INSMED INC INSM
COM PAR $.01 · Common Stock · CUSIP 457669307 · ISIN US4576693075
- SectorHealth care
- IndustryPharmaceutical Preparations
- HeadquartersBridgewater, NJ
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($3.5m this quarter). Holder counts are more reliable. Shares outstanding: 143.1m as of 2023-10-23, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $25.25. Options: 10 managers hold calls ($9.3m notional), 12 hold puts ($40.6m).
Trends to Q3 2023
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 239 |
| Q4 2022 | 226 |
| Q1 2023 | 232 |
| Q2 2023 | 225 |
| Q3 2023 | 254 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 132 | 104 |
| Q1 2023 | 123 | 97 |
| Q2 2023 | 103 | 111 |
| Q3 2023 | 133 | 95 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2022 | $3.2m | $2.8m | 0.88 |
| Q1 2023 | $9.6m | $6.7m | 0.69 |
| Q2 2023 | $9.7m | $13.7m | 1.41 |
| Q3 2023 | $9.3m | $40.6m | 4.38 |
Biggest buyers
| MILLENNIUM MANAGEMENT LLC | Added | +2.1m |
| VANGUARD GROUP INC | Added | +1.0m |
| Octagon Capital Advisors LP | Added | +917.0k |
| RTW INVESTMENTS, LP | Added | +865.1k |
| LOOMIS SAYLES & CO L P | Added | +769.4k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | New | +600.0k |
| Cormorant Asset Management, LP | New | +575.0k |
| FIL Ltd | Added | +474.8k |
| GREAT POINT PARTNERS LLC | New | +394.9k |
| BANK OF AMERICA CORP /DE/ | Added | +367.0k |
Biggest sellers
| Assenagon Asset Management S.A. | Reduced | -1.5m |
| STATE STREET CORP | Reduced | -966.2k |
| Balyasny Asset Management L.P. | Reduced | -912.7k |
| Polar Capital Holdings Plc | Reduced | -829.9k |
| DEERFIELD MANAGEMENT COMPANY, L.P. | Sold out | -658.5k |
| SAMLYN CAPITAL, LLC | Reduced | -596.2k |
| Deep Track Capital, LP | Reduced | -500.0k |
| AXA S.A. | Reduced | -489.6k |
| Candriam S.C.A. | Reduced | -482.0k |
| Ikarian Capital, LLC | Reduced | -330.1k |
Biggest calls
| Caption Management, LLC | Added | $2.8m112.5k shares |
| CITADEL ADVISORS LLC | Added | $1.9m76.6k shares |
| JANE STREET GROUP, LLC | Added | $1.2m46.6k shares |
| GROUP ONE TRADING LLC | Added | $1.2m45.7k shares |
| Parallax Volatility Advisers, L.P. | New | $1.0m40.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $767.6k30.4k shares |
| SIMPLEX TRADING, LLC | Reduced | $318.0k12.6k shares |
| Jefferies Financial Group Inc. | New | $75.8k3.0k shares |
| Ikarian Capital, LLC | Reduced | $5.0k2 shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| Balyasny Asset Management L.P. | New | $13.4m532.0k shares |
| Caption Management, LLC | Added | $10.8m426.1k shares |
| WOLVERINE ASSET MANAGEMENT LLC | Added | $3.9m155.0k shares |
| Hudson Bay Capital Management LP | New | $2.5m100.0k shares |
| MOORE CAPITAL MANAGEMENT, LP | New | $2.5m100.0k shares |
| CITADEL ADVISORS LLC | Added | $2.3m90.1k shares |
| Portman Square Capital LLP | Reduced | $2.0m77.5k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $2.0m77.3k shares |
| Jefferies Financial Group Inc. | New | $593.4k23.5k shares |
| WOLVERINE TRADING, LLC | New | $416.6k16.5k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| FMR LLC 13G · institution +1.3 pts · filed 2026-08-06 | 7.4% |
| BlackRock, Inc. 13G · institution +1.5 pts · filed 2026-01-21 | 6.6% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 5.3% |
Fell to 5% or below in the last year: Darwin Global Management, Ltd. (3.0%, 2026-08-14), JPMORGAN CHASE & CO (4.7%, 2026-07-22), VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC), PRICE T ROWE ASSOCIATES INC /MD/ (3.3%, 2025-11-14)
Insider purchases and sales in Q3 2023
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2021 | 2 | $730.5k | 2 | $4.5m | — |
| Q1 2022 | 0 | — | 6 | $3.1m | — |
| Q2 2022 | 1 | $344.0k | 6 | $389.7k | — |
| Q3 2022 | 0 | — | 3 | $8.3m | — |
| Q4 2022 | 2 | $1.3m | 2 | $357.7k | — |
| Q1 2023 | 0 | — | 7 | $679.5k | — |
| Q2 2023 | 1 | $385.8k | 7 | $1.2m | $344.4k |
| Q3 2023 | 0 | — | 1 | $14.9k | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2023-07-11 | Smith Michael Alexander General Counsel, Senior VP | Sold | $14.9k740 shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q3 2023
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.01% of their portfolio | 14.3m $362.2m | Added +1.0m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.04% of their portfolio | 10.4m $262.8m | Added +234.9k |
| BlackRock Inc. 0.01% of their portfolio | 10.4m $262.4m | Added +132.4k |
| T. Rowe Price Investment Management, Inc. 0.15% of their portfolio | 8.3m $210.2m | Added +20.6k |
| Deep Track Capital, LP 5.87% of their portfolio | 6.0m $151.5m | Reduced -500.0k |
| Palo Alto Investors LP 14.07% of their portfolio | 5.9m $148.7m | Unchanged |
| STATE STREET CORP 0.01% of their portfolio | 5.1m $127.6m | Reduced -966.2k |
| MACQUARIE GROUP LTD 0.15% of their portfolio | 4.7m $117.5m | Added +262.7k |
| FMR LLC 0.01% of their portfolio | 4.3m $108.7m | Added +221.7k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.36% of their portfolio | 4.2m $107.1m | Reduced -44.0k |
| MONTANOVA CAPITAL, LLC 4.70% of their portfolio | 3.4m $87.0m | Added +337.0k |
| FRANKLIN RESOURCES INC 0.04% of their portfolio | 3.4m $86.1m | Reduced -21.8k |
| Bellevue Group AG 1.29% of their portfolio | 3.2m $79.9m | Reduced -138.2k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 2.9m $72.6m | Added +170.2k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 2.5m $63.9m | Added +83.3k |
| Pictet Asset Management Holding SA 0.08% of their portfolio | 2.4m $60.9m | First filing |
| LOOMIS SAYLES & CO L P 0.10% of their portfolio | 2.4m $60.2m | Added +769.4k |
| ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio | 2.3m $57.9m | Reduced -229.8k |
| MILLENNIUM MANAGEMENT LLC 0.06% of their portfolio | 2.2m $54.9m | Added +2.1m |
| JANUS HENDERSON GROUP PLC 0.03% of their portfolio | 1.9m $48.3m | Reduced -280.4k |
| AMERIPRISE FINANCIAL INC 0.02% of their portfolio | 1.9m $47.4m | Added +17.5k |
| RTW INVESTMENTS, LP 0.99% of their portfolio | 1.9m $47.1m | Added +865.1k |
| Holocene Advisors, LP 0.20% of their portfolio | 1.8m $45.7m | Reduced -274.4k |
| Hudson Bay Capital Management LP 0.20% of their portfolio | 1.7m $42.8m | Reduced -5.0k |
| SAMLYN CAPITAL, LLC 0.62% of their portfolio | 1.4m $34.9m | Reduced -596.2k |
| GW&K Investment Management, LLC 0.34% of their portfolio | 1.4m $34.1m | Reduced -995 |
| NORTHERN TRUST CORP 0.01% of their portfolio | 1.3m $34.0m | Added +21.9k |
| NOVO HOLDINGS A/S 2.50% of their portfolio | 1.3m $33.8m | Unchanged |
| PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio | 1.3m $32.6m | Added +29.2k |
| Octagon Capital Advisors LP 5.71% of their portfolio | 1.3m $32.4m | Added +917.0k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 1.2m $30.5m | Added +367.0k |
| NORGES BANK 0.01% of their portfolio | 1.2m $30.1m | Unchanged |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 1.1m $27.8m | Added +88.6k |
| EMERALD ADVISERS, LLC 1.15% of their portfolio | 937.5k $23.7m | Reduced -51.5k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 863.5k $21.8m | Added +69.8k |
| Polar Capital Holdings Plc 0.16% of their portfolio | 861.4k $21.8m | Reduced -829.9k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.07% of their portfolio | 856.2k $21.6m | Reduced -8.4k |
| FIL Ltd 0.02% of their portfolio | 831.2k $21.0m | Added +474.8k |
| TWO SIGMA ADVISERS, LP 0.05% of their portfolio | 825.4k $20.8m | Added +256.3k |
| EMERALD MUTUAL FUND ADVISERS TRUST 1.13% of their portfolio | 744.7k $18.8m | Reduced -90.6k |
| MORGAN STANLEY 0.00% of their portfolio | 678.7k $17.1m | Added +253.2k |
| First Light Asset Management, LLC 1.54% of their portfolio | 643.6k $16.3m | Reduced -2.1k |
| EVENTIDE ASSET MANAGEMENT, LLC 0.29% of their portfolio | 635.2k $16.0m | Reduced -276.9k |
| AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio | 614.5k $15.5m | Added +9.4k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.03% of their portfolio | 600.0k $15.2m | New |
| TWO SIGMA INVESTMENTS, LP 0.04% of their portfolio | 594.2k $15.0m | Added +105.4k |
| CITADEL ADVISORS LLC 0.02% of their portfolio | 579.4k $14.6m | Added +199.1k |
| Cormorant Asset Management, LP 0.85% of their portfolio | 575.0k $14.5m | New |
| MARSHALL WACE, LLP 0.03% of their portfolio | 565.8k $14.3m | Added +119.5k |
| MPM BIOIMPACT LLC 3.56% of their portfolio | 527.5k $13.3m | Reduced -2.3k |
| TD Asset Management Inc 0.02% of their portfolio | 523.1k $13.2m | Added +194.1k |
| EAGLE ASSET MANAGEMENT INC 0.08% of their portfolio | 519.1k $13.1m | Reduced -9.3k |
| VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio | 496.9k $12.5m | Reduced -24.1k |
| Connor, Clark & Lunn Investment Management Ltd. 0.06% of their portfolio | 446.1k $11.3m | Reduced -39.4k |
| PANAGORA ASSET MANAGEMENT INC 0.07% of their portfolio | 432.6k $10.9m | Reduced -26.8k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 408.0k $10.3m | Added +46.9k |
| GREAT POINT PARTNERS LLC 1.88% of their portfolio | 394.9k $10.0m | New |
| Long Focus Capital Management, LLC 1.35% of their portfolio | 371.6k $9.4m | Unchanged |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 363.6k $9.2m | Added +10.9k |
| AXA S.A. 0.03% of their portfolio | 360.6k $9.1m | Reduced -489.6k |
| Nuveen Asset Management, LLC 0.00% of their portfolio | 348.8k $8.8m | Reduced -7.1k |
| SECTORAL ASSET MANAGEMENT INC 1.71% of their portfolio | 347.4k $8.8m | Reduced -170.4k |
| C WorldWide Group Holding A/S 0.12% of their portfolio | 343.1k $8.7m | Unchanged |
| BAKER BROS. ADVISORS LP 0.05% of their portfolio | 343.0k $8.7m | Unchanged |
| PEREGRINE CAPITAL MANAGEMENT LLC 0.26% of their portfolio | 340.1k $8.6m | Reduced -21.4k |
| Candriam S.C.A. 0.06% of their portfolio | 325.2k $8.2m | Reduced -482.0k |
| Bleichroeder LP 2.02% of their portfolio | 325.0k $8.2m | Unchanged |
| Swiss National Bank 0.01% of their portfolio | 299.9k $7.6m | Added +2.9k |
| SCOUT INVESTMENTS, INC. 0.17% of their portfolio | 297.8k $7.6m | Reduced -8.7k |
| Trexquant Investment LP 0.19% of their portfolio | 295.0k $7.4m | Added +265.5k |
| WCM INVESTMENT MANAGEMENT, LLC 0.02% of their portfolio | 289.7k $7.3m | Added +5.1k |
| Rafferty Asset Management, LLC 0.04% of their portfolio | 273.5k $6.9m | Reduced -97.6k |
| Cubist Systematic Strategies, LLC 0.08% of their portfolio | 269.8k $6.8m | Added +260.2k |
| Assenagon Asset Management S.A. 0.02% of their portfolio | 262.1k $6.6m | Reduced -1.5m |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 253.8k $6.4m | Reduced -2.5k |
| Granahan Investment Management, LLC 0.21% of their portfolio | 236.0k $6.0m | Reduced -44.7k |
| RICE HALL JAMES & ASSOCIATES, LLC 0.36% of their portfolio | 224.5k $5.7m | Reduced -4.8k |
| Soleus Capital Management, L.P. 0.55% of their portfolio | 218.0k $5.5m | New |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 209.1k $5.3m | Added +10.5k |
| Schonfeld Strategic Advisors LLC 0.05% of their portfolio | 203.4k $5.1m | New |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 197.6k $5.0m | Added +4.1k |
| D. E. Shaw & Co., Inc. 0.01% of their portfolio | 196.7k $5.0m | Added +97.8k |
| California Public Employees Retirement System 0.00% of their portfolio | 193.0k $4.9m | Added +1.7k |
| BARCLAYS PLC 0.00% of their portfolio | 171.8k $4.3m | Reduced -40.1k |
| Hennion & Walsh Asset Management, Inc. 0.28% of their portfolio | 171.0k $4.3m | Added +14.4k |
| TANG CAPITAL MANAGEMENT LLC 0.59% of their portfolio | 166.2k $4.2m | Unchanged |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 166.0k $4.2m | Added +8.4k |
| Ikarian Capital, LLC 1.45% of their portfolio | 154.9k $3.9m | Reduced -330.1k |
| SILVERARC CAPITAL MANAGEMENT, LLC 1.41% of their portfolio | 150.4k $3.8m | Added +5.9k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 149.7k $3.8m | Reduced -14.2k |
| ESSEX INVESTMENT MANAGEMENT CO LLC 0.61% of their portfolio | 148.4k $3.7m | Added +39.2k |
| CITIGROUP INC 0.01% of their portfolio | 139.7k $3.5m | Reduced -7.4k |
| CREDIT SUISSE AG/ 0.00% of their portfolio | 134.7k $3.4m | Reduced -15.9k |
| Legal & General Group Plc 0.00% of their portfolio | 134.7k $3.4m | Added +1.1k |
| Parkman Healthcare Partners LLC 0.58% of their portfolio | 125.0k $3.2m | New |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 123.2k $3.1m | Added +27.0k |
| UBS Group AG 0.00% of their portfolio | 122.2k $3.1m | Reduced -46.6k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio | 114.6k $2.9m | Reduced -4.1k |
| Knights of Columbus Asset Advisors LLC 0.26% of their portfolio | 113.8k $2.9m | Added +2.4k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 113.6k $2.9m | Reduced -30.1k |