Simplify Asset Management Inc. Sells 26,107 Shares of Insmed, Inc. $INSM

Key Points

• Simplify Asset Management cut its Insmed stake by 70.8% in the first quarter, selling 26,107 shares and leaving it with 10,783 shares valued at about $1.76 million.
• Insmed reported better-than-expected first-quarter results, with EPS of -$0.76 versus consensus of -$0.90 and revenue of $305.96 million, up 229.7% year over year.
• Despite recent insider sales, analysts remain broadly bullish on the stock, with a consensus rating of Moderate Buy and an average price target of $211.86.

Simplify Asset Management Inc. lowered its holdings in Insmed, Inc. (NASDAQ:INSM - Free Report) by 70.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,783 shares of the biopharmaceutical company's stock after selling 26,107 shares during the period. Simplify Asset Management Inc.'s holdings in Insmed were worth $1,763,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Insmed by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 21,076,344 shares of the biopharmaceutical company's stock worth $3,668,127,000 after buying an additional 1,140,524 shares during the last quarter. Darwin Global Management Ltd. grew its position in Insmed by 2.3% in the fourth quarter. Darwin Global Management Ltd. now owns 20,933,277 shares of the biopharmaceutical company's stock worth $3,644,274,000 after acquiring an additional 475,832 shares in the last quarter. Capital International Investors increased its stake in Insmed by 1.0% in the third quarter. Capital International Investors now owns 7,553,853 shares of the biopharmaceutical company's stock valued at $1,087,830,000 after acquiring an additional 74,994 shares during the last quarter. State Street Corp raised its position in Insmed by 30.6% during the fourth quarter. State Street Corp now owns 5,201,744 shares of the biopharmaceutical company's stock valued at $905,312,000 after purchasing an additional 1,217,390 shares in the last quarter. Finally, RTW Investments LP lifted its stake in Insmed by 57.0% during the fourth quarter. RTW Investments LP now owns 4,842,879 shares of the biopharmaceutical company's stock worth $842,855,000 after purchasing an additional 1,758,321 shares during the last quarter.

Insmed Price Performance

NASDAQ:INSM opened at $111.60 on Friday. Insmed, Inc. has a 1-year low of $90.39 and a 1-year high of $212.75. The company has a market capitalization of $24.19 billion, a PE ratio of -19.41 and a beta of 0.78. The firm's 50-day moving average price is $109.42 and its 200-day moving average price is $140.81. The company has a debt-to-equity ratio of 0.80, a current ratio of 4.47 and a quick ratio of 4.10.

Insmed (NASDAQ:INSM - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.76) earnings per share for the quarter, topping analysts' consensus estimates 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 business had revenue of $305.96 million for the quarter, compared to analysts' expectations of $300.81 million. During the same quarter in the prior year, the company earned ($1.42) earnings per share. The business's revenue was up 229.7% compared to the same quarter last year. On average, equities analysts predict that Insmed, Inc. will post -2.55 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Michael Alexander Smith sold 1,806 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $95.82, for a total value of $173,050.92. Following the sale, the insider directly owned 37,648 shares of the company's stock, valued at approximately $3,607,431.36. This represents a 4.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Sara Bonstein sold 2,404 shares of the company's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $102.27, for a total transaction of $245,857.08. Following the completion of the transaction, the chief financial officer owned 69,082 shares in the company, valued at approximately $7,065,016.14. The trade was a 3.36% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 65,289 shares of company stock valued at $7,824,301. 2.10% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on INSM shares. JPMorgan Chase & Co. decreased their price objective on Insmed from $180.00 to $179.00 and set an "overweight" rating on the stock in a report on Monday, June 8th. Guggenheim cut their price objective on shares of Insmed from $230.00 to $226.00 and set a "buy" rating for the company in a research note on Friday, May 8th. Stifel Nicolaus lifted their target price on shares of Insmed from $205.00 to $208.00 and gave the stock a "buy" rating in a research report on Tuesday, March 24th. Raymond James Financial initiated coverage on shares of Insmed in a research note on Friday, April 10th. They issued an "outperform" rating and a $200.00 price target for the company. Finally, Mizuho set a $192.00 price objective on Insmed in a report on Tuesday, June 16th. 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. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $211.86.

Insmed 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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