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William Lewis (JO:LEWJ), the Chair and CEO of Insmed Inc (NASDAQ:INSM), recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. On January 15, Lewis sold shares of Insmed common stock amounting to a total of $2.71 million. The shares were sold at prices ranging from $69.39 to $71.05 per share. The transactions come as Insmed's stock has shown remarkable strength, delivering a 147% return over the past year. According to InvestingPro data, analysts maintain a Strong Buy consensus with price targets ranging from $67 to $105.
In addition to the sales, Lewis also acquired shares through option exercises. The total value of these acquisitions was approximately $500,855, with exercise prices ranging from $10.85 to $22.76 per share. These transactions were conducted under a pre-established 10b5-1 trading plan.
Following these transactions, Lewis retains direct ownership of 379,534 shares and indirect ownership through the Katie Procter Dynasty Trust. The trust holds an additional 233,924 shares.
In other recent news, Insmed Incorporated has been the subject of several important developments. The company reported preliminary sales of its drug Arikayce for the fiscal year 2024, totaling approximately $364 million, surpassing both the company's own guidance and the FactSet consensus estimate. Truist Securities reiterated their Buy rating on Insmed shares, maintaining a price target of $105.00.
Looking ahead, Insmed projects global revenues for Arikayce in fiscal year 2025 to reach between $405 million and $425 million. The company also recently ended a significant sales agreement with Leerink Partners LLC, which was part of a broader strategy to potentially increase its cash reserves.
Mizuho (NYSE:MFG) Securities adjusted its stock price target for Insmed to $88 from the previous target of $92, while maintaining an Outperform rating. Insmed's third-quarter financial results showed an 18% increase in global net revenues year-over-year, reaching $93.4 million, primarily due to the successful sales of ARIKAYCE.
Insmed is also preparing for the anticipated mid-2025 launch of its promising drug, brensocatib, and plans to file a New Drug Application in the fourth quarter of 2024. These are among the recent developments that have been shaping the trajectory of Insmed Incorporated.
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