Jennison Associates LLC Decreases Position in Insmed, Inc. $INSM

Key Points

• Jennison Associates trimmed its Insmed stake by 6.7% in the fourth quarter, selling 40,479 shares and ending the period with 562,296 shares (about 0.26%) valued at roughly $97.9 million.
• Significant insider selling has occurred recently: COO Roger Adsett sold 88,060 shares for about $14.5 million, and insiders have sold 179,777 shares (~$28.25 million) over the last 90 days, leaving insiders owning 2.10% of the company.
• Insmed missed quarterly EPS estimates (reported -$1.54 vs. -$1.07 expected) with revenue roughly in line, yet Wall Street maintains a bullish view with an average "Buy" rating and a consensus price target of $213.23 while shares trade near $136.33.

Jennison Associates LLC lessened its holdings in Insmed, Inc. (NASDAQ:INSM - Free Report) by 6.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 562,296 shares of the biopharmaceutical company's stock after selling 40,479 shares during the quarter. Jennison Associates LLC owned 0.26% of Insmed worth $97,862,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in INSM. EverSource Wealth Advisors LLC raised its position 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 position in Insmed by 80.8% in 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 during the period. Baird Financial Group Inc. purchased a new position in Insmed in the 2nd quarter worth $2,589,000. Amundi raised its position in Insmed by 21,194.4% in the 2nd quarter. Amundi now owns 11,499 shares of the biopharmaceutical company's stock worth $1,130,000 after purchasing an additional 11,445 shares during the period. Finally, Natixis purchased a new position in Insmed in the 2nd quarter worth $1,072,000.

Insider Activity

In other news, COO Roger Adsett sold 88,060 shares of Insmed stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $164.63, for a total transaction of $14,497,317.80. Following the sale, the chief operating officer owned 106,810 shares of the company's stock, valued at approximately $17,584,130.30. The trade was a 45.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Michael Alexander Smith sold 19,638 shares of Insmed stock in a transaction dated Monday, March 30th. The shares were sold at an average price of $150.98, for a total transaction of $2,964,945.24. Following the sale, the insider directly owned 51,871 shares in the company, valued at $7,831,483.58. The trade was a 27.46% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 179,777 shares of company stock valued at $28,252,720. Corporate insiders own 2.10% of the company's stock.

Insmed Trading Up 1.0%

Shares of INSM opened at $136.33 on Friday. The firm's 50-day moving average price is $147.89 and its 200-day moving average price is $166.19. The firm has a market capitalization of $29.43 billion, a price-to-earnings ratio of -21.27 and a beta of 1.10. The company has a current ratio of 3.83, a quick ratio of 3.54 and a debt-to-equity ratio of 0.76. Insmed, Inc. has a 1-year low of $63.81 and a 1-year high of $212.75.

Insmed (NASDAQ:INSM - Get Free Report) last announced its earnings results on Thursday, February 19th. The biopharmaceutical company reported ($1.54) earnings per share for the quarter, missing analysts' consensus estimates of ($1.07) by ($0.47). The company had revenue of $263.84 million for the quarter, compared to the consensus estimate of $263.97 million. Insmed had a negative net margin of 210.54% and a negative return on equity of 168.36%. The company's revenue for the quarter was up 152.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.32) EPS. Sell-side analysts anticipate that Insmed, Inc. will post -2.51 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Roth Mkm reissued a "buy" rating and issued a $212.00 price target on shares of Insmed in a report on Friday, April 17th. Bank of America raised their price target on shares of Insmed from $211.00 to $213.00 and gave the stock a "buy" rating in a report on Tuesday, March 24th. Leerink Partners raised their price target on shares of Insmed from $210.00 to $215.00 and gave the stock an "outperform" rating in a report on Tuesday, March 24th. Truist Financial set a $205.00 price target on shares of Insmed in a report on Monday, January 12th. Finally, Royal Bank Of Canada raised their price target on shares of Insmed from $212.00 to $216.00 and gave the stock an "outperform" rating in a report on Tuesday, April 14th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $213.23.

Insmed Company 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.

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