Sara Bonstein, the Chief Financial Officer of Insmed Inc. (NASDAQ:INSM), has recently sold a significant portion of her holdings in the company. According to a filing with the Securities and Exchange Commission, Bonstein sold a total of 6,000 shares of Insmed common stock over three transactions on January 7, January 8, and January 10, 2025. The sale prices ranged between $63.72 and $66.05 per share, culminating in a total transaction value of $392,601. The transactions occurred as the stock trades near $65.25, following an impressive 130% return over the past year. According to InvestingPro, analysts maintain a strong buy consensus with a potential upside to $105.
Following these transactions, Bonstein's direct ownership of Insmed shares stands at 118,863 shares. Additionally, on January 8, she acquired 6,657 Restricted Stock Units (RSUs) and 31,930 stock options at no cost. These RSUs and options were granted as part of Insmed's Amended and Restated 2019 Incentive Plan, with specific vesting schedules outlined in the plan. The company, currently valued at $11.64 billion, maintains strong liquidity with a current ratio of 6.37. Get deeper insights into Insmed's financial health and access exclusive analysis through the comprehensive Pro Research Report, available on InvestingPro.
In other recent news, Insmed Incorporated has terminated a significant sales agreement with Leerink Partners LLC, a development that may influence the company's capital-raising activities. This move comes in the wake of the company's impressive third-quarter financial results, which witnessed an 18% year-over-year increase in global net revenues, reaching $93.4 million. This growth was largely attributed to the successful sales of ARIKAYCE, which has shown steady double-digit revenue growth for seven consecutive quarters.
Despite the termination of the sales agreement, Mizuho (NYSE:MFG) Securities has maintained an Outperform rating for Insmed, even though it adjusted its stock price target from $92 to $88. The firm's new projection still suggests a 23% upside, indicating an optimistic outlook on Insmed's prospects, particularly with 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. Furthermore, the company is advancing clinical trials for brensocatib in chronic rhinosinusitis and hidradenitis suppurativa, with results expected by late 2025. These recent developments underscore Insmed's strategic planning for growth and its commitment to delivering innovative therapies.
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