William Lewis (JO:LEWJ), Chair and CEO of Insmed Inc. (NASDAQ:INSM), recently reported several stock transactions involving the sale of company shares. According to the SEC Form 4 filing, Lewis sold a total of 15,195 shares of Insmed common stock over three separate transactions between January 7 and January 10, 2025. These sales were executed at prices ranging from $63.36 to $66.02 per share, totaling approximately $995,012. The sales come as Insmed's stock has shown remarkable strength, with InvestingPro data showing a 130% return over the past year.
In addition to these sales, Lewis acquired 22,824 shares through restricted stock units (RSUs) and 109,490 stock options, both granted under the company's incentive plan. The RSUs and options were awarded at no cost to Lewis, with the RSUs representing a right to receive one share of common stock per unit. The options, exercisable at $65.72 per share, are subject to a vesting schedule. According to InvestingPro analysis, analysts maintain a strong buy consensus with price targets ranging from $67 to $105 per share.
Following these transactions, Lewis holds a direct ownership of 395,567 shares, with additional indirect holdings through family trusts. While Insmed currently trades near its Fair Value according to InvestingPro metrics, the company maintains strong liquidity with current assets exceeding short-term obligations by over 6 times. Subscribers to InvestingPro can access the comprehensive Pro Research Report for deeper insights into Insmed's valuation and growth prospects.
In other recent news, Insmed Incorporated terminated a significant sales agreement with Leerink Partners LLC, which allowed for the sale of up to $500 million of its common stock. The termination was effective immediately and the company will face no penalties. Meanwhile, Insmed's third-quarter financial results showed an 18% increase in global net revenues year-over-year, reaching $93.4 million. This growth is primarily due to the successful sales of ARIKAYCE, which has shown double-digit revenue growth for seven consecutive quarters.
Mizuho (NYSE:MFG) Securities 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, particularly with the anticipated market introduction of the drug brensocatib. Insmed plans to file a New Drug Application in the fourth quarter of 2024 for brensocatib, in preparation for its expected mid-2025 launch. The company is also advancing clinical trials for brensocatib in chronic rhinosinusitis and hidradenitis suppurativa, with results expected by late 2025. These are recent developments in Insmed's operational and financial strategy.
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