Mirae Asset Global Investments Co. Ltd. Acquires 34,899 Shares of Insmed, Inc. $INSM

Key Points

• Mirae Asset Global Investments opened a position in Insmed, buying 34,899 shares valued at approximately $3.98 million. Several other institutional investors also added to or initiated positions.
• Analyst sentiment is broadly positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $196.52, based on 23 Buy ratings among 26 analysts.
• Insmed’s latest quarterly revenue of $524.4 million topped expectations and rose 268.4% year over year, but adjusted EPS of -$0.46 missed estimates. Shares rose 5.2% to $114.40 in Friday trading.

Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Insmed, Inc. (NASDAQ:INSM - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 34,899 shares of the biopharmaceutical company's stock, valued at approximately $3,983,000.

Several other hedge funds and other institutional investors have also made changes to their positions in INSM. Bank of New York Mellon Corp purchased a new position in shares of Insmed during the 2nd quarter worth about $139,966,000. Assenagon Asset Management S.A. raised its position in Insmed by 480.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,266,788 shares of the biopharmaceutical company's stock worth $144,591,000 after purchasing an additional 1,048,518 shares during the period. Railway Pension Investments Ltd bought a new stake in Insmed in the second quarter worth about $64,473,000. Sei Investments Co. lifted its stake in Insmed by 56.8% in the first quarter. Sei Investments Co. now owns 1,395,794 shares of the biopharmaceutical company's stock worth $228,239,000 after purchasing an additional 505,624 shares during the last quarter. Finally, SEB Asset Management AB purchased a new position in shares of Insmed during the first quarter valued at approximately $27,075,000.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on INSM shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Insmed in a report on Thursday, October 15th. Evercore restated an "outperform" rating and set a $170.00 price objective on shares of Insmed in a report on Friday, August 7th. Wells Fargo & Company upped their price objective on Insmed from $161.00 to $169.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Bank of America reiterated a "buy" rating and issued a $207.00 target price on shares of Insmed in a research note on Monday, October 12th. Finally, Stifel Nicolaus set a $195.00 target price on Insmed in a research note on Thursday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Insmed currently has an average rating of "Moderate Buy" and an average target price of $196.52.

Insider Buying and Selling at Insmed

In other news, Director David Brennan sold 25,000 shares of the business's stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $124.00, for a total value of $3,100,000.00. Following the completion of the transaction, the director directly owned 39,238 shares of the company's stock, valued at approximately $4,865,512. The trade was a 38.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Roger Adsett sold 239,850 shares of the company's stock in a transaction on Monday, August 10th. The stock was 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 2.10% of the company's stock.

Insmed Trading Up 5.2%

NASDAQ:INSM traded up $5.64 during midday trading on Friday, hitting $114.40. The stock had a trading volume of 3,379,748 shares, compared to its average volume of 3,687,983. Insmed, Inc. has a one year low of $90.39 and a one year high of $212.75. The company has a market capitalization of $25.10 billion, a price-to-earnings ratio of -40.57 and a beta of 0.83. The stock has a 50-day moving average of $111.21 and a 200 day moving average of $124.36. The company has a quick ratio of 2.59, a current ratio of 2.86 and a debt-to-equity ratio of 0.77.

Insmed (NASDAQ:INSM - Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The biopharmaceutical company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.38) by ($0.08). The firm had revenue of $524.43 million for the quarter, compared to analysts' expectations of $500.36 million. Insmed had a negative return on equity of 96.38% and a negative net margin of 39.85%. The company's revenue for the quarter was up 268.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.75) earnings per share. As a group, sell-side analysts forecast that Insmed, Inc. will post -1.86 EPS for the current year.

Insmed Profile

Insmed Incorporated is a biopharmaceutical company focused on developing and commercializing treatments for serious diseases, including respiratory and rare conditions. The company is based in Bridgewater, New Jersey, and is led by President and Chief Executive Officer William H. Lewis Jr.

Its commercial products include ARIKAYCE, an inhaled amikacin treatment for certain adults with refractory Mycobacterium avium complex lung disease, and BRINSUPRI (brensocatib), an oral treatment for non-cystic fibrosis bronchiectasis.

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