Insmed, Inc. $INSM Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System cut its holdings in shares of Insmed, Inc. (NASDAQ:INSM) by 2.9% in the first quarter, HoldingsChannel.com reports. The firm owned 344,612 shares of the biopharmaceutical company’s stock after selling 10,297 shares during the quarter. California Public Employees Retirement System’s holdings in Insmed were worth $56,351,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of INSM. CIBC Private Wealth Group LLC raised its holdings in Insmed by 42.1% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 179 shares of the biopharmaceutical company’s stock valued at $26,000 after buying an additional 53 shares during the period. CoreCap Advisors LLC purchased a new position in Insmed during the fourth quarter worth about $27,000. GraniteShares Advisors LLC purchased a new position in Insmed during the fourth quarter worth about $30,000. Reflection Asset Management purchased a new position in Insmed during the fourth quarter worth about $30,000. Finally, Raiffeisen Bank International AG acquired a new stake in shares of Insmed during the fourth quarter valued at about $32,000.

Insider Buying and Selling at Insmed

In other Insmed news, CFO Sara Bonstein sold 2,404 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $102.27, for a total value of $245,857.08. Following the completion of the transaction, the chief financial officer owned 69,082 shares in the company, valued at $7,065,016.14. The trade was a 3.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Lewis sold 10,699 shares of the stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $117.40, for a total value of $1,256,062.60. Following the completion of the sale, the chief executive officer owned 259,058 shares in the company, valued at approximately $30,413,409.20. The trade was a 3.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 54,590 shares of company stock valued at $5,793,738 in the last 90 days. Corporate insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on INSM. Weiss Ratings reissued a “sell (d-)” rating on shares of Insmed in a research note on Tuesday, April 21st. Barclays increased their price objective on shares of Insmed from $231.00 to $237.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 1st. Royal Bank Of Canada dropped their target price on shares of Insmed from $205.00 to $195.00 and set an “outperform” rating for the company in a report on Friday, June 5th. Truist Financial cut their target price on Insmed from $205.00 to $185.00 and set a “buy” rating on the stock in a research report on Wednesday, May 13th. Finally, Leerink Partners upped their price target on Insmed from $210.00 to $215.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $211.05.

Insmed Stock Performance

NASDAQ INSM opened at $108.32 on Monday. The company has a debt-to-equity ratio of 0.80, a current ratio of 4.47 and a quick ratio of 4.10. The company has a market cap of $23.48 billion, a P/E ratio of -18.84 and a beta of 0.78. The stock has a 50-day moving average of $105.72 and a two-hundred day moving average of $135.63. Insmed, Inc. has a 1-year low of $90.39 and a 1-year high of $212.75.

Insmed (NASDAQ:INSM) last issued its quarterly earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.76) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.90) by $0.14. Insmed had a negative net margin of 144.44% and a negative return on equity of 130.11%. The business had revenue of $305.96 million for the quarter, compared to analysts’ expectations of $300.81 million. During the same quarter in the prior year, the company earned ($1.42) earnings per share. The business’s quarterly revenue was up 229.7% on a year-over-year basis. As a group, analysts anticipate that Insmed, Inc. will post -2.43 EPS for the current year.

About Insmed

Insmed Incorporated is a biopharmaceutical company focused on developing and commercializing therapies for patients with rare and serious diseases, with a particular emphasis on difficult-to-treat pulmonary infections. Headquartered in Bridgewater, New Jersey, the company concentrates its research and development efforts on targeted drug delivery technologies and novel formulations intended to improve clinical outcomes for patients who have limited treatment options.

The company’s principal marketed product is ARIKAYCE (amikacin liposome inhalation suspension), an inhaled liposomal formulation of the antibiotic amikacin that is approved by the U.S.