Hennion & Walsh Asset Management Inc. Cuts Position in Insmed Incorporated (NASDAQ:INSM)

Hennion & Walsh Asset Management Inc. lowered its position in Insmed Incorporated (NASDAQ:INSM) by 22.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 114,651 shares of the biopharmaceutical company’s stock after selling 32,261 shares during the quarter. Hennion & Walsh Asset Management Inc. owned 0.08% of Insmed worth $7,682,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Insmed by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 14,509,235 shares of the biopharmaceutical company’s stock worth $393,636,000 after buying an additional 383,714 shares during the last quarter. Capital International Investors acquired a new stake in Insmed in the 1st quarter worth about $43,973,000. Norges Bank acquired a new stake in Insmed in the 4th quarter worth about $45,029,000. Principal Financial Group Inc. boosted its stake in Insmed by 5.9% in the 1st quarter. Principal Financial Group Inc. now owns 1,439,280 shares of the biopharmaceutical company’s stock worth $39,048,000 after buying an additional 79,717 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Insmed by 325.8% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,211,560 shares of the biopharmaceutical company’s stock valued at $32,870,000 after purchasing an additional 927,040 shares in the last quarter.

Insmed Price Performance

NASDAQ:INSM traded up $0.73 during midday trading on Monday, reaching $76.93. 1,006,173 shares of the company traded hands, compared to its average volume of 2,484,672. Insmed Incorporated has a twelve month low of $21.21 and a twelve month high of $78.87. The firm has a market capitalization of $11.43 billion, a price-to-earnings ratio of -14.57 and a beta of 1.16. The company has a fifty day moving average price of $70.64 and a 200 day moving average price of $44.01.

Insmed (NASDAQ:INSM) last released its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.22) by ($0.72). The company had revenue of $90.34 million during the quarter, compared to analyst estimates of $87.95 million. During the same period in the prior year, the company earned ($1.78) EPS. Insmed’s revenue for the quarter was up 17.0% on a year-over-year basis. On average, equities research analysts forecast that Insmed Incorporated will post -4.71 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. The Goldman Sachs Group lifted their price objective on Insmed from $74.00 to $102.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Bank of America reaffirmed a “buy” rating and issued a $83.00 price objective on shares of Insmed in a research note on Friday, July 5th. Evercore ISI raised their target price on Insmed from $42.00 to $75.00 and gave the company an “outperform” rating in a report on Friday, June 21st. Truist Financial dropped their target price on Insmed from $88.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Insmed in a report on Thursday, June 20th. One analyst has rated the stock with a sell rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $79.19.

Insiders Place Their Bets

In other news, insider John Drayton Wise sold 7,852 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $49.79, for a total transaction of $390,951.08. Following the sale, the insider now directly owns 121,657 shares of the company’s stock, valued at $6,057,302.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Insmed news, insider John Drayton Wise sold 7,852 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $49.79, for a total value of $390,951.08. Following the transaction, the insider now owns 121,657 shares in the company, valued at $6,057,302.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Martina M.D. Flammer sold 21,195 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $55.00, for a total value of $1,165,725.00. Following the completion of the transaction, the insider now owns 106,134 shares in the company, valued at approximately $5,837,370. The disclosure for this sale can be found here. In the last quarter, insiders sold 249,611 shares of company stock worth $12,584,876. 4.60% of the stock is owned by company insiders.

Insmed 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.