Insmed (NASDAQ:INSM) Shares Gap Down on Disappointing Earnings

Insmed Incorporated (NASDAQ:INSM - Get Free Report) gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $83.83, but opened at $80.10. Insmed shares last traded at $83.53, with a volume of 334,440 shares trading hands.

The biopharmaceutical company reported ($1.32) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.17) by ($0.15). The firm had revenue of $104.44 million for the quarter, compared to the consensus estimate of $102.31 million.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on INSM. Morgan Stanley boosted their price target on shares of Insmed from $85.00 to $90.00 and gave the company an "overweight" rating in a report on Thursday, February 6th. Stifel Nicolaus cut their price target on shares of Insmed from $97.00 to $96.00 and set a "buy" rating on the stock in a research report on Friday. Truist Financial upped their target price on shares of Insmed from $105.00 to $108.00 and gave the company a "buy" rating in a report on Friday. Guggenheim upped their target price on shares of Insmed from $95.00 to $101.00 and gave the company a "buy" rating in a report on Friday, February 7th. Finally, JPMorgan Chase & Co. upped their price target on shares of Insmed from $83.00 to $92.00 and gave the company an "overweight" rating in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating and fifteen have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $91.00.

Insiders Place Their Bets

In other news, CFO Sara Bonstein sold 3,470 shares of the company's stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $65.70, for a total transaction of $227,979.00. Following the completion of the sale, the chief financial officer now owns 114,736 shares of the company's stock, valued at approximately $7,538,155.20. This represents a 2.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William Lewis sold 2,978 shares of the company's stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $63.36, for a total transaction of $188,686.08. Following the sale, the chief executive officer now directly owns 392,589 shares of the company's stock, valued at approximately $24,874,439.04. This trade represents a 0.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 532,207 shares of company stock worth $41,400,465 in the last quarter. Corporate insiders own 4.60% of the company's stock.

Hedge Funds Weigh In On Insmed

Several institutional investors and hedge funds have recently added to or reduced their stakes in INSM. Elequin Capital LP bought a new position in Insmed in the 4th quarter valued at approximately $28,000. Steward Partners Investment Advisory LLC increased its position in shares of Insmed by 65.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 413 shares of the biopharmaceutical company's stock worth $29,000 after buying an additional 163 shares during the period. V Square Quantitative Management LLC grew its holdings in Insmed by 60.3% in the fourth quarter. V Square Quantitative Management LLC now owns 659 shares of the biopharmaceutical company's stock worth $45,000 after purchasing an additional 248 shares during the period. Spire Wealth Management acquired a new stake in Insmed in the fourth quarter worth $47,000. Finally, Exchange Traded Concepts LLC grew its holdings in shares of Insmed by 522.5% during the third quarter. Exchange Traded Concepts LLC now owns 747 shares of the biopharmaceutical company's stock valued at $55,000 after buying an additional 627 shares during the last quarter.

Insmed Trading Down 3.0 %

The company has a quick ratio of 5.99, a current ratio of 6.37 and a debt-to-equity ratio of 2.03. The firm's 50-day moving average price is $74.29 and its 200 day moving average price is $73.59. The company has a market capitalization of $14.50 billion, a P/E ratio of -14.61 and a beta of 1.11.

About Insmed

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.