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 ($7.6m 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 ≈ $30.99. Options: 15 managers hold calls ($10.0m notional), 12 hold puts ($52.2m).
Trends to Q4 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 |
| Q4 2023 | 273 |
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 |
| Q4 2023 | 131 | 111 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2023 | $9.6m | $6.7m | 0.69 |
| Q2 2023 | $9.7m | $13.7m | 1.41 |
| Q3 2023 | $9.3m | $40.6m | 4.38 |
| Q4 2023 | $10.0m | $52.2m | 5.19 |
Biggest buyers
| MORGAN STANLEY | Added | +2.4m |
| BlackRock Inc. | Added | +1.1m |
| Hood River Capital Management LLC | New | +905.8k |
| STATE STREET CORP | Added | +875.5k |
| MARSHALL WACE, LLP | Added | +874.0k |
| Balyasny Asset Management L.P. | Added | +862.1k |
| KINGDON CAPITAL MANAGEMENT, L.L.C. | New | +810.0k |
| FMR LLC | Added | +786.7k |
| CITADEL ADVISORS LLC | Added | +466.8k |
| D. E. Shaw & Co., Inc. | Added | +450.2k |
Biggest sellers
| T. Rowe Price Investment Management, Inc. | Reduced | -2.5m |
| Hudson Bay Capital Management LP | Reduced | -1.2m |
| Bellevue Group AG | Reduced | -871.8k |
| MONTANOVA CAPITAL, LLC | Reduced | -761.8k |
| Deep Track Capital, LP | Reduced | -650.0k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -569.8k |
| JANUS HENDERSON GROUP PLC | Reduced | -511.7k |
| Pictet Asset Management Holding SA | Reduced | -451.6k |
| Palo Alto Investors LP | Reduced | -377.8k |
| Polar Capital Holdings Plc | Reduced | -357.1k |
Biggest calls
| CITADEL ADVISORS LLC | Reduced | $2.0m65.1k shares |
| CITIGROUP INC | New | $1.7m55.0k shares |
| JANE STREET GROUP, LLC | Added | $1.6m51.9k shares |
| LMR Partners LLP | New | $1.2m40.0k shares |
| SIMPLEX TRADING, LLC | Added | $1.1m37.1k shares |
| GROUP ONE TRADING LLC | Reduced | $994.8k32.1k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $514.4k16.6k shares |
| WOLVERINE TRADING, LLC | New | $257.2k8.3k shares |
| TORNO CAPITAL, LLC | First filing | $198.3k6.4k shares |
| Walleye Trading LLC | New | $130.2k4.2k shares |
Biggest puts
| Sio Capital Management, LLC | New | $26.7m861.7k shares |
| Balyasny Asset Management L.P. | Added | $16.8m541.6k shares |
| Point72 Asset Management, L.P. | New | $1.8m59.2k shares |
| Hudson Bay Capital Management LP | Reduced | $1.5m50.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $1.3m43.5k shares |
| Parallax Volatility Advisers, L.P. | New | $932.8k30.1k shares |
| CITIGROUP INC | New | $929.7k30.0k shares |
| Jefferies Financial Group Inc. | Unchanged | $728.3k23.5k shares |
| Caption Management, LLC | Reduced | $437.0k14.1k shares |
| CITADEL ADVISORS LLC | Reduced | $387.4k12.5k 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 Q4 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 |
|---|---|---|---|---|---|
| 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 | — |
| Q4 2023 | 0 | — | 4 | $4.7m | $4.7m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2023-12-28 | Schaeffer Orlov S Nicole Chief People Strategy Officer | Sold plan | $713.2k22.3k shares |
| 2023-12-22 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $849.3k28.3k shares |
| 2023-12-22 | Bonstein Sara Chief Financial Officer | Sold plan | $396.0k13.2k shares |
| 2023-10-27 | Lewis William Chair and CEO, director · Indirect | Sold plan | $2.7m112.0k 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, Q4 2023
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.01% of their portfolio | 14.1m $437.7m | Reduced -220.0k |
| BlackRock Inc. 0.01% of their portfolio | 11.5m $356.1m | Added +1.1m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.04% of their portfolio | 10.8m $333.6m | Added +356.6k |
| STATE STREET CORP 0.01% of their portfolio | 5.9m $183.8m | Added +875.5k |
| T. Rowe Price Investment Management, Inc. 0.12% of their portfolio | 5.9m $181.3m | Reduced -2.5m |
| Palo Alto Investors LP 15.39% of their portfolio | 5.5m $170.8m | Reduced -377.8k |
| Deep Track Capital, LP 5.81% of their portfolio | 5.3m $165.8m | Reduced -650.0k |
| FMR LLC 0.01% of their portfolio | 5.1m $157.8m | Added +786.7k |
| MACQUARIE GROUP LTD 0.17% of their portfolio | 4.7m $144.2m | Reduced -2.3k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.38% of their portfolio | 4.3m $131.9m | Added +14.8k |
| FRANKLIN RESOURCES INC 0.05% of their portfolio | 3.4m $105.3m | Reduced -15.1k |
| MORGAN STANLEY 0.00% of their portfolio | 3.1m $95.1m | Added +2.4m |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 3.1m $95.1m | Added +195.7k |
| MONTANOVA CAPITAL, LLC 3.80% of their portfolio | 2.7m $83.2m | Reduced -761.8k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 2.4m $73.0m | Reduced -174.9k |
| LOOMIS SAYLES & CO L P 0.11% of their portfolio | 2.3m $72.3m | Reduced -51.5k |
| Bellevue Group AG 1.09% of their portfolio | 2.3m $71.0m | Reduced -871.8k |
| AMERIPRISE FINANCIAL INC 0.02% of their portfolio | 2.3m $70.7m | Added +405.8k |
| ALLIANCEBERNSTEIN L.P. 0.03% of their portfolio | 2.1m $66.6m | Reduced -146.9k |
| Pictet Asset Management Holding SA 0.07% of their portfolio | 2.0m $60.8m | Reduced -451.6k |
| RTW INVESTMENTS, LP 0.90% of their portfolio | 1.9m $57.8m | Unchanged |
| Holocene Advisors, LP 0.20% of their portfolio | 1.6m $50.0m | Reduced -193.6k |
| MILLENNIUM MANAGEMENT LLC 0.05% of their portfolio | 1.6m $49.7m | Reduced -569.8k |
| NORGES BANK 0.01% of their portfolio | 1.5m $45.0m | Added +260.6k |
| MARSHALL WACE, LLP 0.09% of their portfolio | 1.4m $44.6m | Added +874.0k |
| JANUS HENDERSON GROUP PLC 0.03% of their portfolio | 1.4m $43.5m | Reduced -511.7k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 1.4m $42.5m | Added +25.8k |
| PRINCIPAL FINANCIAL GROUP INC 0.03% of their portfolio | 1.4m $42.1m | Added +69.3k |
| NOVO HOLDINGS A/S 2.56% of their portfolio | 1.3m $41.5m | Unchanged |
| GW&K Investment Management, LLC 0.37% of their portfolio | 1.3m $40.0m | Reduced -60.5k |
| SAMLYN CAPITAL, LLC 0.87% of their portfolio | 1.3m $39.9m | Reduced -94.2k |
| Octagon Capital Advisors LP 6.37% of their portfolio | 1.3m $39.8m | Unchanged |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 1.1m $35.0m | Added +28.6k |
| CITADEL ADVISORS LLC 0.03% of their portfolio | 1.0m $32.4m | Added +466.8k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 1.0m $32.3m | Reduced -165.2k |
| Balyasny Asset Management L.P. 0.08% of their portfolio | 943.4k $29.2m | Added +862.1k |
| EMERALD ADVISERS, LLC 1.23% of their portfolio | 930.8k $28.8m | Reduced -6.7k |
| Hood River Capital Management LLC 0.77% of their portfolio | 905.8k $28.1m | New |
| Vestal Point Capital, LP 2.95% of their portfolio | 900.0k $27.9m | First filing |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.08% of their portfolio | 895.9k $27.8m | Added +39.7k |
| KINGDON CAPITAL MANAGEMENT, L.L.C. 2.39% of their portfolio | 810.0k $25.1m | New |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 765.0k $23.7m | Added +357.0k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 761.8k $23.6m | Reduced -101.7k |
| EMERALD MUTUAL FUND ADVISERS TRUST 1.23% of their portfolio | 748.3k $23.2m | Added +3.6k |
| AXA S.A. 0.04% of their portfolio | 704.1k $21.8m | Added +343.5k |
| FIL Ltd 0.02% of their portfolio | 691.4k $21.4m | Reduced -139.8k |
| AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio | 662.2k $20.5m | Added +47.7k |
| D. E. Shaw & Co., Inc. 0.03% of their portfolio | 646.9k $20.0m | Added +450.2k |
| First Light Asset Management, LLC 1.61% of their portfolio | 646.1k $20.0m | Added +2.5k |
| EVENTIDE ASSET MANAGEMENT, LLC 0.32% of their portfolio | 635.2k $19.7m | Unchanged |
| TWO SIGMA ADVISERS, LP 0.05% of their portfolio | 629.2k $19.5m | Reduced -196.2k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.04% of their portfolio | 600.0k $18.6m | Unchanged |
| Cormorant Asset Management, LP 0.85% of their portfolio | 575.0k $17.8m | Unchanged |
| EAGLE ASSET MANAGEMENT INC 0.09% of their portfolio | 548.6k $17.0m | Added +29.6k |
| MPM BIOIMPACT LLC 3.83% of their portfolio | 528.1k $16.4m | Added +692 |
| Polar Capital Holdings Plc 0.10% of their portfolio | 504.3k $15.6m | Reduced -357.1k |
| VOYA INVESTMENT MANAGEMENT LLC 0.02% of their portfolio | 504.2k $15.6m | Added +7.3k |
| Hudson Bay Capital Management LP 0.13% of their portfolio | 467.5k $14.5m | Reduced -1.2m |
| TD Asset Management Inc 0.01% of their portfolio | 463.5k $14.4m | Reduced -59.6k |
| PANAGORA ASSET MANAGEMENT INC 0.07% of their portfolio | 429.0k $13.3m | Reduced -3.6k |
| Cutter Capital Management, LP 6.13% of their portfolio | 413.5k $12.8m | First filing |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 407.6k $12.6m | Added +43.9k |
| PUTNAM INVESTMENTS LLC 0.02% of their portfolio | 387.7k $12.0m | New |
| Nuveen Asset Management, LLC 0.00% of their portfolio | 377.2k $11.7m | Added +28.4k |
| Long Focus Capital Management, LLC 1.49% of their portfolio | 371.6k $11.5m | Unchanged |
| TWO SIGMA INVESTMENTS, LP 0.03% of their portfolio | 352.6k $10.9m | Reduced -241.5k |
| Integral Health Asset Management, LLC 1.57% of their portfolio | 350.0k $10.8m | New |
| C WorldWide Group Holding A/S 0.14% of their portfolio | 343.1k $10.6m | Unchanged |
| BAKER BROS. ADVISORS LP 0.12% of their portfolio | 343.0k $10.6m | Unchanged |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC 0.57% of their portfolio | 338.5k $10.5m | New |
| BARCLAYS PLC 0.01% of their portfolio | 334.5k $10.4m | Added +162.7k |
| Bleichroeder LP 2.24% of their portfolio | 325.0k $10.1m | Unchanged |
| Rafferty Asset Management, LLC 0.04% of their portfolio | 321.1k $10.0m | Added +47.6k |
| Candriam S.C.A. 0.07% of their portfolio | 310.2k $9.6m | Reduced -15.0k |
| UBS Group AG 0.00% of their portfolio | 300.2k $9.3m | Added +178.0k |
| WCM INVESTMENT MANAGEMENT, LLC 0.03% of their portfolio | 295.3k $9.4m | Added +5.6k |
| SCOUT INVESTMENTS, INC. 0.23% of their portfolio | 293.2k $9.1m | Reduced -4.6k |
| PEREGRINE CAPITAL MANAGEMENT LLC 0.27% of their portfolio | 290.1k $9.0m | Reduced -50.0k |
| Assenagon Asset Management S.A. 0.03% of their portfolio | 284.5k $8.8m | Added +22.4k |
| Connor, Clark & Lunn Investment Management Ltd. 0.04% of their portfolio | 271.3k $8.4m | Reduced -174.8k |
| Swiss National Bank 0.01% of their portfolio | 269.2k $8.3m | Reduced -30.7k |
| Knights of Columbus Asset Advisors LLC 0.46% of their portfolio | 228.8k $7.1m | Added +115.0k |
| GREAT POINT PARTNERS LLC 1.19% of their portfolio | 225.9k $7.0m | Reduced -169.0k |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 221.6k $6.9m | Added +98.4k |
| RICE HALL JAMES & ASSOCIATES, LLC 0.40% of their portfolio | 221.3k $6.9m | Reduced -3.2k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 212.0k $6.6m | Added +2.9k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 203.7k $6.3m | Added +6.1k |
| Granahan Investment Management, LLC 0.21% of their portfolio | 202.2k $6.3m | Reduced -33.8k |
| California Public Employees Retirement System 0.00% of their portfolio | 191.3k $5.9m | Reduced -1.7k |
| Cinctive Capital Management LP 0.38% of their portfolio | 175.0k $5.4m | New |
| Cubist Systematic Strategies, LLC 0.07% of their portfolio | 174.7k $5.4m | Reduced -95.2k |
| STEMPOINT CAPITAL LP 1.55% of their portfolio | 173.6k $5.4m | First filing |
| NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio | 168.9k $5.2m | Added +59.4k |
| Soleus Capital Management, L.P. 0.57% of their portfolio | 167.1k $5.2m | Reduced -50.9k |
| TANG CAPITAL MANAGEMENT LLC 0.48% of their portfolio | 166.2k $5.2m | Unchanged |
| Susquehanna Portfolio Strategies, LLC 0.09% of their portfolio | 164.5k $5.1m | First filing |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 164.2k $5.1m | Reduced -1.7k |
| SILVERARC CAPITAL MANAGEMENT, LLC 1.49% of their portfolio | 155.5k $4.8m | Added +5.1k |
| Parkman Healthcare Partners LLC 0.66% of their portfolio | 150.8k $4.7m | Added +25.8k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 144.4k $4.5m | Reduced -5.3k |