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 ($15.4m this quarter). Holder counts are more reliable. Shares outstanding: 171.8m as of 2024-08-02, 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 ≈ $67.00. Options: 38 managers hold calls ($470.9m notional), 28 hold puts ($343.5m).
Trends to Q2 2024
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 |
| Q1 2024 | 290 |
| Q2 2024 | 380 |
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 |
| Q1 2024 | 141 | 126 |
| Q2 2024 | 257 | 137 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2023 | $9.3m | $40.6m | 4.38 |
| Q4 2023 | $10.0m | $52.2m | 5.19 |
| Q1 2024 | $68.3m | $84.5m | 1.24 |
| Q2 2024 | $470.9m | $343.5m | 0.73 |
Biggest buyers
| JPMORGAN CHASE & CO | Added | +5.3m |
| Capital International Investors | Added | +4.2m |
| Darwin Global Management, Ltd. | New | +3.5m |
| BAKER BROS. ADVISORS LP | Added | +3.2m |
| Artisan Partners Limited Partnership | New | +2.5m |
| BlackRock Inc. | Added | +2.5m |
| RTW INVESTMENTS, LP | Added | +1.8m |
| VANGUARD GROUP INC | Added | +1.5m |
| PRICE T ROWE ASSOCIATES INC /MD/ | Added | +1.4m |
| LORD, ABBETT & CO. LLC | New | +1.2m |
Biggest sellers
| Deep Track Capital, LP | Reduced | -2.8m |
| Palo Alto Investors LP | Reduced | -2.3m |
| FMR LLC | Reduced | -2.0m |
| MORGAN STANLEY | Reduced | -2.0m |
| FIRST TRUST ADVISORS LP | Reduced | -1.4m |
| STATE STREET CORP | Reduced | -1.2m |
| MACQUARIE GROUP LTD | Reduced | -1.2m |
| Bellevue Group AG | Reduced | -1.1m |
| T. Rowe Price Investment Management, Inc. | Reduced | -1.0m |
| FRANKLIN RESOURCES INC | Reduced | -848.7k |
Biggest calls
| Caption Management, LLC | Added | $79.4m1.2m shares |
| Kynam Capital Management, LP | New | $67.0m1.0m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $42.2m630.3k shares |
| Ikarian Capital, LLC | Reduced | $34.0m5.1k shares |
| JPMORGAN CHASE & CO | Added | $24.5m365.2k shares |
| Twin Tree Management, LP | New | $21.3m318.6k shares |
| SILVERARC CAPITAL MANAGEMENT, LLC | New | $16.8m250.0k shares |
| Octagon Capital Advisors LP | New | $16.8m250.0k shares |
| NOMURA HOLDINGS INC | New | $15.7m234.5k shares |
| GROUP ONE TRADING LLC | Added | $14.6m217.5k shares |
Biggest puts
| Sio Capital Management, LLC | Unchanged | $91.3m1.4m shares |
| Caption Management, LLC | Added | $69.5m1.0m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $50.7m757.2k shares |
| Parallax Volatility Advisers, L.P. | Added | $35.0m522.7k shares |
| CITADEL ADVISORS LLC | Added | $21.2m315.8k shares |
| ADAR1 Capital Management, LLC | Added | $13.5m200.8k shares |
| UBS Group AG | New | $8.6m128.2k shares |
| BOOTHBAY FUND MANAGEMENT, LLC | Added | $6.8m101.9k shares |
| Twin Tree Management, LP | New | $5.2m77.4k shares |
| Ikarian Capital, LLC | Reduced | $4.8m709 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 Q2 2024
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 |
|---|---|---|---|---|---|
| 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 |
| Q1 2024 | 0 | — | 7 | $3.7m | $3.0m |
| Q2 2024 | 0 | — | 7 | $28.7m | $26.9m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2024-06-10 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $1.3m21.2k shares |
| 2024-06-03 | Schaeffer Orlov S Nicole Chief People Strategy Officer | Sold plan | $3.0m55.0k shares |
| 2024-05-30 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $1.2m21.2k shares |
| 2024-05-29 | Bonstein Sara Chief Financial Officer | Sold plan | $11.0m220.6k shares |
| 2024-05-28 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $5.2m103.8k shares |
| 2024-05-28 | Smith Michael Alexander Chief Legal Officer | Sold plan | $2.2m44.7k shares |
| 2024-05-28 | Schaeffer Orlov S Nicole Chief People Strategy Officer | Sold plan | $1.4m27.5k shares |
| 2024-05-28 | Bonstein Sara Chief Financial Officer | Sold plan | $1.0m20.7k shares |
| 2024-05-28 | Wise John Drayton Chief Commercial Officer | Sold plan | $390.9k7.9k shares |
| 2024-05-17 | Adsett Roger Chief Operating Officer | Sold plan | $149.2k5.9k shares |
| 2024-05-17 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $116.5k4.6k shares |
| 2024-05-14 | Lewis William Chair and CEO, director | Sold | $566.5k22.2k shares |
| 2024-05-14 | Bonstein Sara Chief Financial Officer | Sold | $280.7k11.1k shares |
| 2024-05-14 | Flammer Martina M.D. Chief Medical Officer | Sold | $271.0k10.6k shares |
| 2024-05-14 | Adsett Roger Chief Operating Officer | Sold | $200.4k7.9k shares |
| 2024-05-14 | Schaeffer Orlov S Nicole Chief People Strategy Officer | Sold | $166.1k6.5k shares |
| 2024-05-14 | Wise John Drayton Chief Commercial Officer | Sold | $129.6k5.1k shares |
| 2024-05-14 | Smith Michael Alexander Chief Legal Officer | Sold | $129.4k5.1k 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, Q2 2024
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.02% of their portfolio | 16.0m $1.1bn | Added +1.5m |
| BlackRock Inc. 0.02% of their portfolio | 14.3m $955.7m | Added +2.5m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.10% of their portfolio | 12.2m $814.9m | Added +1.4m |
| FMR LLC 0.03% of their portfolio | 7.3m $489.4m | Reduced -2.0m |
| Capital International Investors 0.08% of their portfolio | 5.9m $393.3m | Added +4.2m |
| JPMORGAN CHASE & CO 0.02% of their portfolio | 5.9m $392.1m | Added +5.3m |
| STATE STREET CORP 0.01% of their portfolio | 4.7m $312.4m | Reduced -1.2m |
| GEODE CAPITAL MANAGEMENT, LLC 0.02% of their portfolio | 3.6m $244.0m | Added +477.0k |
| RTW INVESTMENTS, LP 3.78% of their portfolio | 3.6m $243.9m | Added +1.8m |
| BAKER BROS. ADVISORS LP 3.06% of their portfolio | 3.6m $239.6m | Added +3.2m |
| Darwin Global Management, Ltd. 27.58% of their portfolio | 3.5m $237.1m | New |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.61% of their portfolio | 3.5m $232.5m | Reduced -745.0k |
| MACQUARIE GROUP LTD 0.21% of their portfolio | 2.7m $184.0m | Reduced -1.2m |
| FRANKLIN RESOURCES INC 0.06% of their portfolio | 2.7m $182.1m | Reduced -848.7k |
| AMERIPRISE FINANCIAL INC 0.05% of their portfolio | 2.5m $169.6m | Reduced -204.3k |
| MONTANOVA CAPITAL, LLC 6.90% of their portfolio | 2.5m $169.0m | Added +498.8k |
| ALLIANCEBERNSTEIN L.P. 0.06% of their portfolio | 2.5m $167.0m | Added +345.8k |
| Artisan Partners Limited Partnership 0.25% of their portfolio | 2.5m $166.8m | New |
| T. Rowe Price Investment Management, Inc. 0.10% of their portfolio | 2.4m $163.2m | Reduced -1.0m |
| Palo Alto Investors LP 16.61% of their portfolio | 2.1m $143.3m | Reduced -2.3m |
| JANUS HENDERSON GROUP PLC 0.08% of their portfolio | 2.1m $140.1m | Reduced -137.7k |
| Deep Track Capital, LP 4.00% of their portfolio | 2.0m $134.0m | Reduced -2.8m |
| Bank of New York Mellon Corp 0.02% of their portfolio | 1.8m $121.1m | Reduced -243.9k |
| NORGES BANK 0.02% of their portfolio | 1.8m $117.7m | Added +168.9k |
| PRINCIPAL FINANCIAL GROUP INC 0.07% of their portfolio | 1.7m $111.1m | Added +218.5k |
| Clearbridge Investments, LLC 0.09% of their portfolio | 1.6m $110.2m | Added +714.5k |
| Integral Health Asset Management, LLC 10.34% of their portfolio | 1.6m $103.8m | Added +250.0k |
| FIL Ltd 0.10% of their portfolio | 1.5m $101.7m | Added +797.9k |
| Pictet Asset Management Holding SA 0.11% of their portfolio | 1.5m $99.9m | Reduced -38.9k |
| NORTHERN TRUST CORP 0.02% of their portfolio | 1.4m $93.3m | Added +55.3k |
| Nuveen Asset Management, LLC 0.03% of their portfolio | 1.3m $89.1m | Added +792.7k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.16% of their portfolio | 1.3m $88.8m | Added +1.1m |
| Hood River Capital Management LLC 1.83% of their portfolio | 1.3m $88.1m | Added +352.9k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 1.3m $87.5m | Added +179.8k |
| MARSHALL WACE, LLP 0.12% of their portfolio | 1.2m $83.7m | Reduced -80.7k |
| LOOMIS SAYLES & CO L P 0.11% of their portfolio | 1.2m $82.2m | Reduced -265.1k |
| MILLENNIUM MANAGEMENT LLC 0.07% of their portfolio | 1.2m $80.3m | Added +921.9k |
| GOLDMAN SACHS GROUP INC 0.02% of their portfolio | 1.2m $79.7m | Added +436.3k |
| LORD, ABBETT & CO. LLC 0.13% of their portfolio | 1.2m $78.1m | New |
| Eversept Partners, LP 5.93% of their portfolio | 1.2m $77.4m | New |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 1.1m $75.0m | Added +123.1k |
| VIKING GLOBAL INVESTORS LP 0.27% of their portfolio | 1.0m $69.4m | New |
| Bellevue Group AG 1.11% of their portfolio | 1.0m $68.5m | Reduced -1.1m |
| WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio | 938.4k $62.9m | New |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.23% of their portfolio | 922.0k $61.8m | Added +866.3k |
| Point72 Asset Management, L.P. 0.19% of their portfolio | 858.3k $57.5m | New |
| JANE STREET GROUP, LLC 0.06% of their portfolio | 840.0k $56.3m | Added +569.0k |
| MORGAN STANLEY 0.00% of their portfolio | 822.8k $55.1m | Reduced -2.0m |
| Rock Springs Capital Management LP 1.63% of their portfolio | 808.4k $54.2m | New |
| NOVO HOLDINGS A/S 2.89% of their portfolio | 800.0k $53.6m | Reduced -539.3k |
| CITADEL ADVISORS LLC 0.05% of their portfolio | 799.7k $53.6m | Reduced -127.8k |
| FRONTIER CAPITAL MANAGEMENT CO LLC 0.51% of their portfolio | 774.4k $51.9m | Added +27.1k |
| GW&K Investment Management, LLC 0.47% of their portfolio | 761.7k $51.0m | Reduced -508.2k |
| Invesco Ltd. 0.01% of their portfolio | 756.2k $50.7m | Added +588.7k |
| AMERICAN CENTURY COMPANIES INC 0.03% of their portfolio | 755.3k $50.6m | Added +52.6k |
| Vestal Point Capital, LP 3.75% of their portfolio | 750.0k $50.2m | Unchanged |
| JENNISON ASSOCIATES LLC 0.03% of their portfolio | 744.3k $49.9m | Added +625.8k |
| VOYA INVESTMENT MANAGEMENT LLC 0.05% of their portfolio | 743.7k $49.8m | Added +271.7k |
| Long Focus Capital Management, LLC 5.13% of their portfolio | 740.9k $49.6m | Added +309.3k |
| EVENTIDE ASSET MANAGEMENT, LLC 0.77% of their portfolio | 675.2k $45.2m | Added +40.0k |
| Cormorant Asset Management, LP 2.63% of their portfolio | 675.0k $45.2m | Added +100.0k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.11% of their portfolio | 654.3k $43.8m | Reduced -318.0k |
| Octagon Capital Advisors LP 7.19% of their portfolio | 650.2k $43.6m | Reduced -489.8k |
| EMERALD ADVISERS, LLC 1.80% of their portfolio | 640.3k $42.9m | Added +10.1k |
| KINGDON CAPITAL MANAGEMENT, L.L.C. 6.47% of their portfolio | 625.0k $41.9m | Added +170.0k |
| MPM BIOIMPACT LLC 6.41% of their portfolio | 615.4k $41.2m | Added +84.6k |
| Fiera Capital Corp 0.13% of their portfolio | 605.5k $40.6m | New |
| FARALLON CAPITAL MANAGEMENT, L.L.C. 0.22% of their portfolio | 568.0k $38.1m | Not comparable |
| Candriam S.C.A. 0.23% of their portfolio | 555.9k $37.2m | Added +165.7k |
| First Light Asset Management, LLC 3.24% of their portfolio | 551.3k $36.9m | Added +268.5k |
| TD Asset Management Inc 0.03% of their portfolio | 525.7k $35.2m | Added +98.5k |
| Eagle Health Investments LP 6.15% of their portfolio | 513.7k $34.4m | New |
| FRED ALGER MANAGEMENT, LLC 0.16% of their portfolio | 498.6k $33.4m | New |
| EMERALD MUTUAL FUND ADVISERS TRUST 1.73% of their portfolio | 493.8k $33.1m | Added +9.1k |
| SOROS FUND MANAGEMENT LLC 0.71% of their portfolio | 470.7k $31.5m | New |
| Hudson Bay Capital Management LP 0.24% of their portfolio | 467.5k $31.3m | Reduced -159.3k |
| AXA S.A. 0.05% of their portfolio | 454.2k $30.4m | Added +165.6k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 437.3k $29.3m | Added +30.2k |
| Avidity Partners Management LP 1.22% of their portfolio | 430.0k $28.8m | New |
| Alyeska Investment Group, L.P. 0.17% of their portfolio | 428.8k $28.7m | Added +228.8k |
| Iron Triangle Partners LP 2.90% of their portfolio | 413.2k $27.7m | New |
| Assenagon Asset Management S.A. 0.07% of their portfolio | 391.1k $26.2m | Reduced -820.5k |
| SAMLYN CAPITAL, LLC 0.41% of their portfolio | 359.3k $24.1m | Reduced -228.4k |
| Ensign Peak Advisors, Inc 0.04% of their portfolio | 359.0k $24.1m | Added +17.5k |
| PANAGORA ASSET MANAGEMENT INC 0.12% of their portfolio | 356.1k $23.9m | Reduced -158.7k |
| C WorldWide Group Holding A/S 0.25% of their portfolio | 343.1k $23.0m | Unchanged |
| Allspring Global Investments Holdings, LLC 0.04% of their portfolio | 328.1k $22.0m | Added +323.8k |
| First Turn Management, LLC 3.52% of their portfolio | 323.4k $21.7m | New |
| NEW YORK STATE COMMON RETIREMENT FUND 0.03% of their portfolio | 322.3k $21.6m | Added +267.1k |
| Tri Locum Partners LP 5.36% of their portfolio | 316.5k $21.2m | New |
| EAGLE ASSET MANAGEMENT INC 0.11% of their portfolio | 314.7k $20.9m | Reduced -209.7k |
| TWO SIGMA ADVISERS, LP 0.04% of their portfolio | 295.4k $19.8m | Reduced -421.0k |
| D. E. Shaw & Co., Inc. 0.03% of their portfolio | 288.6k $19.3m | Added +114.5k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio | 283.0k $19.0m | Added +50.3k |
| SEI INVESTMENTS CO 0.03% of their portfolio | 277.7k $18.6m | Added +196.6k |
| Swiss National Bank 0.01% of their portfolio | 277.5k $18.6m | Added +9.1k |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC 0.84% of their portfolio | 271.5k $18.2m | New |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.42% of their portfolio | 271.0k $18.2m | Added +104.6k |
| Granahan Investment Management, LLC 0.69% of their portfolio | 259.3k $17.4m | Added +125.5k |
| DEUTSCHE BANK AG\ 0.01% of their portfolio | 256.0k $17.2m | Added +1.4k |