Jennison Associates LLC Makes New $3.75 Million Investment in Insmed Incorporated (NASDAQ:INSM)

Jennison Associates LLC acquired a new stake in Insmed Incorporated (NASDAQ:INSM) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 120,831 shares of the biopharmaceutical company’s stock, valued at approximately $3,745,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Raymond James & Associates boosted 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 purchasing an additional 12,573 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in Insmed in the third quarter valued at $1,044,000. Beacon Financial Advisory LLC acquired a new position in Insmed in the third quarter valued at $254,000. Mackenzie Financial Corp purchased a new position in Insmed during the 3rd quarter worth approximately $208,000. Finally, Strs Ohio increased its position in Insmed by 690.0% during the third quarter. Strs Ohio now owns 23,700 shares of the biopharmaceutical company’s stock worth $598,000 after buying an additional 20,700 shares during the period.

Insmed Price Performance

Insmed stock opened at $24.80 on Friday. Insmed Incorporated has a one year low of $18.08 and a one year high of $32.00. The business has a fifty day moving average of $27.07 and a two-hundred day moving average of $27.03.

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

Analyst Ratings Changes

INSM has been the subject of several research analyst reports. StockNews.com raised Insmed from a “sell” rating to a “hold” rating in a report on Wednesday, February 28th. Guggenheim raised their price objective on shares of Insmed from $52.00 to $54.00 and gave the stock a “buy” rating in a research report on Tuesday, February 27th. Barclays upped their target price on shares of Insmed from $37.00 to $40.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. UBS Group began coverage on Insmed in a report on Tuesday, February 27th. They set a “buy” rating and a $46.00 price target on the stock. Finally, Truist Financial initiated coverage on Insmed in a research report on Tuesday. They issued a “buy” rating and a $48.00 price target on the stock. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $44.92.

About Insmed

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.