Martina Flammer, M.D., the Chief Medical (TASE:PMCN) Officer of Insmed Inc. (NASDAQ:INSM), has recently sold shares of the company's common stock. According to a filing with the Securities and Exchange Commission, Dr. Flammer sold a total of 11,218 shares over several transactions, generating proceeds of approximately $725,820. The transactions come as Insmed's stock has shown remarkable strength, delivering a 130% return over the past year. InvestingPro data shows analysts maintain a strong buy consensus, with price targets ranging from $67 to $105.
The sales occurred on January 7, 8, and 10, with prices ranging from $63.73 to $66.16 per share. The transactions were made to satisfy tax withholding obligations upon the vesting of Restricted Stock Units (RSUs) and to cover related broker fees. Following these transactions, Dr. Flammer holds 101,549 shares of Insmed common stock directly.
Additionally, Dr. Flammer acquired 6,657 shares of common stock through RSUs and 31,930 stock options, which were granted at no cost as part of the company's Amended and Restated 2019 Incentive Plan. These options have an exercise price of $65.72 per share and will vest over a period of time according to the company’s vesting schedule.
In other recent news, Insmed Incorporated has reported significant growth in its third-quarter financial results, with global net revenues increasing by 18% year-over-year to reach $93.4 million. This growth is primarily attributed to the successful sales of ARIKAYCE, which has shown double-digit revenue growth for seven consecutive quarters. The company maintains its full-year revenue guidance of $340 million to $360 million.
In a recent development, Insmed ended a substantial sales agreement with Leerink Partners LLC. The termination does not incur any penalties for Insmed, and the company has not issued or sold any shares under this agreement since September 30, 2024.
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 suggests a positive outlook on Insmed's prospects, largely based on the anticipated market introduction of the drug brensocatib.
Insmed is preparing for the expected mid-2025 launch of brensocatib and 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.
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