Insmed (NASDAQ:INSM) Price Target Raised to $75.00

Insmed (NASDAQ:INSM) had its target price boosted by Evercore ISI from $42.00 to $75.00 in a report published on Friday morning, Benzinga reports. They currently have an outperform rating on the biopharmaceutical company’s stock.

Several other brokerages have also issued reports on INSM. Guggenheim upped their target price on Insmed from $52.00 to $54.00 and gave the company a buy rating in a research report on Tuesday, February 27th. Barclays upped their target price on Insmed from $40.00 to $63.00 and gave the company an overweight rating in a research report on Wednesday, May 29th. The Goldman Sachs Group upped their target price on Insmed from $49.00 to $74.00 and gave the company a buy rating in a research report on Wednesday, May 29th. TD Cowen upped their target price on Insmed from $45.00 to $67.00 and gave the company a buy rating in a research report on Wednesday, May 29th. Finally, Stifel Nicolaus upped their target price on Insmed from $39.00 to $67.00 and gave the company a buy rating in a research report on Friday, May 31st. One research analyst has rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $62.38.

Insmed Trading Up 5.1 %

INSM opened at $67.99 on Friday. The firm has a market cap of $10.10 billion, a price-to-earnings ratio of -13.00 and a beta of 1.12. Insmed has a 12 month low of $19.68 and a 12 month high of $68.08. The stock has a fifty day moving average price of $38.28 and a 200-day moving average price of $31.76.

Insmed (NASDAQ:INSM) last released its quarterly earnings results on Thursday, May 9th. The biopharmaceutical company reported ($1.06) EPS for the quarter, topping the consensus estimate of ($1.22) by $0.16. The company had revenue of $75.50 million during the quarter, compared to the consensus estimate of $77.76 million. The company’s revenue was up 15.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.17) earnings per share. On average, equities research analysts forecast that Insmed will post -4.5 EPS for the current year.

Insider Transactions at Insmed

In other news, insider John Drayton Wise sold 5,088 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $25.47, for a total value of $129,591.36. Following the sale, the insider now owns 123,259 shares in the company, valued at $3,139,406.73. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Insmed news, CFO Sara Bonstein sold 220,564 shares of the stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $11,028,200.00. Following the transaction, the chief financial officer now owns 117,481 shares in the company, valued at $5,874,050. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Drayton Wise sold 5,088 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $25.47, for a total value of $129,591.36. Following the transaction, the insider now owns 123,259 shares in the company, 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 worth $13,762,062 over the last quarter. 4.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Insmed

A number of hedge funds have recently bought and sold shares of INSM. Capital International Investors purchased a new position in Insmed during the first quarter worth approximately $43,973,000. Norges Bank purchased a new position in Insmed during the fourth quarter worth approximately $45,029,000. Vanguard Group Inc. boosted its position in Insmed by 7.7% during the third quarter. Vanguard Group Inc. now owns 14,345,512 shares of the biopharmaceutical company’s stock worth $362,224,000 after purchasing an additional 1,024,956 shares in the last quarter. Clearbridge Investments LLC purchased a new position in Insmed during the first quarter worth approximately $25,242,000. Finally, Assenagon Asset Management S.A. boosted its position in Insmed by 325.8% during the first quarter. Assenagon Asset Management S.A. now owns 1,211,560 shares of the biopharmaceutical company’s stock worth $32,870,000 after purchasing an additional 927,040 shares in the last quarter.

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.