Insmed (NASDAQ:INSM) Price Target Raised to $83.00

Insmed (NASDAQ:INSM) had its target price boosted by Bank of America from $62.00 to $83.00 in a research report released on Friday morning, Benzinga reports. Bank of America currently has a buy rating on the biopharmaceutical company’s stock.

Other research analysts also recently issued reports about the company. JPMorgan Chase & Co. boosted their target price on Insmed from $55.00 to $72.00 and gave the stock an overweight rating in a report on Thursday, June 20th. Truist Financial boosted their target price on Insmed from $48.00 to $68.00 and gave the stock a buy rating in a report on Wednesday, May 29th. Evercore ISI boosted their target price on Insmed from $42.00 to $75.00 and gave the stock an outperform rating in a report on Friday, June 21st. TD Cowen boosted their target price on Insmed from $45.00 to $67.00 and gave the stock a buy rating in a report on Wednesday, May 29th. Finally, The Goldman Sachs Group boosted their price objective on shares of Insmed from $49.00 to $74.00 and gave the stock a buy rating in a research report on Wednesday, May 29th. One research analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $65.06.

Insmed Price Performance

NASDAQ INSM opened at $67.00 on Friday. The stock’s 50-day moving average is $42.54 and its two-hundred day moving average is $33.18. The firm has a market cap of $9.96 billion, a P/E ratio of -12.81 and a beta of 1.12. Insmed has a fifty-two week low of $19.74 and a fifty-two week high of $70.65.

Insmed (NASDAQ:INSM) last released its earnings results on Thursday, May 9th. The biopharmaceutical company reported ($1.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.22) by $0.16. The firm had revenue of $75.50 million for the quarter, compared to analyst estimates of $77.76 million. The firm’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same period last year, the business earned ($1.17) earnings per share. On average, equities analysts expect that Insmed will post -4.58 EPS for the current year.

Insider Activity

In other news, insider John Drayton Wise sold 5,088 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $25.47, for a total value of $129,591.36. Following the sale, the insider now directly owns 123,259 shares of the company’s stock, valued at approximately $3,139,406.73. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Insmed news, CEO William Lewis sold 22,198 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $25.52, for a total value of $566,492.96. Following the transaction, the chief executive officer now directly owns 384,125 shares of the company’s stock, valued at approximately $9,802,870. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider John Drayton Wise sold 5,088 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $25.47, for a total transaction of $129,591.36. Following the completion of the transaction, the insider now directly owns 123,259 shares in the company, valued at $3,139,406.73. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 295,842 shares of company stock valued at $13,762,062. 4.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in INSM. Rhumbline Advisers increased its holdings in shares of Insmed by 2.1% during the third quarter. Rhumbline Advisers now owns 197,643 shares of the biopharmaceutical company’s stock worth $4,990,000 after purchasing an additional 4,081 shares during the period. Federated Hermes Inc. bought a new position in shares of Insmed during the third quarter worth approximately $418,000. Northern Trust Corp increased its holdings in shares of Insmed by 1.7% during the third quarter. Northern Trust Corp now owns 1,346,432 shares of the biopharmaceutical company’s stock worth $33,997,000 after purchasing an additional 21,875 shares during the period. Teza Capital Management LLC bought a new position in shares of Insmed during the third quarter worth approximately $368,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in shares of Insmed during the third quarter worth approximately $5,136,000.

Insmed Company Profile

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.