Shares of Insmed, Inc. (NASDAQ:INSM) fell 9.2% during mid-day trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $13.92 and last traded at $14.06, with a volume of 1,661,958 shares trading hands. The stock had previously closed at $15.49.
The biopharmaceutical company reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by $0.09.
Several brokerages recently issued reports on INSM. BidaskClub cut shares of Insmed from a “sell” rating to a “strong sell” rating in a research note on Monday. Zacks Investment Research raised shares of Insmed from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research note on Wednesday, July 5th. Stifel Nicolaus boosted their target price on shares of Insmed from $23.00 to $27.00 and gave the company a “buy” rating in a report on Monday, May 1st. Citigroup Inc. reiterated a “neutral” rating and issued a $17.00 target price (up from $14.00) on shares of Insmed in a report on Sunday, June 11th. Finally, Robert W. Baird assumed coverage on shares of Insmed in a report on Monday, July 10th. They issued an “outperform” rating and a $23.00 target price on the stock. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $22.00.
In related news, General Counsel Christine A. Pellizzari acquired 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 31st. The shares were purchased at an average cost of $15.14 per share, for a total transaction of $151,400.00. Following the acquisition, the general counsel now owns 27,300 shares in the company, valued at approximately $413,322. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 5.10% of the company’s stock.
Several institutional investors have recently modified their holdings of INSM. The Manufacturers Life Insurance Company raised its position in shares of Insmed by 0.4% in the second quarter. The Manufacturers Life Insurance Company now owns 49,163 shares of the biopharmaceutical company’s stock valued at $844,000 after buying an additional 197 shares in the last quarter. Redmile Group LLC bought a new position in shares of Insmed during the second quarter valued at approximately $212,000. State Street Corp raised its position in shares of Insmed by 15.2% in the second quarter. State Street Corp now owns 1,728,017 shares of the biopharmaceutical company’s stock valued at $29,651,000 after buying an additional 228,406 shares in the last quarter. Palo Alto Investors LLC raised its position in shares of Insmed by 1.6% in the second quarter. Palo Alto Investors LLC now owns 5,621,816 shares of the biopharmaceutical company’s stock valued at $96,470,000 after buying an additional 87,666 shares in the last quarter. Finally, Nexthera Capital LP bought a new position in shares of Insmed during the second quarter valued at approximately $2,746,000. Hedge funds and other institutional investors own 92.63% of the company’s stock.
The company has a 50-day moving average of $16.07 and a 200 day moving average of $16.36. The company’s market cap is $749.77 million.
Insmed Company Profile
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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