Eventide Asset Management LLC Boosts Stake in Insmed, Inc. $INSM

Eventide Asset Management LLC raised its position in shares of Insmed, Inc. (NASDAQ:INSM) by 1.3% in the second quarter, HoldingsChannel reports. The firm owned 1,196,494 shares of the biopharmaceutical company’s stock after buying an additional 14,819 shares during the quarter. Insmed makes up 2.1% of Eventide Asset Management LLC’s investment portfolio, making the stock its 5th largest position. Eventide Asset Management LLC’s holdings in Insmed were worth $120,411,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cubist Systematic Strategies LLC purchased a new position in shares of Insmed in the second quarter worth approximately $28,491,000. BI Asset Management Fondsmaeglerselskab A S raised its position in Insmed by 5,736.9% in the second quarter. BI Asset Management Fondsmaeglerselskab A S now owns 85,102 shares of the biopharmaceutical company’s stock worth $8,565,000 after acquiring an additional 83,644 shares during the period. Brevan Howard Capital Management LP purchased a new position in shares of Insmed during the 2nd quarter worth $20,389,000. Alkeon Capital Management LLC purchased a new position in shares of Insmed during the 2nd quarter worth $50,320,000. Finally, California State Teachers Retirement System grew its position in shares of Insmed by 10.0% during the 2nd quarter. California State Teachers Retirement System now owns 173,529 shares of the biopharmaceutical company’s stock valued at $17,464,000 after acquiring an additional 15,831 shares during the period.

Insmed Trading Up 0.9%

INSM stock opened at $197.01 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 4.63 and a quick ratio of 4.34. Insmed, Inc. has a 1-year low of $60.40 and a 1-year high of $212.75. The business has a 50 day simple moving average of $185.10 and a two-hundred day simple moving average of $138.91. The company has a market capitalization of $42.02 billion, a price-to-earnings ratio of -31.83 and a beta of 1.01.

Insmed (NASDAQ:INSM) last released its quarterly earnings data on Thursday, October 30th. The biopharmaceutical company reported ($1.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.35) by ($0.40). Insmed had a negative net margin of 264.83% and a negative return on equity of 183.55%. The company had revenue of $142.34 million for the quarter, compared to the consensus estimate of $114.33 million. During the same quarter in the previous year, the business earned ($1.27) EPS. The company’s quarterly revenue was up 52.4% on a year-over-year basis. Research analysts anticipate that Insmed, Inc. will post -4.56 EPS for the current fiscal year.

Insider Activity at Insmed

In other Insmed news, Director Elizabeth M. Anderson sold 5,000 shares of the stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $204.58, for a total transaction of $1,022,900.00. Following the completion of the transaction, the director owned 58,729 shares of the company’s stock, valued at $12,014,778.82. This represents a 7.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Leo Lee sold 75,000 shares of the firm’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $195.90, for a total value of $14,692,500.00. Following the transaction, the director owned 54,677 shares of the company’s stock, valued at approximately $10,711,224.30. The trade was a 57.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 147,130 shares of company stock worth $28,480,051 in the last quarter. 3.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on INSM. Evercore ISI reaffirmed an “outperform” rating and issued a $180.00 target price on shares of Insmed in a report on Wednesday, October 1st. Rothschild & Co Redburn began coverage on Insmed in a research report on Thursday, December 4th. They issued a “buy” rating and a $263.00 price target for the company. Redburn Partners set a $263.00 price objective on Insmed in a research report on Thursday, December 4th. Cantor Fitzgerald started coverage on Insmed in a research note on Tuesday, October 28th. They set an “overweight” rating and a $192.00 price objective for the company. Finally, TD Cowen raised their target price on shares of Insmed from $231.00 to $269.00 and gave the stock a “buy” rating in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $196.26.

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.