Insmed (INSM) Shares Down 8.8% on Analyst Downgrade

Insmed Incorporated (NASDAQ:INSM)’s share price was down 8.8% on Tuesday after Citigroup lowered their price target on the stock from $29.00 to $22.00. Citigroup currently has a neutral rating on the stock. Insmed traded as low as $16.79 and last traded at $17.05. Approximately 895,088 shares changed hands during trading, an increase of 1% from the average daily volume of 883,373 shares. The stock had previously closed at $18.70.

Several other equities research analysts have also issued reports on INSM. Morgan Stanley raised their price objective on Insmed from $37.00 to $39.00 and gave the company an “overweight” rating in a research note on Monday, August 6th. JMP Securities lowered Insmed from an “outperform” rating to a “market perform” rating in a research note on Monday, August 6th. Zacks Investment Research raised Insmed from a “sell” rating to a “hold” rating in a research note on Thursday, August 9th. BidaskClub lowered Insmed from a “hold” rating to a “sell” rating in a research note on Thursday, August 9th. Finally, ValuEngine lowered Insmed from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, September 4th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $33.57.

In related news, Director Steinar J. Engelsen acquired 16,085 shares of the stock in a transaction dated Thursday, November 1st. The stock was acquired at an average cost of $15.79 per share, with a total value of $253,982.15. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Melvin Md Sharoky acquired 11,205 shares of the stock in a transaction dated Friday, November 9th. The stock was bought at an average cost of $16.34 per share, with a total value of $183,089.70. Following the completion of the purchase, the director now directly owns 231,794 shares in the company, valued at $3,787,513.96. The disclosure for this purchase can be found here. Insiders bought a total of 54,785 shares of company stock valued at $871,726 over the last ninety days. Corporate insiders own 3.88% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Swiss National Bank lifted its stake in shares of Insmed by 5.1% during the 2nd quarter. Swiss National Bank now owns 133,400 shares of the biopharmaceutical company’s stock worth $3,155,000 after acquiring an additional 6,500 shares during the last quarter. Chartwell Investment Partners LLC lifted its stake in shares of Insmed by 65.9% during the 2nd quarter. Chartwell Investment Partners LLC now owns 87,298 shares of the biopharmaceutical company’s stock worth $2,065,000 after acquiring an additional 34,670 shares during the last quarter. NumerixS Investment Technologies Inc bought a new stake in shares of Insmed during the 2nd quarter worth approximately $122,000. State of Wisconsin Investment Board lifted its stake in shares of Insmed by 5.1% during the 2nd quarter. State of Wisconsin Investment Board now owns 78,000 shares of the biopharmaceutical company’s stock worth $1,845,000 after acquiring an additional 3,800 shares during the last quarter. Finally, American Century Companies Inc. bought a new stake in shares of Insmed during the 2nd quarter worth approximately $3,030,000.

The company has a quick ratio of 10.06, a current ratio of 10.06 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $1.38 billion, a PE ratio of -5.90 and a beta of 1.73.

Insmed (NASDAQ:INSM) last issued its quarterly earnings results on Tuesday, October 30th. The biopharmaceutical company reported ($1.14) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($1.06) by ($0.08). As a group, equities analysts anticipate that Insmed Incorporated will post -4.11 EPS for the current year.

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About Insmed (NASDAQ:INSM)

Insmed Incorporated, a biopharmaceutical company, focuses on the development and commercialization of therapies for patients with rare diseases. The company's lead product candidate is amikacin liposome inhalation suspension, which is in late-state development for adult patients with treatment refractory nontuberculous mycobacteria lung disease caused by mycobacterium avium complex.

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