Insmed (NASDAQ:INSM) Price Target Cut to $85.00

Insmed (NASDAQ:INSM) had its price target cut by Truist Financial from $88.00 to $85.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Truist Financial’s price objective suggests a potential upside of 11.29% from the company’s current price.

Other research analysts have also recently issued reports about the stock. The Goldman Sachs Group raised their target price on shares of Insmed from $74.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Bank of America reiterated a “buy” rating and set a $83.00 price objective on shares of Insmed in a research report on Friday, July 5th. Guggenheim increased their target price on Insmed from $70.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. JPMorgan Chase & Co. lifted their price target on Insmed from $55.00 to $72.00 and gave the company an “overweight” rating in a report on Thursday, June 20th. Finally, Wells Fargo & Company increased their price objective on Insmed from $55.00 to $77.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 29th. One equities research analyst has rated the stock with a sell rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Insmed currently has an average rating of “Moderate Buy” and an average price target of $79.19.

Insmed Stock Performance

Shares of NASDAQ:INSM opened at $76.38 on Monday. The company has a market capitalization of $11.35 billion, a PE ratio of -14.60 and a beta of 1.16. The stock has a fifty day moving average of $69.19 and a 200-day moving average of $42.67. Insmed has a one year low of $21.21 and a one year high of $78.87.

Insmed (NASDAQ:INSM) last announced its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.94) EPS for the quarter, missing the consensus estimate of ($1.22) by ($0.72). The firm had revenue of $90.34 million during the quarter, compared to analyst estimates of $87.95 million. The firm’s revenue was up 17.0% compared to the same quarter last year. During the same period last year, the company posted ($1.78) earnings per share. As a group, research analysts forecast that Insmed will post -4.71 EPS for the current fiscal year.

Insider Activity at Insmed

In other Insmed news, CFO Sara Bonstein sold 220,564 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $50.00, for a total value of $11,028,200.00. Following the completion of the sale, the chief financial officer now directly owns 117,481 shares of the company’s stock, valued at $5,874,050. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Insmed news, CFO Sara Bonstein sold 220,564 shares of the business’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $50.00, for a total value of $11,028,200.00. Following the completion of the sale, the chief financial officer now owns 117,481 shares of the company’s stock, valued at $5,874,050. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Martina M.D. Flammer sold 21,195 shares of the stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $55.00, for a total value of $1,165,725.00. Following the transaction, the insider now directly owns 106,134 shares in the company, valued at approximately $5,837,370. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 249,611 shares of company stock valued at $12,584,876. 4.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Insmed

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Insmed by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 14,509,235 shares of the biopharmaceutical company’s stock worth $393,636,000 after acquiring an additional 383,714 shares during the period. Principal Financial Group Inc. increased its stake in shares of Insmed by 15.2% in the second quarter. Principal Financial Group Inc. now owns 1,657,760 shares of the biopharmaceutical company’s stock worth $111,069,000 after purchasing an additional 218,480 shares during the period. Capital International Investors acquired a new position in shares of Insmed during the 1st quarter worth about $43,973,000. Norges Bank acquired a new position in shares of Insmed during the 4th quarter worth about $45,029,000. Finally, Assenagon Asset Management S.A. boosted its stake in Insmed by 325.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,211,560 shares of the biopharmaceutical company’s stock valued at $32,870,000 after purchasing an additional 927,040 shares during the period.

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.