Norges Bank Acquires Shares of 2,910,971 Insmed, Inc. $INSM

Key Points

• Norges Bank opened a large new position in Insmed during the fourth quarter, buying 2.91 million shares valued at about $506.6 million. The stake represented roughly 1.36% of the biopharmaceutical company.
• Insmed’s latest quarterly results topped expectations, with EPS of -$0.76 versus the -$0.90 consensus and revenue of $305.96 million, up 229.7% from a year earlier. Analysts currently have a Moderate Buy consensus and average price target of $210.95.
• Shares were trading well below recent highs, opening at $106.91 versus a 52-week range of $65.56 to $212.75. The stock also saw notable insider selling in recent months, including sales by COO Roger Adsett and insider Michael Alexander Smith.

Norges Bank bought a new position in shares of Insmed, Inc. (NASDAQ:INSM - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,910,971 shares of the biopharmaceutical company's stock, valued at approximately $506,625,000. Norges Bank owned approximately 1.36% of Insmed at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. CIBC Private Wealth Group LLC raised its stake in 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 acquiring an additional 53 shares in the last quarter. Kingsview Wealth Management LLC raised its stake in Insmed by 2.7% during the third quarter. Kingsview Wealth Management LLC now owns 2,321 shares of the biopharmaceutical company's stock worth $334,000 after acquiring an additional 60 shares in the last quarter. Choreo LLC raised its stake in Insmed by 2.9% during the third quarter. Choreo LLC now owns 2,319 shares of the biopharmaceutical company's stock worth $334,000 after acquiring an additional 65 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Insmed by 10.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 747 shares of the biopharmaceutical company's stock worth $130,000 after acquiring an additional 69 shares in the last quarter. Finally, ORG Partners LLC raised its stake in Insmed by 12.7% during the fourth quarter. ORG Partners LLC now owns 657 shares of the biopharmaceutical company's stock worth $114,000 after acquiring an additional 74 shares in the last quarter.

Analysts Set New Price Targets

Several research analysts have commented on INSM shares. Jefferies Financial Group assumed coverage on Insmed in a research note on Monday, March 16th. They set a "buy" rating and a $228.00 target price for the company. Royal Bank Of Canada lowered their price target on shares of Insmed from $220.00 to $205.00 and set an "outperform" rating for the company in a report on Friday, May 8th. Wells Fargo & Company lowered their price target on shares of Insmed from $177.00 to $160.00 and set an "overweight" rating for the company in a report on Friday, May 8th. Mizuho upped their price target on shares of Insmed from $204.00 to $206.00 and gave the stock an "outperform" rating in a report on Wednesday, March 25th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Insmed in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $210.95.

Insmed Stock Performance

Insmed stock opened at $106.91 on Monday. The business has a 50 day moving average of $134.42 and a 200-day moving average of $157.87. Insmed, Inc. has a 1 year low of $65.56 and a 1 year high of $212.75. The company has a debt-to-equity ratio of 0.80, a current ratio of 4.47 and a quick ratio of 4.10. The company has a market capitalization of $23.17 billion, a P/E ratio of -18.59 and a beta of 0.79.

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 company had revenue of $305.96 million during the quarter, compared to the consensus estimate of $300.81 million. Insmed had a negative return on equity of 130.11% and a negative net margin of 144.44%.The firm's revenue was up 229.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.42) earnings per share. On average, equities research analysts predict that Insmed, Inc. will post -2.52 earnings per share for the current year.

Insider Activity at Insmed

In related news, COO Roger Adsett sold 88,060 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $164.63, for a total value of $14,497,317.80. Following the completion of the sale, the chief operating officer directly owned 106,810 shares in the company, valued at $17,584,130.30. This represents a 45.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael Alexander Smith sold 6,149 shares of the stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $108.47, for a total value of $666,982.03. Following the completion of the sale, the insider owned 41,613 shares of the company's stock, valued at $4,513,762.11. The trade was a 12.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 156,643 shares of company stock worth $24,513,766 over the last three months. Company 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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