Insmed, Inc. (INSM) Stake Raised by Palo Alto Investors LLC
Palo Alto Investors LLC grew its position in shares of Insmed, Inc. (NASDAQ:INSM) by 1.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,621,816 shares of the biopharmaceutical company’s stock after acquiring an additional 87,666 shares during the quarter. Insmed comprises 4.5% of Palo Alto Investors LLC’s holdings, making the stock its 6th largest holding. Palo Alto Investors LLC owned 9.01% of Insmed worth $96,470,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in INSM. Janus Henderson Group PLC bought a new stake in shares of Insmed during the second quarter valued at approximately $28,292,000. Emerald Advisers Inc. PA boosted its position in shares of Insmed by 23.0% during the second quarter. Emerald Advisers Inc. PA now owns 1,285,365 shares of the biopharmaceutical company’s stock valued at $22,057,000 after buying an additional 240,048 shares during the last quarter. Emerald Mutual Fund Advisers Trust boosted its position in shares of Insmed by 26.8% during the second quarter. Emerald Mutual Fund Advisers Trust now owns 1,036,283 shares of the biopharmaceutical company’s stock valued at $17,783,000 after buying an additional 218,933 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Insmed by 4.8% during the first quarter. Vanguard Group Inc. now owns 3,781,483 shares of the biopharmaceutical company’s stock valued at $66,214,000 after buying an additional 173,532 shares during the last quarter. Finally, Nexthera Capital LP purchased a new position in shares of Insmed during the second quarter valued at approximately $2,746,000. Hedge funds and other institutional investors own 73.08% of the company’s stock.
Shares of Insmed, Inc. (INSM) traded down 0.06% on Thursday, hitting $31.22. The company had a trading volume of 169,459 shares. Insmed, Inc. has a 52 week low of $10.21 and a 52 week high of $31.84. The firm’s 50 day moving average price is $23.06 and its 200-day moving average price is $18.23. The stock’s market capitalization is $1.95 billion.
Insmed (NASDAQ:INSM) last posted its quarterly earnings data on Thursday, August 3rd. The biopharmaceutical company reported ($0.72) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.63) by ($0.09). Analysts forecast that Insmed, Inc. will post ($2.70) earnings per share for the current fiscal year.
In related news, Director Melvin Md Sharoky sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $27.37, for a total transaction of $1,368,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Donald J. Hayden, Jr. sold 45,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $29.67, for a total value of $1,335,150.00. Following the transaction, the director now directly owns 71,131 shares of the company’s stock, valued at approximately $2,110,456.77. The disclosure for this sale can be found here. 4.03% of the stock is owned by company insiders.
INSM has been the topic of several analyst reports. Leerink Swann lifted their target price on Insmed from $27.00 to $36.00 and gave the company an “outperform” rating in a research report on Tuesday, September 5th. Stifel Nicolaus reaffirmed a “buy” rating and set a $43.00 target price (up previously from $27.00) on shares of Insmed in a research report on Wednesday, September 6th. Evercore ISI lifted their target price on Insmed from $28.00 to $40.00 and gave the company an “outperform” rating in a research report on Tuesday, September 5th. Zacks Investment Research raised Insmed from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a research report on Wednesday, July 5th. Finally, Robert W. Baird initiated coverage on Insmed in a research report on Monday, July 10th. They set an “outperform” rating and a $23.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. Insmed presently has a consensus rating of “Buy” and a consensus target price of $34.50.
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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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