BRIDGEWATER, N.J.—Michael Alexander Smith, the Chief Legal Officer at Insmed Inc. (NASDAQ:INSM), recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Smith sold a total of 3,689 shares of Insmed common stock over three transactions from January 7 to January 10, 2025. The sales were executed at prices ranging from $63.38 to $66.21 per share, resulting in total proceeds of approximately $242,815. The transactions come as Insmed, now valued at $11.64 billion, has seen its stock surge 130% over the past year.
The transactions involved were primarily to satisfy tax withholding obligations and cover related broker fees, as noted in the filing. Following these transactions, Smith retains direct ownership of 69,965 shares of Insmed. Additionally, he acquired 5,706 restricted stock units (RSUs) on January 8, 2025, which were granted for no consideration under the company's incentive plan and will vest over a period of years. According to InvestingPro data, analysts maintain a strong buy consensus with price targets ranging from $67 to $105 per share.
Smith also received stock options for 27,370 shares, exercisable at a price of $65.72 per share, with a vesting schedule that begins on the first anniversary of the grant date and continues semi-annually thereafter.
This activity reflects routine portfolio management by a senior executive of Insmed, a pharmaceutical company headquartered in Bridgewater, New Jersey.
In other recent news, Insmed Incorporated has experienced significant developments in its operations. The company recently reported an 18% increase in global net revenues year-over-year, reaching $93.4 million, primarily due to the successful sales of ARIKAYCE. The company maintains a full-year revenue guidance of $340 million to $360 million.
Insmed has also terminated a substantial sales agreement with Leerink Partners LLC, which had allowed the company to sell up to $500 million of its common stock through Leerink. The termination was effective immediately and the company will incur no penalties from this action.
In the realm of stock analysis, Mizuho (NYSE:MFG) Securities has adjusted its stock price target for Insmed to $88 from the previous target of $92, while maintaining an Outperform rating. The firm's new projection indicates a positive outlook on Insmed's prospects, primarily due to the anticipated market introduction of the drug brensocatib.
Insmed is preparing for the expected mid-2025 launch of brensocatib, with plans to file a New Drug Application in the fourth quarter of 2024. The company is also advancing clinical trials for brensocatib in chronic rhinosinusitis and hidradenitis suppurativa, with results expected by late 2025. These are the recent developments in Insmed's operations.
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