Readystate Asset Management LP Reduces Position in Insmed Incorporated (NASDAQ:INSM)

Readystate Asset Management LP lowered its stake in shares of Insmed Incorporated (NASDAQ:INSM - Free Report) by 97.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 211,789 shares of the biopharmaceutical company's stock after selling 7,052,211 shares during the quarter. Readystate Asset Management LP owned about 0.12% of Insmed worth $15,461,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in INSM. Darwin Global Management Ltd. purchased a new stake in Insmed in the second quarter valued at about $237,076,000. Vestal Point Capital LP raised its stake in shares of Insmed by 113.3% in the third quarter. Vestal Point Capital LP now owns 1,600,000 shares of the biopharmaceutical company's stock worth $116,800,000 after purchasing an additional 850,000 shares during the last quarter. Clearbridge Investments LLC raised its stake in shares of 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 purchasing an additional 714,539 shares during the last quarter. Fiera Capital Corp purchased a new position in shares of Insmed in the second quarter worth about $40,570,000. Finally, Farallon Capital Management LLC purchased a new position in shares of Insmed in the second quarter worth about $38,056,000.

Insider Buying and Selling at Insmed

In other news, insider Orlov S. Nicole Schaeffer sold 37,575 shares of the company's stock in a transaction 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 transaction, the insider now owns 100,100 shares of the company's stock, valued at $7,157,150. This represents a 27.29 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael Alexander Smith sold 27,871 shares of the company's stock in a transaction 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 in the company, valued at approximately $5,045,093.60. This trade represents a 29.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 78,882 shares of company stock worth $5,765,446 in the last three months. 4.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price objective on Insmed from $74.00 to $83.00 and gave the stock an "overweight" rating in a research note on Friday, November 22nd. TD Cowen lifted their price target on Insmed from $75.00 to $98.00 and gave the company a "buy" rating in a research report on Friday, August 9th. HC Wainwright reiterated a "buy" rating and set a $90.00 price target on shares of Insmed in a research report on Friday, November 1st. Stifel Nicolaus lifted their price target on Insmed from $74.00 to $88.00 and gave the company a "buy" rating in a research report on Friday, August 9th. Finally, UBS Group lifted their price target on Insmed from $78.00 to $84.00 and gave the company a "buy" rating in a research report on Friday, August 9th. One research analyst has rated the stock with a sell rating and sixteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $83.67.

Insmed Stock Up 1.1 %

Shares of INSM traded up $0.84 during trading hours on Thursday, hitting $76.20. 1,287,693 shares of the stock were exchanged, compared to its average volume of 2,210,696. The company has a quick ratio of 5.99, a current ratio of 6.37 and a debt-to-equity ratio of 2.03. Insmed Incorporated has a 12-month low of $21.92 and a 12-month high of $80.53. The stock's 50-day moving average price is $72.26 and its two-hundred day moving average price is $69.06.

Insmed (NASDAQ:INSM - Get Free Report) last issued its earnings results on Thursday, October 31st. The biopharmaceutical company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.19) by ($0.08). The business had revenue of $93.40 million during the quarter, compared to the consensus estimate of $93.36 million. The firm's quarterly revenue was up 18.1% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.10) EPS. Sell-side analysts forecast that Insmed Incorporated will post -5.44 EPS for the current year.

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.