Insmed’s (INSM) Buy Rating Reaffirmed at Bank of America

Insmed (NASDAQ:INSM)‘s stock had its “buy” rating reissued by Bank of America in a report released on Friday, Benzinga reports. They currently have a $83.00 price objective on the biopharmaceutical company’s stock. Bank of America‘s price objective suggests a potential upside of 23.90% from the company’s previous close.

A number of other research analysts have also recently commented on INSM. Barclays increased their target price on Insmed from $40.00 to $63.00 and gave the company an “overweight” rating in a research note on Wednesday, May 29th. Cantor Fitzgerald reissued an “overweight” rating on shares of Insmed in a research note on Thursday, June 20th. Stifel Nicolaus raised their price objective on Insmed from $39.00 to $67.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Morgan Stanley raised their price objective on Insmed from $40.00 to $43.00 and gave the company an “overweight” rating in a research note on Friday, May 10th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $70.00 price objective on shares of Insmed in a research note on Tuesday. One analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Insmed currently has a consensus rating of “Moderate Buy” and an average target price of $66.31.

Insmed Stock Up 8.0 %

Shares of INSM stock traded up $4.99 on Friday, reaching $66.99. The company’s stock had a trading volume of 757,542 shares, compared to its average volume of 2,549,153. The company has a market capitalization of $9.95 billion, a P/E ratio of -12.75 and a beta of 1.16. Insmed has a 12-month low of $19.74 and a 12-month high of $70.65. The stock’s 50 day simple moving average is $45.63 and its 200-day simple moving average is $34.09.

Insmed (NASDAQ:INSM) last released its earnings results on Thursday, May 9th. The biopharmaceutical company reported ($1.06) EPS for the quarter, beating analysts’ consensus estimates of ($1.22) by $0.16. The firm had revenue of $75.50 million during the quarter, compared to the consensus estimate of $77.76 million. The firm’s revenue was up 15.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.17) EPS. Research analysts expect that Insmed will post -4.65 EPS for the current year.

Insider Buying and Selling

In other Insmed news, CFO Sara Bonstein sold 220,564 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $50.00, for a total value of $11,028,200.00. Following the completion of the sale, the chief financial officer now directly owns 117,481 shares in the company, valued at $5,874,050. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Insmed news, insider John Drayton Wise sold 5,088 shares of the firm’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 completion of the sale, the insider now directly owns 123,259 shares in the company, valued at $3,139,406.73. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Sara Bonstein sold 220,564 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $11,028,200.00. Following the completion of the sale, the chief financial officer now owns 117,481 shares of the company’s stock, valued at $5,874,050. The disclosure for this sale can be found here. Insiders have sold 295,842 shares of company stock valued at $13,762,062 over the last ninety days. 4.60% of the stock is owned by insiders.

Institutional Trading of Insmed

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of Insmed by 2.7% during the first quarter. Vanguard Group Inc. now owns 14,509,235 shares of the biopharmaceutical company’s stock valued at $393,636,000 after purchasing an additional 383,714 shares during the last quarter. Capital International Investors purchased a new position in shares of Insmed during the first quarter valued at approximately $43,973,000. Norges Bank purchased a new position in shares of Insmed during the fourth quarter valued at approximately $45,029,000. Principal Financial Group Inc. lifted its holdings in shares of Insmed by 5.9% during the first quarter. Principal Financial Group Inc. now owns 1,439,280 shares of the biopharmaceutical company’s stock valued at $39,048,000 after purchasing an additional 79,717 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Insmed by 325.8% during the first 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 during the last quarter.

About Insmed

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.