Wealth Enhancement Advisory Services LLC Lowers Position in Insmed Incorporated (NASDAQ:INSM)

Wealth Enhancement Advisory Services LLC lowered its stake in shares of Insmed Incorporated (NASDAQ:INSM) by 23.5% during the third quarter, HoldingsChannel.com reports. The firm owned 2,924 shares of the biopharmaceutical company’s stock after selling 899 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Insmed were worth $213,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Insmed by 29.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,215 shares of the biopharmaceutical company’s stock worth $450,000 after buying an additional 1,402 shares during the period. Mount Yale Investment Advisors LLC purchased a new position in shares of Insmed in the 3rd quarter worth about $259,000. Values First Advisors Inc. acquired a new position in shares of Insmed in the 3rd quarter valued at about $363,000. Assenagon Asset Management S.A. lifted its stake in shares of Insmed by 119.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 857,360 shares of the biopharmaceutical company’s stock valued at $62,587,000 after purchasing an additional 466,306 shares in the last quarter. Finally, JCIC Asset Management Inc. purchased a new stake in shares of Insmed during the 3rd quarter worth about $133,000.

Insmed Stock Down 2.3 %

INSM stock opened at $70.14 on Wednesday. The company has a current ratio of 6.37, a quick ratio of 5.99 and a debt-to-equity ratio of 2.03. The firm has a 50 day simple moving average of $72.42 and a 200-day simple moving average of $63.72. The company has a market capitalization of $12.55 billion, a P/E ratio of -12.66 and a beta of 1.12. Insmed Incorporated has a twelve month low of $21.92 and a twelve month high of $80.53.

Insmed (NASDAQ:INSM) last announced its quarterly earnings data on Thursday, October 31st. The biopharmaceutical company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($1.19) by ($0.08). The business had revenue of $93.40 million for the quarter, compared to the consensus estimate of $93.36 million. Insmed’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.10) earnings per share. On average, equities research analysts predict that Insmed Incorporated will post -5.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Martina M.D. Flammer sold 13,436 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $74.92, for a total transaction of $1,006,625.12. Following the sale, the insider now directly owns 106,134 shares of the company’s stock, valued at approximately $7,951,559.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Michael Alexander Smith sold 27,871 shares of Insmed stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $74.35, for a total transaction of $2,072,208.85. Following the sale, the insider now owns 67,856 shares of the company’s stock, valued at approximately $5,045,093.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Martina M.D. Flammer sold 13,436 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $74.92, for a total value of $1,006,625.12. Following the completion of the transaction, the insider now directly owns 106,134 shares of the company’s stock, valued at $7,951,559.28. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 78,882 shares of company stock worth $5,765,446. Corporate insiders own 4.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. TD Cowen lifted their price target on shares of Insmed from $75.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Stifel Nicolaus lifted their target price on shares of Insmed from $74.00 to $88.00 and gave the company a “buy” rating in a report on Friday, August 9th. Truist Financial reiterated a “buy” rating and issued a $105.00 price target (up from $100.00) on shares of Insmed in a report on Friday, November 1st. Cantor Fitzgerald restated an “overweight” rating on shares of Insmed in a research note on Monday, September 9th. Finally, Bank of America increased their target price on Insmed from $84.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $83.07.

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.