Insmed, Inc. $INSM Shares Bought by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Insmed stake by 10,618.8% in the second quarter, adding 32.2 million shares to own 14.88% of the company, valued at approximately $3.46 billion.
• Insmed reported stronger-than-expected quarterly results, with revenue of $425.5 million—up 296.1% year over year—and a loss of $0.06 per share versus analysts’ expected loss of $0.67.
• Analysts maintain a broadly positive outlook, with the stock rated “Buy” overall and a consensus price target of $205.52, although company insiders sold roughly $35.6 million worth of shares over the past 90 days.

California State Teachers Retirement System lifted its holdings in Insmed, Inc. (NASDAQ:INSM - Free Report) by 10,618.8% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 32,497,563 shares of the biopharmaceutical company's stock after purchasing an additional 32,194,381 shares during the quarter. California State Teachers Retirement System owned 14.88% of Insmed worth $3,464,890,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Norges Bank acquired a new stake in Insmed in the fourth quarter worth about $506,625,000. RTW Investments LP increased its stake in Insmed by 57.0% during the 4th quarter. RTW Investments LP now owns 4,842,879 shares of the biopharmaceutical company's stock valued at $842,855,000 after buying an additional 1,758,321 shares during the period. Orbis Allan Gray Ltd acquired a new position in Insmed during the 2nd quarter valued at about $153,389,000. Bank of New York Mellon Corp acquired a new position in Insmed during the 2nd quarter valued at about $139,966,000. Finally, State Street Corp raised its position in shares of Insmed by 30.6% during the 4th quarter. State Street Corp now owns 5,201,744 shares of the biopharmaceutical company's stock worth $905,312,000 after buying an additional 1,217,390 shares in the last quarter.

Insmed Stock Performance

NASDAQ:INSM opened at $127.28 on Friday. The company has a 50-day moving average of $117.40 and a 200-day moving average of $124.21. The firm has a market cap of $27.80 billion, a price-to-earnings ratio of -30.97 and a beta of 0.82. The company has a current ratio of 3.72, a quick ratio of 3.40 and a debt-to-equity ratio of 0.74. Insmed, Inc. has a twelve month low of $90.39 and a twelve month high of $212.75.

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

Insiders Place Their Bets

In other Insmed news, CEO William Lewis sold 21,398 shares of the company's stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $103.32, for a total value of $2,210,841.36. Following the transaction, the chief executive officer owned 258,917 shares of the company's stock, valued at approximately $26,751,304.44. This represents a 7.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Roger Adsett sold 239,850 shares of the 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 sale, the chief operating officer owned 98,744 shares of the company's stock, valued at $13,159,612.88. This trade represents a 70.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 273,753 shares of company stock worth $35,604,764. 2.10% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

INSM has been the subject of several recent analyst reports. Cantor Fitzgerald reiterated an "overweight" rating and issued a $235.00 price objective on shares of Insmed in a report on Tuesday, July 28th. BMO Capital Markets started coverage on Insmed in a report on Monday, July 20th. They set an "outperform" rating and a $192.00 target price on the stock. Evercore reissued an "outperform" rating and set a $170.00 target price on shares of Insmed in a report on Friday, August 7th. UBS Group restated a "buy" rating and issued a $172.00 target price on shares of Insmed in a research report on Friday, August 7th. Finally, Jefferies Financial Group reaffirmed a "buy" rating and set a $175.00 price target on shares of Insmed in a research note on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $205.52.

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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