William Lewis (JO:LEWJ), Chair and CEO of Insmed Inc (NASDAQ:INSM), recently executed several transactions involving the company's common stock, according to a filing with the Securities and Exchange Commission. On December 12, Lewis sold shares totaling approximately $1.87 million. The sales were executed at prices ranging from $72.57 to $74.23 per share. The transactions come amid an impressive year for Insmed, with the stock delivering a remarkable 132% return year-to-date, according to InvestingPro data.
In addition to the sales, Lewis exercised stock options, acquiring shares at prices between $10.85 and $22.76 per share, with a total acquisition value of $500,855. The transactions were conducted under a pre-arranged 10b5-1 trading plan. InvestingPro data shows Insmed maintains strong liquidity with a current ratio of 6.37, indicating robust financial flexibility.
Following these transactions, Lewis continues to hold a significant number of shares both directly and indirectly, including through the Katie Procter Dynasty Trust and the William Lewis Family Legacy Trust. With a market capitalization of $12.8 billion and analysts maintaining a Strong Buy consensus, Insmed's outlook remains positive according to InvestingPro analysis, which offers additional insights through its comprehensive Pro Research Report.
In other recent news, Insmed Incorporated reported a significant 18% increase in global net revenues year-over-year, reaching $93.4 million, primarily due to the successful sales of ARIKAYCE. The company continues to project a full-year revenue guidance of $340 million to $360 million. Meanwhile, Insmed has terminated its sales agreement with Leerink Partners LLC, which was part of its strategy to potentially increase cash reserves. Mizuho (NYSE:MFG) Securities has adjusted its stock price target for Insmed to $88, maintaining an Outperform rating, suggesting a positive outlook on Insmed's prospects. The company is also preparing for the anticipated mid-2025 launch of its promising drug, brensocatib, and plans to file a New Drug Application in the fourth quarter of 2024. Insmed is advancing clinical trials for brensocatib in chronic rhinosinusitis and hidradenitis suppurativa, with results expected by late 2025. These recent developments showcase Insmed's strategic planning for future growth and its commitment to delivering innovative therapies.
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