Short Interest in Insmed Incorporated (NASDAQ:INSM) Drops By 9.4%

by · The Cerbat Gem

Insmed Incorporated (NASDAQ:INSM – Get Free Report) was the target of a large drop in short interest during the month of August. As of August 31st, there was short interest totalling 12,230,000 shares, a drop of 9.4% from the August 15th total of 13,500,000 shares. Based on an average trading volume of 2,500,000 shares, the days-to-cover ratio is presently 4.9 days.

Analysts Set New Price Targets

INSM has been the subject of several recent analyst reports. The Goldman Sachs Group upped their target price on shares of Insmed from $74.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Truist Financial cut their target price on Insmed from $88.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, August 12th. TD Cowen boosted their price target on Insmed from $75.00 to $98.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Morgan Stanley increased their price objective on shares of Insmed from $60.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, July 12th. Finally, HC Wainwright reissued a “buy” rating and issued a $90.00 target price on shares of Insmed in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Insmed currently has a consensus rating of “Moderate Buy” and an average target price of $79.19.

Check Out Our Latest Report on INSM

Insmed Price Performance

Shares of NASDAQ:INSM traded up $0.03 on Tuesday, reaching $73.26. The company’s stock had a trading volume of 1,368,181 shares, compared to its average volume of 2,430,063. The company has a 50-day simple moving average of $74.78 and a 200 day simple moving average of $51.24. Insmed has a 52-week low of $21.92 and a 52-week high of $80.53. The company has a debt-to-equity ratio of 25.05, a quick ratio of 2.53 and a current ratio of 2.71. The company has a market cap of $10.89 billion, a P/E ratio of -14.01 and a beta of 1.11.

Insmed (NASDAQ:INSM – Get Free Report) last released its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.94) EPS for the quarter, missing the consensus estimate of ($1.22) by ($0.72). The company had revenue of $90.34 million during the quarter, compared to the consensus estimate of $87.95 million. During the same period in the prior year, the company posted ($1.78) EPS. The company’s quarterly revenue was up 17.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Insmed will post -5.42 EPS for the current fiscal year.

Insider Transactions at Insmed

In other news, insider Orlov S. Nicole Schaeffer sold 37,575 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $71.50, for a total value of $2,686,612.50. Following the completion of the sale, the insider now directly owns 100,100 shares in the company, valued at approximately $7,157,150. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Insmed news, insider Martina M.D. Flammer sold 13,436 shares of Insmed stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $74.92, for a total transaction of $1,006,625.12. Following the transaction, the insider now owns 106,134 shares of the company’s stock, valued at $7,951,559.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Orlov S. Nicole Schaeffer sold 37,575 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $71.50, for a total transaction of $2,686,612.50. Following the completion of the transaction, the insider now owns 100,100 shares of the company’s stock, valued at $7,157,150. The disclosure for this sale can be found here. Insiders have sold 78,882 shares of company stock worth $5,765,446 in the last 90 days. 4.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Insmed

Institutional investors and hedge funds have recently modified their holdings of the stock. Maven Securities LTD bought a new stake in shares of Insmed in the 2nd quarter worth about $335,000. Clearbridge Investments LLC lifted its stake in Insmed by 76.8% in the second quarter. Clearbridge Investments LLC now owns 1,644,948 shares of the biopharmaceutical company’s stock worth $110,212,000 after purchasing an additional 714,539 shares during the last quarter. Teachers Retirement System of The State of Kentucky purchased a new position in shares of Insmed during the second quarter valued at approximately $630,000. Truist Financial Corp bought a new position in shares of Insmed during the second quarter valued at approximately $413,000. Finally, Perceptive Advisors LLC purchased a new stake in shares of Insmed in the second quarter worth approximately $12,060,000.

About Insmed

(Get Free Report)

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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