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William Lewis (JO:LEWJ), Chair and CEO of Insmed Inc (NASDAQ:INSM), recently executed a series of stock transactions involving the company's common stock. On January 2, 2025, Lewis sold a total of 25,580 shares, generating approximately $1.79 million. The shares were sold at prices ranging from $69.84 to $69.86 per share. The transaction comes as Insmed's stock has delivered an impressive 143% return over the past year, with the company now commanding a market capitalization of $12.53 billion.
In addition to the sales, Lewis acquired shares through stock option exercises. He acquired a total of 25,580 shares at prices between $10.85 and $22.76 per share as part of a pre-established 10b5-1 trading plan. According to InvestingPro data, analysts maintain a strong buy consensus with a price target reaching as high as $105 per share. Following these transactions, Lewis holds 384,960 shares directly and 233,924 shares indirectly through the Katie Procter Dynasty Trust.
In other recent news, Insmed Incorporated has terminated a significant sales agreement with Leerink Partners LLC, which previously allowed Insmed to sell up to $500 million of its common stock. The company has also reported an 18% increase in global net revenues, reaching $93.4 million, primarily due to the successful sales of ARIKAYCE. Mizuho (NYSE:MFG) Securities has adjusted its stock price target for Insmed to $88 from $92, maintaining an Outperform rating. This adjustment followed Insmed's third-quarter financial results and the firm's increased expectations for the drug brensocatib. Insmed plans to file a New Drug Application for brensocatib in the fourth quarter of 2024, with an expected launch in mid-2025. The company is also advancing clinical trials for brensocatib in chronic rhinosinusitis and hidradenitis suppurativa, with results expected by late 2025. These recent developments indicate Insmed's strategic planning for future growth and its commitment to delivering innovative therapies.
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