Zacks Investment Research Downgrades Insmed, Inc. (INSM) to Hold
Insmed, Inc. (NASDAQ:INSM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday.
According to Zacks, “Insmed is a biopharmaceutical company engaged in the development and commercialization of ARIKAYCE, or liposomal amikacin for inhalation, for at least two identified orphan patient populations: patients with nontuberculous mycobacteria (NTM) lung infections and cystic fibrosis (CF) patients with Pseudomonas aeruginosa lung infections. Insmed is also focused on the development of INS1009, the company’s inhaled treprostinil prodrug for the treatment of pulmonary arterial hypertension (PAH), a chronic, life-threatening disorder characterized by abnormally high blood pressure in the arteries between the heart and lungs. “
Other equities analysts have also recently issued research reports about the stock. Stifel Nicolaus increased their price objective on shares of Insmed from $23.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, May 1st. ValuEngine upgraded shares of Insmed from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. BidaskClub upgraded shares of Insmed from a “sell” rating to a “hold” rating in a research note on Friday, June 23rd. Citigroup Inc. reiterated a “neutral” rating and issued a $17.00 price objective (up previously from $14.00) on shares of Insmed in a research note on Sunday, June 11th. Finally, Robert W. Baird initiated coverage on shares of Insmed in a research note on Monday, July 10th. They issued an “outperform” rating and a $23.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Insmed has a consensus rating of “Buy” and an average target price of $22.00.
Insmed (NASDAQ INSM) traded up 0.88% during midday trading on Monday, hitting $17.15. 491,911 shares of the stock traded hands. The company’s market capitalization is $1.06 billion. The stock’s 50-day moving average price is $16.56 and its 200 day moving average price is $15.95. Insmed has a 52 week low of $10.21 and a 52 week high of $19.35.
Insmed (NASDAQ:INSM) last issued its quarterly earnings data on Wednesday, May 3rd. The biopharmaceutical company reported ($0.60) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.60). On average, equities research analysts predict that Insmed will post ($2.46) EPS for the current year.
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In other news, General Counsel Christine A. Pellizzari bought 10,000 shares of the firm’s stock in a transaction on Wednesday, May 31st. The shares were bought at an average price of $15.14 per share, for a total transaction of $151,400.00. Following the purchase, the general counsel now owns 27,300 shares in the company, valued at $413,322. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.10% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. purchased a new stake in Insmed during the fourth quarter worth approximately $242,000. State Street Corp boosted its stake in Insmed by 1.2% in the fourth quarter. State Street Corp now owns 1,431,292 shares of the biopharmaceutical company’s stock worth $18,935,000 after buying an additional 17,130 shares during the last quarter. Metropolitan Life Insurance Co. NY boosted its stake in Insmed by 2.3% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 45,122 shares of the biopharmaceutical company’s stock worth $597,000 after buying an additional 995 shares during the last quarter. Norges Bank purchased a new stake in Insmed during the fourth quarter worth approximately $3,635,000. Finally, Teachers Advisors LLC boosted its stake in Insmed by 7.3% in the fourth quarter. Teachers Advisors LLC now owns 390,648 shares of the biopharmaceutical company’s stock worth $5,168,000 after buying an additional 26,597 shares during the last quarter. Institutional investors own 92.00% of the company’s stock.
Insmed Incorporated is a biopharmaceutical company. The Company operates through development and commercialization of therapies for patients with rare diseases segment. Its lead product candidate is ARIKAYCE, or liposomal amikacin for inhalation (LAI), which is in late-stage development for adult patients with treatment refractory nontuberculous mycobacteria (NTM) lung disease caused by Mycobacterium avium complex (MAC).
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