gave the company an "outperform" rating in a research report on Tuesday, March 24th. Mizuho increased their price target on Insmed from $204.00 to $206.00 and gave the company an "outperform" rating in a research report on Wednesday, March 25th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Insmed in a research report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $212.50.

Insmed Price Performance

NASDAQ:INSM opened at $97.85 on Friday. The company has a quick ratio of 4.10, a current ratio of 4.47 and a debt-to-equity ratio of 0.80. The stock's 50 day moving average price is $124.55 and its two-hundred day moving average price is $151.31. The firm has a market capitalization of $21.21 billion, a price-to-earnings ratio of -17.02 and a beta of 0.79. Insmed, Inc. has a 12-month low of $90.39 and a 12-month high of $212.75.

Insmed (NASDAQ:INSM - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.76) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.90) by $0.14. The firm had revenue of $305.96 million for the quarter, compared to analyst estimates of $300.81 million. Insmed had a negative return on equity of 130.11% and a negative net margin of 144.44%.The business's revenue for the quarter was up 229.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.42) earnings per share. On average, analysts anticipate that Insmed, Inc. will post -2.54 earnings per share for the current year.

Insiders Place Their Bets

In other Insmed news, insider Michael Alexander Smith sold 2,159 shares of the company's stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $102.27, for a total value of $220,800.93. Following the sale, the insider owned 39,454 shares in the company, valued at $4,034,960.58. This represents a 5.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Sara Bonstein sold 2,404 shares of the company's stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $102.27, for a total value of $245,857.08. Following the completion of the sale, the chief financial officer owned 69,082 shares in the company, valued at $7,065,016.14. This represents a 3.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 160,482 shares of company stock worth $24,438,193 over the last ninety days. 2.10% of the stock is currently owned by corporate insiders.

About Insmed

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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