50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

Insmed CEO William Lewis sells $1.79 million in stock

Published 21/12/2024, 08:30 am
INSM
-

In a recent filing, Insmed Inc. (NASDAQ:INSM), a biopharmaceutical company whose stock has delivered an impressive 150% return over the past year, reported that its Chair and CEO, William Lewis (JO:LEWJ), executed a series of transactions involving the company's common stock on December 19, 2024. According to InvestingPro data, the company's market capitalization stands at $12.56 billion, with the stock trading near its 52-week high. Lewis sold a total of 26,580 shares, generating approximately $1.79 million. The sales occurred at prices ranging from $69.65 to $70.61 per share.

Additionally, Lewis acquired a total of 25,580 shares through stock options with prices ranging from $10.85 to $22.76 per share. These transactions were carried out according to a pre-established 10b5-1 trading plan, as noted in the filing. Following these transactions, Lewis's direct ownership stands at 384,960 shares, while his indirect ownership through the Katie Procter Dynasty Trust amounts to 233,924 shares.

In other recent news, Insmed Incorporated has reported strong third-quarter financial results, with an 18% increase in global net revenues year-over-year, reaching $93.4 million. This growth is primarily attributed to the successful sales of ARIKAYCE, showing double-digit revenue growth for seven consecutive quarters. The company continues to project a full-year revenue guidance of $340 million to $360 million.

Insmed has also terminated a significant sales agreement with Leerink Partners LLC, which was originally established to potentially increase its cash reserves by offering shares at the market prices over time. The termination took effect immediately, with no penalties incurred by the company.

In an analyst note, Mizuho (NYSE:MFG) Securities adjusted its stock price target for Insmed to $88 from the previous target of $92, while maintaining an Outperform rating. This adjustment reflects increased expectations for the drug brensocatib and higher operational expenditure assumptions.

In preparation for the expected 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.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.