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Roger Adsett, the Chief Operating Officer of Insmed Inc. (NASDAQ:INSM), recently executed a significant stock sale, according to a recent SEC filing. On February 6 and 7, Adsett sold a total of 45,705 shares of common stock, realizing approximately $3.7 million. The shares were sold at prices ranging from $79.57 to $80.90 per share. The transaction comes as Insmed trades near its 52-week high of $82.04, having delivered an impressive 178% return over the past year. According to InvestingPro analysis, the stock appears to be trading above its Fair Value.
The transactions were part of a broader series of activities reported by Adsett. On February 5, he acquired 88,680 shares of common stock upon the vesting of Performance Stock Units (PSUs) granted in January 2022. These shares were acquired without any direct purchase cost, as they vested upon meeting specific performance and service conditions. The company maintains strong liquidity with a current ratio of 6.37, indicating robust financial health. InvestingPro subscribers can access 12 additional key insights about Insmed’s financial position and growth prospects.
The sales on February 6 and 7 were primarily conducted to satisfy tax withholding obligations associated with the vesting of PSUs, as well as to cover related broker fees. Following these transactions, Adsett holds 189,057 shares of Insmed’s common stock. With a market capitalization of $14.32 billion and revenue growth of 22% year-over-year, Insmed continues to show strong market momentum. Analysts maintain a bullish outlook on the stock, with the next earnings report expected on February 20.
In other recent news, Insmed Incorporated has made significant strides in the biopharmaceutical sector. The U.S. Food and Drug Administration (FDA) has granted Priority Review status to Insmed’s New Drug Application for brensocatib, a potential treatment for non-cystic fibrosis bronchiectasis. This development is backed by data from the Phase 3 ASPEN study, which showed a statistically significant reduction in the annualized rate of pulmonary exacerbations compared to placebo.
In recent analyst notes, Truist Securities maintained a Buy rating on Insmed, with a steady price target of $105. The firm’s optimism stems from upcoming catalysts, including the potential multi-billion dollar market for brensocatib in bronchiectasis and the expected release of Phase 2 top-line data for the treatment of pulmonary arterial hypertension with TPIP in mid-2025.
Meanwhile, Insmed has ended its sales agreement with Leerink Partners LLC, which previously allowed Insmed 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 action.
Lastly, Mizuho (NYSE:MFG) Securities has adjusted its price target for Insmed to $88 from the previous target of $92, while maintaining an Outperform rating. This change follows Insmed’s third-quarter financial results and reflects increased expectations for brensocatib, which is slated to become the primary focus for Insmed. These are among the recent developments for Insmed, a company committed to developing therapies for patients with serious diseases.
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