Insmed (INSM) Price Target Lowered to $22.00 at Citigroup
Insmed (NASDAQ:INSM) had its price objective lowered by Citigroup from $29.00 to $22.00 in a report issued on Tuesday. The brokerage currently has a neutral rating on the biopharmaceutical company’s stock.
Several other research firms have also recently commented on INSM. Morgan Stanley raised 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. JMP Securities cut shares of Insmed from an outperform rating to a market perform rating in a research report on Monday, August 6th. BidaskClub cut shares of Insmed from a hold rating to a sell rating in a research report on Thursday, August 9th. Zacks Investment Research raised shares of Insmed from a sell rating to a hold rating in a research report on Thursday, August 9th. Finally, ValuEngine cut shares of Insmed from a strong-buy rating to a buy rating in a research report on Tuesday, September 4th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Insmed presently has a consensus rating of Buy and an average target price of $33.57.
Shares of INSM opened at $15.76 on Tuesday. The company has a current ratio of 10.06, a quick ratio of 10.06 and a debt-to-equity ratio of 1.07. Insmed has a twelve month low of $13.85 and a twelve month high of $33.94.
In other Insmed news, CEO William Lewis purchased 15,700 shares of the firm’s stock in a transaction that occurred on Thursday, November 1st. The stock was bought at an average cost of $15.90 per share, for a total transaction of $249,630.00. Following the purchase, the chief executive officer now directly owns 151,247 shares in the company, valued at $2,404,827.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Melvin Md Sharoky purchased 11,205 shares of the firm’s stock in a transaction that occurred on Friday, November 9th. The stock was acquired at an average price of $16.34 per share, with a total value of $183,089.70. Following the completion of the purchase, the director now owns 231,794 shares in the company, valued at $3,787,513.96. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 54,785 shares of company stock valued at $871,726. 3.88% of the stock is owned by company insiders.
Institutional investors have recently modified their holdings of the stock. Swiss National Bank increased its stake in shares of Insmed by 5.1% in the 2nd quarter. Swiss National Bank now owns 133,400 shares of the biopharmaceutical company’s stock worth $3,155,000 after acquiring an additional 6,500 shares in the last quarter. Chartwell Investment Partners LLC increased its stake in shares of Insmed by 65.9% in the 2nd quarter. Chartwell Investment Partners LLC now owns 87,298 shares of the biopharmaceutical company’s stock worth $2,065,000 after acquiring an additional 34,670 shares in the last quarter. NumerixS Investment Technologies Inc bought a new position in shares of Insmed in the 2nd quarter worth about $122,000. State of Wisconsin Investment Board increased its stake in shares of Insmed by 5.1% in the 2nd quarter. State of Wisconsin Investment Board now owns 78,000 shares of the biopharmaceutical company’s stock worth $1,845,000 after acquiring an additional 3,800 shares in the last quarter. Finally, American Century Companies Inc. bought a new position in shares of Insmed in the 2nd quarter worth about $3,030,000.
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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