State Board of Administration of Florida Retirement System raised its position in shares of Insmed Inc. (NASDAQ:INSM) by 1.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,335 shares of the biopharmaceutical company’s stock after buying an additional 278 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Insmed were worth $289,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in INSM. BlackRock Fund Advisors raised its stake in shares of Insmed by 1.8% in the first quarter. BlackRock Fund Advisors now owns 2,291,187 shares of the biopharmaceutical company’s stock valued at $29,029,000 after buying an additional 41,193 shares during the last quarter. Jennison Associates LLC raised its stake in shares of Insmed by 1.5% in the second quarter. Jennison Associates LLC now owns 1,195,455 shares of the biopharmaceutical company’s stock valued at $11,787,000 after buying an additional 17,951 shares in the last quarter. Teachers Advisors Inc. raised its stake in shares of Insmed by 1.2% in the first quarter. Teachers Advisors Inc. now owns 306,146 shares of the biopharmaceutical company’s stock valued at $3,879,000 after buying an additional 3,658 shares in the last quarter. Alps Advisors Inc. bought a new stake in shares of Insmed during the second quarter valued at approximately $857,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Insmed by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 287,391 shares of the biopharmaceutical company’s stock valued at $2,834,000 after buying an additional 1,397 shares in the last quarter. 90.57% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Insmed Inc. (NASDAQ:INSM) traded down 2.69% during trading on Friday, reaching $13.74. The company’s stock had a trading volume of 217,143 shares. The company’s market cap is $850.19 million. The firm’s 50-day moving average is $14.16 and its 200 day moving average is $12.27. Insmed Inc. has a 52-week low of $9.02 and a 52-week high of $21.14.
Insmed (NASDAQ:INSM) last announced its earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.59) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.56) by $0.03. On average, equities research analysts predict that Insmed Inc. will post ($2.30) EPS for the current fiscal year.
Several analysts recently commented on INSM shares. Piper Jaffray Cos. set a $24.00 price target on Insmed and gave the company a “buy” rating in a research note on Sunday, August 21st. Zacks Investment Research raised Insmed from a “sell” rating to a “hold” rating in a research note on Thursday, September 29th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $21.67.
Insmed Company Profile
Insmed Incorporated is a biopharmaceutical company. The Company operates in the segment of development and commercialization of inhaled therapies for patients with serious lung diseases. The Company’s lead product candidate, ARIKAYCE, or liposomal amikacin for inhalation (LAI), which is in late-stage development for patients with nontuberculous mycobacteria (NTM) lung disease, a rare and often chronic infection that is capable of causing irreversible lung damage and can be fatal.
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