Insmed chief legal officer Michael Smith sells $1.67 million in stock

Michael Alexander Smith, the Chief Legal Officer of Insmed Inc. (NASDAQ:INSM), has recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Smith sold 20,650 shares of Insmed common stock on February 6, 2025. The shares were sold at a weighted average price of $80.90, translating to a total transaction value of approximately $1.67 million. The transaction occurs as Insmed, now valued at $14.32 billion, trades near its 52-week high of $82.04, having delivered an impressive 178.65% return over the past year.

The sale was conducted to satisfy tax withholding obligations related to the vesting of Performance Stock Units (PSUs) and to cover associated broker fees. Following this transaction, Smith retains ownership of 96,610 shares in the company.

Additionally, on February 5, 2025, Smith acquired 47,295 shares of Insmed common stock upon the vesting of PSUs initially granted on January 6, 2022. These shares were acquired at no cost, reflecting the fulfillment of specific performance and service conditions.

Insmed Inc., headquartered in Bridgewater, NJ, is engaged in the development and commercialization of pharmaceutical preparations, focusing on life sciences.

In other recent news, Insmed Incorporated, a biopharmaceutical company, has made significant strides in its drug development and market positioning. The U.S. Food and Drug Administration (FDA) granted Priority Review status to Insmed’s New Drug Application for brensocatib, a potential treatment for non-cystic fibrosis bronchiectasis. This development is supported by data from the Phase 3 ASPEN study, which demonstrated a statistically significant reduction in the annualized rate of pulmonary exacerbations compared to placebo.

In terms of financial analysis, Truist Securities maintained a Buy rating on Insmed’s stock with a steady price target of $105. The firm highlighted several upcoming catalysts for the company, including the potential of brensocatib and the TPIP program for pulmonary arterial hypertension. Similarly, Mizuho (NYSE:MFG) Securities adjusted its price target for Insmed to $88 from $92, but kept an Outperform rating, indicating a positive outlook on Insmed’s future prospects.

Insmed, however, terminated a significant sales agreement with Leerink Partners LLC, which allowed the company to sell up to $500 million of its common stock. The termination was effective immediately, and the company will incur no penalties due to this decision. Notably, Insmed reported preliminary sales of its drug Arikayce for fiscal year 2024, surpassing both the company’s guidance range and the FactSet consensus estimate.

These recent developments underscore Insmed’s continual progress in its drug development and market positioning. The company’s strategic decisions and promising financial analyses suggest a strong trajectory for its future growth.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.