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John Drayton Wise (LON:WISEa), the Chief Commercial Officer of Insmed Inc. (NASDAQ:INSM), recently sold shares of the company’s stock worth approximately $640,708, according to a recent SEC filing. The transaction comes as the $14.3 billion biotech company trades near its 52-week high of $82.04, having delivered an impressive 178% return over the past year. InvestingPro data shows the company maintains a FAIR financial health score, with 12 additional key insights available to subscribers. The transactions took place over two days, with 7,910 shares sold on February 6 at prices ranging from $80.57 to $81.43 per share, and an additional 10 shares sold on February 7 at a price of $78.91 per share. Investors should note that Insmed is scheduled to report its next earnings on February 20, which could provide crucial insights into the company’s performance.
Prior to these sales, Wise acquired 15,373 shares of common stock on February 5 through the vesting of Performance Stock Units (PSUs), which were originally granted on January 6, 2022. These shares were acquired at no cost, as they vested upon meeting specific performance and service conditions. Following these transactions, Wise holds 133,015 shares of Insmed stock.
The sales were conducted to satisfy tax withholding obligations and cover related broker fees associated with the vesting of the PSUs.
In other recent news, Insmed Incorporated, a biopharmaceutical company, has been making significant strides in the medical field. 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 comes as good news as brensocatib, if approved, would be the first in a new class of dipeptidyl peptidase 1 (DPP1) inhibitors and the first available treatment specifically targeting bronchiectasis.
In addition, Insmed recently ended a sales agreement with Leerink Partners LLC. The agreement, which allowed Insmed to sell up to $500 million of its common stock through Leerink, was terminated effectively and immediately, with no penalties incurred by Insmed.
On the analysts’ front, Truist Securities maintained a Buy rating on Insmed’s stock with a steady price target of $105.00, citing upcoming catalysts expected to significantly impact the company within the next 12 to 18 months. Meanwhile, Mizuho (NYSE:MFG) Securities adjusted its price target for Insmed to $88 from the previous target of $92, but maintained an Outperform rating on the company’s shares.
Lastly, Insmed reported preliminary sales of its drug Arikayce for the fiscal year 2024, which surpassed both the company’s own guidance range and the FactSet consensus estimate. The company also projects that the global revenues for Arikayce in fiscal year 2025 will reach between $405 million and $425 million, marking an 11-17% year-over-year increase. These are recent developments that investors should be aware of.
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