Insmed Incorporated (NASDAQ:INSM) saw a significant decline in short interest in the month of January. As of January 31st, there was short interest totalling 12,940,000 shares, a decline of 8.6% from the January 15th total of 14,150,000 shares. Based on an average daily trading volume, of 946,400 shares, the days-to-cover ratio is presently 13.7 days. Currently, 15.3% of the company’s shares are sold short.
Several analysts have issued reports on INSM shares. Credit Suisse Group reissued an “outperform” rating and issued a $40.00 price objective on shares of Insmed in a research note on Thursday, January 2nd. Canaccord Genuity initiated coverage on Insmed in a research note on Thursday, January 2nd. They set a “buy” rating and a $20.00 target price on the stock. JMP Securities reiterated a “buy” rating and issued a $40.00 price target on shares of Insmed in a report on Wednesday, January 15th. Morgan Stanley raised their price target on Insmed from $37.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 4th. Finally, HC Wainwright reissued a “buy” rating and set a $52.00 price target on shares of Insmed in a research note on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the stock. Insmed currently has a consensus rating of “Buy” and a consensus price target of $41.25.
Shares of NASDAQ INSM traded up $0.02 during mid-day trading on Friday, reaching $30.64. The company had a trading volume of 378,580 shares. Insmed has a 52 week low of $15.33 and a 52 week high of $34.94. The business’s 50-day moving average is $24.91 and its 200-day moving average is $20.63.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Evolution Wealth Advisors LLC grew its stake in Insmed by 915.7% in the fourth quarter. Evolution Wealth Advisors LLC now owns 1,097 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 989 shares in the last quarter. NumerixS Investment Technologies Inc bought a new stake in Insmed during the 4th quarter valued at $43,000. Sowell Financial Services LLC purchased a new stake in shares of Insmed in the 4th quarter worth $64,000. SG Americas Securities LLC purchased a new stake in shares of Insmed in the 4th quarter worth $102,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Insmed by 17.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,818 shares of the biopharmaceutical company’s stock worth $103,000 after buying an additional 854 shares in the last quarter.
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.
Further Reading: Sell-Side Analysts
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