Insmed Incorporated (NASDAQ:INSM)’s share price shot up 6.6% during mid-day trading on Tuesday . The company traded as high as $17.61 and last traded at $17.51. 768,726 shares changed hands during trading, a decline of 14% from the average session volume of 891,017 shares. The stock had previously closed at $16.42.
A number of brokerages have recently issued reports on INSM. Morgan Stanley upped their target price on shares of Insmed from $37.00 to $39.00 and gave the stock an “overweight” rating in a research report on Monday, August 6th. Zacks Investment Research lowered shares of Insmed from a “buy” rating to a “hold” rating in a research report on Tuesday, July 10th. JMP Securities lowered shares of Insmed from an “outperform” rating to a “market perform” rating in a research report on Monday, August 6th. BidaskClub lowered shares of Insmed from a “buy” rating to a “hold” rating in a research report on Tuesday, June 26th. Finally, Goldman Sachs Group began coverage on shares of Insmed in a research report on Monday, July 23rd. They set a “neutral” rating and a $32.00 target price on the stock. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Insmed presently has a consensus rating of “Buy” and an average target price of $38.14.
The stock has a market capitalization of $1.56 billion, a PE ratio of -5.65 and a beta of 1.30. The company has a debt-to-equity ratio of 0.83, a quick ratio of 14.14 and a current ratio of 14.14.
Insmed (NASDAQ:INSM) last announced its quarterly earnings data on Thursday, August 2nd. The biopharmaceutical company reported ($1.00) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.08) by $0.08. On average, equities research analysts expect that Insmed Incorporated will post -4.11 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Essex Investment Management Co. LLC acquired a new position in Insmed in the third quarter valued at approximately $452,000. Northern Trust Corp lifted its holdings in Insmed by 3.1% in the second quarter. Northern Trust Corp now owns 987,228 shares of the biopharmaceutical company’s stock valued at $23,348,000 after buying an additional 30,064 shares during the period. MetLife Investment Advisors LLC lifted its holdings in Insmed by 12.4% in the second quarter. MetLife Investment Advisors LLC now owns 37,652 shares of the biopharmaceutical company’s stock valued at $890,000 after buying an additional 4,160 shares during the period. Macquarie Group Ltd. acquired a new position in Insmed in the second quarter valued at approximately $1,656,000. Finally, Cubist Systematic Strategies LLC acquired a new position in Insmed in the second quarter valued at approximately $200,000.
About Insmed (NASDAQ:INSM)
Insmed Incorporated, a biopharmaceutical company, focuses on the development and commercialization of therapies for patients with rare diseases. The company's lead product candidate is amikacin liposome inhalation suspension, which is in late-state development for adult patients with treatment refractory nontuberculous mycobacteria lung disease caused by mycobacterium avium complex.
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