JPMorgan Chase & Co. Cuts Insmed (NASDAQ:INSM) Price Target to $179.00

Key Points

• JPMorgan Chase & Co. trimmed its price target on Insmed from $180 to $179 while keeping an overweight rating, implying nearly 90% upside from the current share price.
• Analyst sentiment remains broadly positive overall, with a Moderate Buy consensus and an average price target of $212.50 despite the modest JPMorgan cut.
• Insmed recently beat quarterly earnings and revenue estimates, but insiders, including the CFO and CEO, sold shares in June to cover tax withholding obligations tied to equity awards.

Insmed (NASDAQ:INSM - Get Free Report) had its price target decreased by investment analysts at JPMorgan Chase & Co. from $180.00 to $179.00 in a report released on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the biopharmaceutical company's stock. JPMorgan Chase & Co.'s price objective points to a potential upside of 89.98% from the stock's current price.

Several other research firms have also recently commented on INSM. Leerink Partners increased their price target on shares of Insmed from $210.00 to $215.00 and gave the company an "outperform" rating in a research note on Tuesday, March 24th. Guggenheim dropped their price objective on shares of Insmed from $230.00 to $226.00 and set a "buy" rating for the company in a research report on Friday, May 8th. Morgan Stanley raised Insmed from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $166.00 to $212.00 in a report on Monday, March 30th. Jefferies Financial Group began coverage on Insmed in a research report on Monday, March 16th. They issued a "buy" rating and a $228.00 price objective on the stock. Finally, Roth Mkm restated a "buy" rating on shares of Insmed in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $212.50.

Insmed Stock Performance

Insmed stock opened at $94.22 on Monday. The stock has a 50-day simple moving average of $130.45 and a 200 day simple moving average of $154.65. The stock has a market capitalization of $20.42 billion, a price-to-earnings ratio of -16.39 and a beta of 0.79. The company has a quick ratio of 4.10, a current ratio of 4.47 and a debt-to-equity ratio of 0.80. Insmed has a 12-month low of $70.57 and a 12-month high of $212.75.

Insmed (NASDAQ:INSM - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.76) EPS for the quarter, topping analysts' consensus estimates of ($0.90) by $0.14. The firm had revenue of $305.96 million for the quarter, compared to analyst estimates of $300.81 million. Insmed had a negative net margin of 144.44% and a negative return on equity of 130.11%. The company's revenue was up 229.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.42) EPS. On average, research analysts anticipate that Insmed will post -2.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Insmed

In other news, CFO Sara Bonstein sold 2,404 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $102.27, for a total value of $245,857.08. Following the transaction, the chief financial officer owned 69,082 shares of the company's stock, valued at $7,065,016.14. This represents a 3.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Lewis sold 7,605 shares of the firm's stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $102.27, for a total value of $777,763.35. Following the completion of the transaction, the chief executive officer owned 265,432 shares in the company, valued at $27,145,730.64. This represents a 2.79% 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. Over the last 90 days, insiders have sold 160,482 shares of company stock worth $24,438,193. 2.10% of the stock is currently owned by insiders.

Institutional Trading of Insmed

Institutional investors and hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC grew its holdings in Insmed by 65.6% during the second quarter. EverSource Wealth Advisors LLC now owns 664 shares of the biopharmaceutical company's stock valued at $67,000 after purchasing an additional 263 shares during the period. First Trust Advisors LP raised its holdings in Insmed by 80.8% in the second 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. acquired a new stake in Insmed in the second quarter worth $2,589,000. Amundi boosted its position in shares of Insmed by 21,194.4% during the second quarter. Amundi now owns 11,499 shares of the biopharmaceutical company's stock worth $1,130,000 after purchasing an additional 11,445 shares in the last quarter. Finally, Natixis bought a new position in shares of Insmed during the second quarter worth $1,072,000.

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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