State Board of Administration of Florida Retirement System lowered its stake in Insmed Incorporated (NASDAQ:INSM) by 6.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 38,872 shares of the biopharmaceutical company’s stock after selling 2,650 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Insmed were worth $1,324,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the business. Baillie Gifford & Co. acquired a new position in shares of Insmed during the 4th quarter worth about $25,000. Penserra Capital Management LLC lifted its position in shares of Insmed by 169.6% during the 4th quarter. Penserra Capital Management LLC now owns 2,335 shares of the biopharmaceutical company’s stock worth $77,000 after purchasing an additional 1,469 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Insmed during the 1st quarter worth about $83,000. Magnetar Financial LLC acquired a new position in shares of Insmed during the 4th quarter worth about $213,000. Finally, Parametrica Management Ltd acquired a new position in shares of Insmed during the 4th quarter worth about $241,000.
INSM has been the topic of several research reports. Zacks Investment Research lowered Insmed from a “buy” rating to a “hold” rating in a research note on Tuesday, May 11th. Morgan Stanley lowered their price objective on Insmed from $58.00 to $56.00 and set an “overweight” rating on the stock in a research note on Monday, May 10th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $51.38.
NASDAQ:INSM opened at $29.07 on Friday. The stock’s fifty day moving average price is $29.78. Insmed Incorporated has a 52-week low of $23.95 and a 52-week high of $45.44. The company has a debt-to-equity ratio of 1.86, a quick ratio of 5.52 and a current ratio of 6.16. The firm has a market cap of $3.01 billion, a P/E ratio of -9.20 and a beta of 2.27.
Insmed (NASDAQ:INSM) last posted its quarterly earnings results on Thursday, May 6th. The biopharmaceutical company reported ($0.89) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.91) by $0.02. The company had revenue of $40.21 million for the quarter, compared to the consensus estimate of $41.64 million. Insmed had a negative return on equity of 103.03% and a negative net margin of 190.36%. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.74) EPS. Analysts forecast that Insmed Incorporated will post -3.29 EPS for the current fiscal year.
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.
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