Insmed Incorporated (NASDAQ:INSM) is Suvretta Capital Management LLC's 3rd Largest Position

Suvretta Capital Management LLC decreased its holdings in Insmed Incorporated (NASDAQ:INSM - Free Report) by 35.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,635,709 shares of the biopharmaceutical company's stock after selling 886,091 shares during the quarter. Insmed accounts for about 3.8% of Suvretta Capital Management LLC's holdings, making the stock its 3rd biggest holding. Suvretta Capital Management LLC owned about 0.91% of Insmed worth $119,407,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Darwin Global Management Ltd. purchased a new stake in shares of Insmed during the second quarter worth approximately $237,076,000. Clearbridge Investments LLC lifted its stake in Insmed by 76.8% in the second quarter. Clearbridge Investments LLC now owns 1,644,948 shares of the biopharmaceutical company's stock worth $110,212,000 after acquiring an additional 714,539 shares during the last quarter. Fiera Capital Corp purchased a new stake in shares of Insmed in the 2nd quarter valued at approximately $40,570,000. Farallon Capital Management LLC acquired a new stake in shares of Insmed in the 2nd quarter valued at $38,056,000. Finally, Fred Alger Management LLC purchased a new stake in shares of Insmed during the 2nd quarter worth $33,404,000.

Analyst Upgrades and Downgrades

INSM has been the topic of several recent analyst reports. Truist Financial reissued a "buy" rating and issued a $105.00 target price (up previously from $100.00) on shares of Insmed in a report on Friday, November 1st. TD Cowen raised their target price on Insmed from $75.00 to $98.00 and gave the stock a "buy" rating in a research report on Friday, August 9th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Insmed in a report on Monday, September 9th. Stifel Nicolaus increased their price target on shares of Insmed from $74.00 to $88.00 and gave the company a "buy" rating in a research note on Friday, August 9th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Insmed from $74.00 to $83.00 and gave the stock an "overweight" rating in a research report on Friday, November 22nd. One research analyst has rated the stock with a sell rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $83.67.

Insiders Place Their Bets

In related news, insider Orlov S. Nicole Schaeffer sold 37,575 shares of the company's stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $71.50, for a total value of $2,686,612.50. Following the sale, the insider now owns 100,100 shares in the company, valued at $7,157,150. This represents a 27.29 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael Alexander Smith sold 27,871 shares of the firm's stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $74.35, for a total value of $2,072,208.85. Following the completion of the transaction, the insider now directly owns 67,856 shares of the company's stock, valued at $5,045,093.60. The trade was a 29.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 78,882 shares of company stock worth $5,765,446. Corporate insiders own 4.60% of the company's stock.

Insmed Stock Performance

NASDAQ:INSM traded down $0.72 during mid-day trading on Friday, reaching $75.16. The stock had a trading volume of 719,651 shares, compared to its average volume of 2,224,189. The company has a debt-to-equity ratio of 2.03, a quick ratio of 5.99 and a current ratio of 6.37. The business has a 50 day simple moving average of $72.20 and a 200 day simple moving average of $67.74. Insmed Incorporated has a twelve month low of $21.92 and a twelve month high of $80.53. The firm has a market capitalization of $13.45 billion, a price-to-earnings ratio of -13.54 and a beta of 1.12.

Insmed (NASDAQ:INSM - Get Free Report) last posted its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported ($1.27) earnings per share for the quarter, missing analysts' consensus estimates of ($1.19) by ($0.08). The company had revenue of $93.40 million during the quarter, compared to analysts' expectations of $93.36 million. Insmed's quarterly revenue was up 18.1% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.10) EPS. On average, analysts expect that Insmed Incorporated will post -5.44 earnings per share for the current fiscal year.

Insmed Profile

Insmed Incorporated is a global biopharmaceutical company on a mission to transform the lives of patients with serious and rare diseases. Insmed's first commercial product is ARIKAYCE® (amikacin liposome inhalation suspension), which is approved in the United States for the treatment of Mycobacterium avium complex (MAC) lung disease as part of a combination antibacterial drug regimen for adult patients with limited or no alternative treatment options.