Truist Financial Begins Coverage on Insmed (NASDAQ:INSM)

Investment analysts at Truist Financial began coverage on shares of Insmed (NASDAQ:INSM) in a report issued on Tuesday, Briefing.com reports. The firm set a “buy” rating and a $48.00 price target on the biopharmaceutical company’s stock. Truist Financial’s price objective suggests a potential upside of 99.09% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. UBS Group initiated coverage on Insmed in a research report on Tuesday, February 27th. They issued a “buy” rating and a $46.00 price target for the company. Barclays lifted their target price on shares of Insmed from $37.00 to $40.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Guggenheim increased their price target on shares of Insmed from $52.00 to $54.00 and gave the company a “buy” rating in a report on Tuesday, February 27th. Wells Fargo & Company reissued an “overweight” rating and set a $55.00 price target on shares of Insmed in a research report on Monday, April 1st. Finally, Wolfe Research initiated coverage on Insmed in a research report on Thursday, February 15th. They issued an “outperform” rating and a $42.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $44.92.

Insmed Stock Performance

Shares of NASDAQ INSM opened at $24.11 on Tuesday. The company has a 50 day simple moving average of $27.30 and a two-hundred day simple moving average of $27.04. Insmed has a fifty-two week low of $17.41 and a fifty-two week high of $32.00. The company has a market capitalization of $3.58 billion, a price-to-earnings ratio of -4.51 and a beta of 0.92.

Insmed (NASDAQ:INSM) last posted its quarterly earnings data on Thursday, February 22nd. The biopharmaceutical company reported ($1.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.13) by ($0.15). The company had revenue of $83.70 million during the quarter, compared to the consensus estimate of $82.15 million. The firm’s quarterly revenue was up 41.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.20) earnings per share. On average, analysts forecast that Insmed will post -4.65 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Insmed

Several hedge funds and other institutional investors have recently modified their holdings of INSM. Raymond James & Associates lifted its holdings in Insmed by 39.7% in the third quarter. Raymond James & Associates now owns 44,214 shares of the biopharmaceutical company’s stock valued at $1,116,000 after acquiring an additional 12,573 shares during the period. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Insmed in the third quarter worth approximately $1,044,000. Beacon Financial Advisory LLC purchased a new position in shares of Insmed in the third quarter worth approximately $254,000. Mackenzie Financial Corp bought a new stake in Insmed during the third quarter valued at approximately $208,000. Finally, Strs Ohio increased its holdings in Insmed by 690.0% during the third quarter. Strs Ohio now owns 23,700 shares of the biopharmaceutical company’s stock valued at $598,000 after buying an additional 20,700 shares during 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.