Insmed Inc. (INSM) Shares Up 2.2%
Insmed Inc. (NASDAQ:INSM)’s share price shot up 2.2% on Tuesday . The company traded as high as $15.00 and last traded at $14.87, with a volume of 418,718 shares traded. The stock had previously closed at $14.55.
A number of research firms have recently weighed in on INSM. Piper Jaffray Cos. set a $24.00 price objective on Insmed and gave the stock a “buy” rating in a research note on Sunday, August 21st. Zacks Investment Research raised Insmed from a “sell” rating to a “hold” rating in a research note on Wednesday, August 17th. Finally, HC Wainwright reissued a “buy” rating on shares of Insmed in a research note on Wednesday, June 15th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $23.57.
The stock’s 50 day moving average is $12.95 and its 200-day moving average is $11.95. The company’s market capitalization is $917.02 million.
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Insmed (NASDAQ:INSM) last released its quarterly earnings data on Thursday, August 4th. The biopharmaceutical company reported ($0.59) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.56) by $0.03. On average, equities research analysts predict that Insmed Inc. will post ($2.25) earnings per share for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the stock. Schwab Charles Investment Management Inc. raised its position in Insmed by 7.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 237,824 shares of the biopharmaceutical company’s stock worth $2,345,000 after buying an additional 17,360 shares during the last quarter. Palo Alto Investors LLC raised its position in shares of Insmed by 5.5% in the second quarter. Palo Alto Investors LLC now owns 5,054,713 shares of the biopharmaceutical company’s stock valued at $49,839,000 after buying an additional 263,913 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Insmed during the second quarter valued at $1,985,000. Highbridge Capital Management LLC acquired a new position in shares of Insmed during the second quarter valued at $507,000. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Insmed during the second quarter valued at $278,000. Institutional investors and hedge funds own 90.57% of the company’s stock.
Insmed Incorporated is a biopharmaceutical company. The Company operates in the segment of development and commercialization of inhaled therapies for patients with serious lung diseases. The Company’s lead product candidate, ARIKAYCE, or liposomal amikacin for inhalation (LAI), which is in late-stage development for patients with nontuberculous mycobacteria (NTM) lung disease, a rare and often chronic infection that is capable of causing irreversible lung damage and can be fatal.
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