State Street Corp Increases Position in Insmed, Inc. (INSM)
State Street Corp boosted its position in shares of Insmed, Inc. (NASDAQ:INSM) by 4.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,499,611 shares of the biopharmaceutical company’s stock after buying an additional 68,319 shares during the period. State Street Corp owned 2.42% of Insmed worth $26,259,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently modified their holdings of the stock. Norges Bank purchased a new position in shares of Insmed during the fourth quarter worth about $3,635,000. Vanguard Group Inc. raised its position in shares of Insmed by 4.8% in the first quarter. Vanguard Group Inc. now owns 3,781,483 shares of the biopharmaceutical company’s stock worth $66,214,000 after buying an additional 173,532 shares during the last quarter. C WorldWide Group Holding A S purchased a new position in shares of Insmed during the first quarter worth about $2,144,000. Pictet Asset Management Ltd. raised its position in shares of Insmed by 97.2% in the first quarter. Pictet Asset Management Ltd. now owns 124,543 shares of the biopharmaceutical company’s stock worth $2,181,000 after buying an additional 61,400 shares during the last quarter. Finally, Cornerstone Capital Management Holdings LLC. purchased a new position in shares of Insmed during the first quarter worth about $782,000. 92.69% of the stock is owned by hedge funds and other institutional investors.
Insmed, Inc. (INSM) traded down 1.13% during midday trading on Monday, hitting $14.00. The stock had a trading volume of 142,650 shares. Insmed, Inc. has a one year low of $10.21 and a one year high of $19.35. The company’s market cap is $869.26 million. The stock’s 50-day moving average is $16.91 and its 200-day moving average is $16.51.
Insmed (NASDAQ:INSM) last issued its earnings results on Thursday, August 3rd. The biopharmaceutical company reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.63) by $0.09. Equities analysts predict that Insmed, Inc. will post ($2.63) EPS for the current fiscal year.
INSM has been the subject of a number of research reports. Zacks Investment Research lowered Insmed from a “buy” rating to a “hold” rating in a research note on Tuesday, May 9th. Stifel Nicolaus reaffirmed a “buy” rating and set a $23.00 price target on shares of Insmed in a research note on Tuesday, April 18th. BidaskClub raised Insmed from a “sell” rating to a “hold” rating in a research note on Friday, June 23rd. Robert W. Baird initiated coverage on Insmed in a research note on Monday, July 10th. They set an “outperform” rating and a $23.00 price target for the company. Finally, ValuEngine raised Insmed from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $22.00.
In other Insmed news, General Counsel Christine A. Pellizzari bought 10,000 shares of the company’s stock in a transaction on Wednesday, May 31st. The stock was bought at an average price of $15.14 per share, for a total transaction of $151,400.00. Following the transaction, the general counsel now owns 27,300 shares of the company’s stock, valued at approximately $413,322. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 5.10% of the company’s stock.
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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