Insmed, Inc. $INSM Shares Sold by California Public Employees Retirement System

Key Points

• California Public Employees Retirement System reduced its Insmed stake by 2.9% in the first quarter, selling 10,297 shares and ending with 344,612 shares valued at about $56.35 million.
• Insmed reported better-than-expected Q1 earnings, posting an EPS loss of $0.76 versus estimates for a $0.90 loss, while revenue rose 229.7% year over year to $305.96 million.
• Wall Street remains upbeat on the stock, with a consensus Moderate Buy rating and an average price target of $211.05, even as insiders recently sold shares to cover tax withholding from equity awards.

California Public Employees Retirement System trimmed its stake in shares of Insmed, Inc. (NASDAQ:INSM - Free Report) by 2.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 344,612 shares of the biopharmaceutical company's stock after selling 10,297 shares during the period. California Public Employees Retirement System owned 0.16% of Insmed worth $56,351,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. CoreCap Advisors LLC purchased a new position in Insmed in the 4th quarter valued at about $27,000. Reflection Asset Management acquired a new stake in Insmed during the 4th quarter worth $30,000. GraniteShares Advisors LLC acquired a new stake in Insmed during the 4th quarter worth $30,000. CIBC Private Wealth Group LLC grew its holdings 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 in the last quarter. Finally, Raiffeisen Bank International AG purchased a new stake in shares of Insmed during the fourth quarter worth $32,000.

Insmed Stock Performance

Shares of INSM stock opened at $108.32 on Monday. The company's 50-day moving average price is $105.72 and its 200-day moving average price is $135.63. The company has a current ratio of 4.47, a quick ratio of 4.10 and a debt-to-equity ratio of 0.80. The stock has a market cap of $23.48 billion, a price-to-earnings ratio of -18.84 and a beta of 0.78. 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 quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.76) earnings per share (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 firm had revenue of $305.96 million during the quarter, compared to analysts' expectations of $300.81 million. During the same period last year, the business earned ($1.42) earnings per share. Insmed's revenue was up 229.7% compared to the same quarter last year. As a group, equities analysts predict that Insmed, Inc. will post -2.43 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Raymond James Financial initiated coverage on shares of Insmed in a research report on Friday, April 10th. They set an "outperform" rating and a $200.00 price target on the stock. Royal Bank Of Canada cut their price objective on shares of Insmed from $205.00 to $195.00 and set an "outperform" rating for the company in a report on Friday, June 5th. Cantor Fitzgerald reissued an "overweight" rating on shares of Insmed in a research note on Wednesday, June 10th. Bank of America boosted their target price on Insmed from $211.00 to $213.00 and gave the stock a "buy" rating in a report on Tuesday, March 24th. Finally, Wells Fargo & Company upped their price target on Insmed from $160.00 to $161.00 and gave the company an "overweight" rating in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $211.05.

Insider Activity

In other news, CFO Sara Bonstein sold 2,404 shares of Insmed stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $102.27, for a total transaction of $245,857.08. Following the sale, the chief financial officer owned 69,082 shares of the company's stock, valued at approximately $7,065,016.14. The trade was a 3.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Roger Adsett sold 2,370 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 $242,379.90. Following the completion of the transaction, the chief operating officer owned 98,603 shares in the company, valued at $10,084,128.81. This represents a 2.35% decrease in their ownership of the stock. 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. In the last 90 days, insiders sold 54,590 shares of company stock worth $5,793,738. Corporate insiders own 2.10% of the company's stock.

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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