Pitcairn Co. Cuts Stake in Insmed Incorporated (NASDAQ:INSM)

Pitcairn Co. cut its holdings in shares of Insmed Incorporated (NASDAQ:INSM) by 17.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,079 shares of the biopharmaceutical company’s stock after selling 1,279 shares during the period. Pitcairn Co.’s holdings in Insmed were worth $444,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Darwin Global Management Ltd. purchased a new stake in Insmed in the second quarter valued at about $237,076,000. Clearbridge Investments LLC raised its position in shares of Insmed by 76.8% in the 2nd quarter. Clearbridge Investments LLC now owns 1,644,948 shares of the biopharmaceutical company’s stock valued at $110,212,000 after purchasing an additional 714,539 shares during the last quarter. Fiera Capital Corp purchased a new stake in Insmed during the 2nd quarter worth approximately $40,570,000. Farallon Capital Management LLC purchased a new position in shares of Insmed in the second quarter worth $38,056,000. Finally, Fred Alger Management LLC acquired a new stake in shares of Insmed during the second quarter worth $33,404,000.

Insmed Trading Up 2.1 %

Shares of INSM stock opened at $75.68 on Wednesday. Insmed Incorporated has a 1-year low of $21.92 and a 1-year high of $80.53. The company has a market cap of $13.54 billion, a price-to-earnings ratio of -13.64 and a beta of 1.12. The company has a debt-to-equity ratio of 2.03, a current ratio of 6.37 and a quick ratio of 5.99. The stock has a 50 day simple moving average of $72.05 and a 200-day simple moving average of $66.93.

Insmed (NASDAQ:INSM) last posted its quarterly earnings data on Thursday, October 31st. The biopharmaceutical company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.19) by ($0.08). The business had revenue of $93.40 million for the quarter, compared to analyst estimates of $93.36 million. During the same quarter last year, the firm posted ($1.10) earnings per share. The firm’s quarterly revenue was up 18.1% on a year-over-year basis. On average, equities research analysts expect that Insmed Incorporated will post -5.42 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have weighed in on INSM. HC Wainwright reiterated a “buy” rating and set a $90.00 price target on shares of Insmed in a research note on Friday, November 1st. UBS Group increased their price objective on shares of Insmed from $78.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Truist Financial restated a “buy” rating and set a $105.00 target price (up from $100.00) on shares of Insmed in a research report on Friday, November 1st. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Insmed in a research report on Monday, September 9th. Finally, TD Cowen boosted their price objective on Insmed from $75.00 to $98.00 and gave the company a “buy” rating in a report on Friday, August 9th. One analyst has rated the stock with a sell rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.67.

Insider Activity at Insmed

In other Insmed news, insider Orlov S. Nicole Schaeffer sold 37,575 shares of the 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. This represents a 27.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Martina M.D. Flammer sold 13,436 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $74.92, for a total value of $1,006,625.12. Following the sale, the insider now owns 106,134 shares of the company’s stock, valued at $7,951,559.28. The trade was a 11.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 78,882 shares of company stock valued at $5,765,446. 4.60% of the stock is owned by corporate insiders.

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.