Insmed, Inc. (INSM) Trading Up 8.8% Following Analyst Upgrade
Insmed, Inc. (NASDAQ:INSM) shares were up 8.8% during trading on Wednesday after ValuEngine upgraded the stock from a sell rating to a hold rating. The company traded as high as $29.63 and last traded at $29.36. Approximately 9,554,967 shares were traded during mid-day trading, an increase of 964% from the average daily volume of 898,398 shares. The stock had previously closed at $26.99.
A number of other brokerages have also recently commented on INSM. HC Wainwright reiterated a “buy” rating on shares of Insmed in a research note on Wednesday, August 2nd. BidaskClub cut Insmed from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Evercore ISI increased their price target on Insmed from $28.00 to $40.00 and gave the company an “outperform” rating in a research note on Tuesday. Robert W. Baird started coverage on Insmed in a research note on Monday, July 10th. They issued an “outperform” rating and a $23.00 price target for the company. Finally, Zacks Investment Research cut Insmed from a “buy” rating to a “hold” rating in a research note on Tuesday, May 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $34.50.
Large investors have recently made changes to their positions in the stock. SG Americas Securities LLC bought a new position in Insmed during the 2nd quarter worth $129,000. BNP Paribas Arbitrage SA raised its position in Insmed by 666.7% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,498 shares of the biopharmaceutical company’s stock worth $129,000 after purchasing an additional 6,520 shares during the last quarter. UBS Asset Management Americas Inc. bought a new position in Insmed during the 2nd quarter worth $187,000. Driehaus Capital Management LLC bought a new position in Insmed during the 1st quarter worth $192,000. Finally, Virtu KCG Holdings LLC bought a new position in Insmed during the 2nd quarter worth $201,000. 89.64% of the stock is owned by institutional investors and hedge funds.
The stock has a 50-day moving average of $14.72 and a 200 day moving average of $16.25. The company’s market capitalization is $1.83 billion.
Insmed (NASDAQ:INSM) last posted its quarterly earnings results on Thursday, August 3rd. The biopharmaceutical company reported ($0.72) earnings per share for the quarter, missing the consensus estimate of ($0.63) by $0.09. On average, equities research analysts anticipate that Insmed, Inc. will post ($2.70) earnings per share for the current year.
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Insmed Incorporated is a biopharmaceutical company. The Company operates through development and commercialization of therapies for patients with rare diseases segment. Its lead product candidate is ARIKAYCE, or liposomal amikacin for inhalation (LAI), which is in late-stage development for adult patients with treatment refractory nontuberculous mycobacteria (NTM) lung disease caused by Mycobacterium avium complex (MAC).
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