Roger Adsett, the Chief Operating Officer of Insmed Inc. (NASDAQ:INSM), recently sold shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The stock has shown remarkable performance, delivering a 130% return over the past year, with analysts setting price targets ranging from $67 to $105. The transactions, which occurred on January 7th, 8th, and 10th, involved the sale of a total of 9,228 shares at prices ranging from $63.86 to $66.10 per share. These sales amounted to a total of $368,472.
Additionally, on January 10th, Adsett sold another batch of shares totaling 3,604 at a price of $63.62 per share, bringing in an additional $229,286. These transactions were executed as part of a 10b5-1 trading plan, which allows insiders to set up a predetermined plan for selling stocks.
In a separate transaction on January 8th, Adsett acquired 6,657 shares through restricted stock units (RSUs) under the company's incentive plan. This transaction was recorded at no cost and reflects RSUs granted under the company's Amended and Restated 2019 Incentive Plan.
Following these transactions, Adsett now holds 147,539 shares of Insmed's common stock.
In other recent news, Insmed Incorporated has reported notable developments. The biopharmaceutical company'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. Despite the termination of a significant sales agreement with Leerink Partners LLC, Insmed continues to project a full-year revenue guidance of $340 million to $360 million.
Mizuho (NYSE:MFG) Securities adjusted its stock price target for Insmed to $88 from the previous target of $92, maintaining an Outperform rating. The firm's new projection suggests a positive outlook on Insmed's prospects, primarily due to the anticipated market introduction of the drug brensocatib.
In preparation for the mid-2025 launch of brensocatib, Insmed 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 recent developments indicate Insmed's strategic planning for future growth and its commitment to delivering innovative therapies.
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