Insmed Inc. (INSM) Sees Unusually-High Trading Volume
Shares of Insmed Inc. (NASDAQ:INSM) saw strong trading volume on Wednesday . 403,265 shares changed hands during trading, a decline of 19% from the previous session’s volume of 500,701 shares.The stock last traded at $11.27 and had previously closed at $11.22.
Several research analysts have issued reports on the stock. Zacks Investment Research upgraded shares of Insmed from a “sell” rating to a “hold” rating in a report on Monday, May 2nd. Cowen and Company restated a “buy” rating on shares of Insmed in a report on Sunday, April 17th. Citigroup Inc. lowered their price target on shares of Insmed from $21.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, March 16th. HC Wainwright restated a “buy” rating on shares of Insmed in a report on Wednesday, June 15th. Finally, Piper Jaffray Cos. restated an “overweight” rating and issued a $24.00 price target on shares of Insmed in a report on Thursday, June 9th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $23.57.
The company’s market capitalization is $688.69 million. The company’s 50-day moving average is $10.74 and its 200 day moving average is $12.46.
Insmed (NASDAQ:INSM) last issued its quarterly earnings data on Thursday, May 5th. The biopharmaceutical company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.52) by $0.02. On average, equities research analysts anticipate that Insmed Inc. will post ($2.21) earnings per share for the current fiscal year.
A number of hedge funds recently modified their holdings of INSM. California State Teachers Retirement System raised its stake in shares of Insmed by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 113,929 shares of the biopharmaceutical company’s stock valued at $2,068,000 after buying an additional 1,804 shares during the period. Jennison Associates LLC raised its stake in shares of Insmed by 0.4% in the fourth quarter. Jennison Associates LLC now owns 1,168,760 shares of the biopharmaceutical company’s stock worth $21,213,000 after buying an additional 4,159 shares during the period. Rhumbline Advisers raised its stake in shares of Insmed by 7.9% in the fourth quarter. Rhumbline Advisers now owns 64,811 shares of the biopharmaceutical company’s stock worth $1,176,000 after buying an additional 4,735 shares during the period. ProShare Advisors LLC raised its stake in shares of Insmed by 10.7% in the fourth quarter. ProShare Advisors LLC now owns 58,656 shares of the biopharmaceutical company’s stock worth $1,065,000 after buying an additional 5,686 shares during the period. Finally, Tekla Capital Management LLC acquired a new stake in shares of Insmed during the fourth quarter worth about $2,842,000.
Insmed Incorporated is a biopharmaceutical company focused on developing and commercializing inhaled therapies for patients with serious lung diseases. The Company’s product candidate, ARIKAYCE, or liposomal amikacin for inhalation (LAI) is being developed for at least two identified orphan patient populations: patients with non-tuberculous mycobacteria (NTM) lung infections and cystic fibrosis (CF) patients with Pseudomonas aeruginosa (Pseudomonas) lung infections.
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