Nicole Schaeffer Orlov, Chief People Strategy Officer at Insmed Inc (NASDAQ:INSM), sold a significant portion of the company's common stock recently. According to the latest SEC Form 4 filing, Schaeffer Orlov offloaded shares valued at approximately $312,259. The transactions occurred between January 7 and January 10, with prices ranging from $63.87 to $65.88 per share. These sales come as Insmed's stock has shown remarkable strength, with InvestingPro data showing a 130% return over the past year.
The filing details several sales, including 2,596 shares on January 7 at a weighted average price of $65.88, and 1,209 shares on January 8 at $65.84. Additionally, on January 10, Schaeffer Orlov sold 965 shares at $63.87 and 3,092 shares at $63.62, the latter being part of a transaction executed under a 10b5-1 trading plan.
Following these transactions, Schaeffer Orlov retains direct ownership of 97,955 shares of Insmed's common stock. These sales were primarily conducted to satisfy tax withholding obligations upon the vesting of Restricted Stock Units (RSUs) and to cover related broker fees.
In other recent news, Insmed Incorporated reported an 18% year-over-year increase in global net revenues, reaching $93.4 million. This growth primarily resulted from the successful sales of ARIKAYCE, which has shown consistent double-digit revenue growth for seven consecutive quarters. The company continues to project a full-year revenue guidance of $340 million to $360 million. In a significant development, Insmed has terminated a sales agreement with Leerink Partners LLC, which was originally established to potentially bolster its cash reserves.
In the meantime, Mizuho (NYSE:MFG) Securities adjusted its stock price target for Insmed to $88, down from $92, but maintains an Outperform rating. The new projection still suggests a 23% upside, indicating a positive outlook on Insmed's prospects. The expected introduction of the drug brensocatib plays a key role in this outlook. Insmed plans to file a New Drug Application for brensocatib in the fourth quarter of 2024 and is advancing clinical trials for the same in chronic rhinosinusitis and hidradenitis suppurativa, with results expected by late 2025. These are among the recent developments that underline Insmed's strategic planning for future growth and its commitment to delivering innovative therapies.
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