Principal Financial Group Inc. Raises Stake in Insmed Incorporated (NASDAQ:INSM)

Principal Financial Group Inc. raised its stake in shares of Insmed Incorporated (NASDAQ:INSM) by 12.9% in the third quarter, Holdings Channel reports. The institutional investor owned 1,871,890 shares of the biopharmaceutical company’s stock after buying an additional 214,130 shares during the quarter. Principal Financial Group Inc.’s holdings in Insmed were worth $136,648,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of INSM. Nisa Investment Advisors LLC boosted its position in shares of Insmed by 8.2% in the second quarter. Nisa Investment Advisors LLC now owns 1,778 shares of the biopharmaceutical company’s stock valued at $119,000 after acquiring an additional 135 shares during the period. CIBC Asset Management Inc lifted its stake in Insmed by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 4,438 shares of the biopharmaceutical company’s stock worth $324,000 after purchasing an additional 149 shares in the last quarter. Commerce Bank boosted its holdings in Insmed by 2.4% in the 3rd quarter. Commerce Bank now owns 6,833 shares of the biopharmaceutical company’s stock valued at $499,000 after purchasing an additional 163 shares during the period. GAMMA Investing LLC grew its position in shares of Insmed by 71.3% during the 3rd quarter. GAMMA Investing LLC now owns 538 shares of the biopharmaceutical company’s stock valued at $39,000 after purchasing an additional 224 shares in the last quarter. Finally, Atomi Financial Group Inc. increased its holdings in shares of Insmed by 1.4% in the third quarter. Atomi Financial Group Inc. now owns 23,248 shares of the biopharmaceutical company’s stock worth $1,697,000 after purchasing an additional 314 shares during the period.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their price objective on Insmed from $74.00 to $83.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. Truist Financial reiterated a “buy” rating and set a $105.00 price target (up previously from $100.00) on shares of Insmed in a research report on Friday, November 1st. Cantor Fitzgerald restated an “overweight” rating on shares of Insmed in a research report on Monday, September 9th. Bank of America lifted their target price on shares of Insmed from $84.00 to $86.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, HC Wainwright reissued a “buy” rating and issued a $90.00 price target on shares of Insmed in a report on Friday, November 1st. One research analyst has rated the stock with a sell rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $83.67.

Insider Buying and Selling

In related news, CEO William Lewis sold 18,750 shares of the company’s stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $69.91, for a total value of $1,310,812.50. Following the transaction, the chief executive officer now owns 384,960 shares in the company, valued at $26,912,553.60. The trade was a 4.64 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.60% of the stock is currently owned by company insiders.

Insmed Price Performance

INSM opened at $70.44 on Friday. The company has a debt-to-equity ratio of 2.03, a quick ratio of 5.99 and a current ratio of 6.37. The stock has a market capitalization of $12.60 billion, a PE ratio of -12.69 and a beta of 1.10. The stock’s 50 day moving average price is $72.36 and its 200-day moving average price is $71.77. Insmed Incorporated has a 52-week low of $21.92 and a 52-week high of $80.53.

Insmed (NASDAQ:INSM) last posted 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 during the quarter, compared to analyst estimates of $93.36 million. The business’s quarterly revenue was up 18.1% on a year-over-year basis. During the same quarter last year, the firm posted ($1.10) earnings per share. On average, equities research analysts predict that Insmed Incorporated will post -5.44 EPS for the current year.

Insmed 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.