Insmed (NASDAQ:INSM) Price Target Raised to $85.00

Insmed (NASDAQ:INSM) had its target price upped by Morgan Stanley from $60.00 to $85.00 in a research report sent to investors on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the biopharmaceutical company’s stock.

A number of other analysts have also weighed in on INSM. HC Wainwright upped their target price on Insmed from $70.00 to $90.00 and gave the stock a buy rating in a report on Monday, July 8th. Mizuho upped their target price on Insmed from $36.00 to $82.00 and gave the company a buy rating in a research report on Friday, June 7th. Guggenheim upped their target price on Insmed from $70.00 to $95.00 and gave the company a buy rating in a research report on Tuesday, July 9th. Truist Financial increased their price target on Insmed from $68.00 to $88.00 and gave the stock a buy rating in a research report on Monday, July 1st. Finally, Evercore ISI raised their target price on Insmed from $42.00 to $75.00 and gave the company an outperform rating in a research report on Friday, June 21st. One analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $74.50.

Insmed Stock Performance

INSM opened at $76.71 on Friday. The stock has a market cap of $11.40 billion, a price-to-earnings ratio of -14.67 and a beta of 1.16. The stock’s 50 day moving average price is $51.35 and its 200-day moving average price is $35.98. Insmed has a one year low of $20.16 and a one year high of $77.93.

Insmed (NASDAQ:INSM) last announced its quarterly earnings results on Thursday, May 9th. The biopharmaceutical company reported ($1.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.22) by $0.16. The firm had revenue of $75.50 million during the quarter, compared to analysts’ expectations of $77.76 million. The firm’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.17) EPS. As a group, analysts predict that Insmed will post -4.71 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Martina M.D. Flammer sold 21,195 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $55.00, for a total transaction of $1,165,725.00. Following the completion of the sale, the insider now owns 106,134 shares in the company, valued at approximately $5,837,370. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Martina M.D. Flammer sold 21,195 shares of Insmed stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $55.00, for a total value of $1,165,725.00. Following the completion of the sale, the insider now owns 106,134 shares in the company, valued at approximately $5,837,370. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Drayton Wise sold 5,088 shares of Insmed stock in a transaction that occurred 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 completion of the sale, the insider now owns 123,259 shares of the company’s stock, valued at approximately $3,139,406.73. 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 ninety days. 4.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Insmed

Institutional investors and hedge funds have recently modified their holdings of the company. Rafferty Asset Management LLC grew its stake in shares of Insmed by 17.4% during the fourth quarter. Rafferty Asset Management LLC now owns 321,087 shares of the biopharmaceutical company’s stock worth $9,950,000 after purchasing an additional 47,563 shares in the last quarter. Kingdon Capital Management L.L.C. purchased a new position in Insmed during the fourth quarter worth about $12,551,000. Artia Global Partners LP purchased a new position in Insmed during the fourth quarter worth about $2,322,000. Norges Bank purchased a new position in Insmed during the fourth quarter worth about $45,029,000. Finally, Walleye Capital LLC purchased a new position in Insmed in the third quarter valued at about $1,820,000.

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.