HC Wainwright Reaffirms “Buy” Rating for Insmed (NASDAQ:INSM)

Insmed (NASDAQ:INSM)‘s stock had its “buy” rating restated by research analysts at HC Wainwright in a note issued to investors on Tuesday, Benzinga reports. They presently have a $70.00 target price on the biopharmaceutical company’s stock. HC Wainwright’s target price would suggest a potential upside of 5.52% from the stock’s previous close.

A number of other equities research analysts also recently commented on INSM. Stifel Nicolaus upped their price objective on Insmed from $39.00 to $67.00 and gave the company a “buy” rating in a report on Friday, May 31st. TD Cowen increased their price target on shares of Insmed from $45.00 to $67.00 and gave the company a “buy” rating in a research report on Wednesday, May 29th. Evercore ISI boosted their price objective on shares of Insmed from $42.00 to $75.00 and gave the company an “outperform” rating in a report on Friday, June 21st. JPMorgan Chase & Co. increased their target price on shares of Insmed from $55.00 to $72.00 and gave the stock an “overweight” rating in a report on Thursday, June 20th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Insmed in a report on Thursday, June 20th. One research analyst has rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $66.31.

Insmed Stock Down 1.0 %

Insmed stock opened at $66.34 on Tuesday. The stock has a market cap of $9.86 billion, a price-to-earnings ratio of -12.68 and a beta of 1.16. Insmed has a 12-month low of $19.74 and a 12-month high of $70.65. The business’s 50-day simple moving average is $43.38 and its 200 day simple moving average is $33.45.

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, beating the consensus estimate of ($1.22) by $0.16. The business had revenue of $75.50 million during the quarter, compared to analyst estimates of $77.76 million. The company’s quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.17) earnings per share. As a group, sell-side analysts expect that Insmed will post -4.58 EPS for the current year.

Insiders Place Their Bets

In other news, insider John Drayton Wise sold 5,088 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $25.47, for a total value of $129,591.36. Following the completion of the transaction, the insider now owns 123,259 shares in the company, valued at approximately $3,139,406.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider John Drayton Wise sold 5,088 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $25.47, for a total transaction of $129,591.36. Following the transaction, the insider now directly owns 123,259 shares in the company, valued at $3,139,406.73. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Sara Bonstein sold 11,088 shares of Insmed stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $25.32, for a total transaction of $280,748.16. Following the completion of the transaction, the chief financial officer now directly owns 117,481 shares of the company’s stock, valued at approximately $2,974,618.92. The disclosure for this sale can be found here. Insiders have sold 295,842 shares of company stock valued at $13,762,062 in the last three months. 4.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Insmed

Hedge funds have recently modified their holdings of the stock. Capital International Investors bought a new position in shares of Insmed in the first quarter worth $43,973,000. Norges Bank bought a new stake in shares of Insmed during the 4th quarter worth approximately $45,029,000. Vanguard Group Inc. lifted its stake in Insmed by 7.7% during the third quarter. Vanguard Group Inc. now owns 14,345,512 shares of the biopharmaceutical company’s stock worth $362,224,000 after purchasing an additional 1,024,956 shares during the last quarter. Clearbridge Investments LLC acquired a new stake in shares of Insmed in the 1st quarter valued at $25,242,000. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Insmed by 325.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,211,560 shares of the biopharmaceutical company’s stock worth $32,870,000 after buying an additional 927,040 shares in 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.