Insmed (NASDAQ:INSM) Price Target Increased to $83.00 by Analysts at Bank of America

Insmed (NASDAQ:INSM) had its target price hoisted by Bank of America from $62.00 to $83.00 in a research note issued to investors on Friday morning, Benzinga reports. Bank of America currently has a buy rating on the biopharmaceutical company’s stock.

INSM has been the topic of several other research reports. Mizuho lifted their price objective on Insmed from $36.00 to $82.00 and gave the stock a buy rating in a report on Friday, June 7th. Morgan Stanley lifted their price objective on Insmed from $40.00 to $43.00 and gave the stock an overweight rating in a report on Friday, May 10th. The Goldman Sachs Group lifted their price objective on Insmed from $49.00 to $74.00 and gave the stock a buy rating in a report on Wednesday, May 29th. Wells Fargo & Company boosted their price target on Insmed from $55.00 to $77.00 and gave the company an overweight rating in a research note on Wednesday, May 29th. Finally, HC Wainwright boosted their price target on Insmed from $52.00 to $70.00 and gave the company a buy rating in a research note on Wednesday, May 29th. One analyst has rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, Insmed currently has an average rating of Moderate Buy and a consensus target price of $65.06.

Insmed Stock Up 0.1 %

INSM opened at $67.00 on Friday. Insmed has a 12-month low of $19.74 and a 12-month high of $70.65. The stock’s 50 day moving average price is $42.54 and its two-hundred day moving average price is $33.12.

Insmed (NASDAQ:INSM) last announced its quarterly earnings data on Thursday, May 9th. The biopharmaceutical company reported ($1.06) earnings per share for the quarter, topping the consensus estimate of ($1.22) by $0.16. The firm had revenue of $75.50 million for the quarter, compared to analyst estimates of $77.76 million. During the same period in the previous year, the business posted ($1.17) EPS. Insmed’s revenue for the quarter was up 15.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Insmed will post -4.58 EPS for the current year.

Insider Buying and Selling at Insmed

In other Insmed news, CEO William Lewis sold 22,198 shares of Insmed stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $25.52, for a total value of $566,492.96. Following the completion of the transaction, the chief executive officer now owns 384,125 shares in the company, valued at approximately $9,802,870. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Sara Bonstein sold 11,088 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $25.32, for a total transaction of $280,748.16. Following the completion of the sale, the chief financial officer now owns 117,481 shares in the company, valued at $2,974,618.92. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO William Lewis sold 22,198 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $25.52, for a total value of $566,492.96. Following the sale, the chief executive officer now owns 384,125 shares of the company’s stock, valued at approximately $9,802,870. The disclosure for this sale can be found here. In the last quarter, insiders sold 295,842 shares of company stock worth $13,762,062. 4.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Insmed

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its position 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 worth $393,636,000 after acquiring an additional 383,714 shares during the last quarter. RTW Investments LP grew its stake in shares of Insmed by 86.5% during the third quarter. RTW Investments LP now owns 1,865,108 shares of the biopharmaceutical company’s stock worth $47,094,000 after purchasing an additional 865,108 shares during the period. Capital International Investors acquired a new stake in shares of Insmed during the first quarter worth $43,973,000. Norges Bank acquired a new stake in shares of Insmed during the fourth quarter worth $45,029,000. Finally, Principal Financial Group Inc. grew its stake 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 worth $39,048,000 after purchasing an additional 79,717 shares during the period.

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.