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 ($27.7m this quarter). Holder counts are more reliable. Shares outstanding: 178.9m as of 2024-10-25, 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 ≈ $73.03. Options: 30 managers hold calls ($175.9m notional), 25 hold puts ($270.0m).
Trends to Q3 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 |
| Q3 2024 | 417 |
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 |
| Q3 2024 | 257 | 152 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2023 | $10.0m | $52.2m | 5.19 |
| Q1 2024 | $68.3m | $84.5m | 1.24 |
| Q2 2024 | $470.9m | $343.5m | 0.73 |
| Q3 2024 | $175.9m | $270.0m | 1.54 |
Biggest buyers
| Darwin Global Management, Ltd. | Added | +7.0m |
| STATE STREET CORP | Added | +1.5m |
| VANGUARD GROUP INC | Added | +1.1m |
| FIL Ltd | Added | +921.6k |
| Vestal Point Capital, LP | Added | +850.0k |
| BAKER BROS. ADVISORS LP | Added | +839.9k |
| JPMORGAN CHASE & CO | Added | +760.3k |
| TWO SIGMA INVESTMENTS, LP | Added | +693.4k |
| Capital International Investors | Added | +653.9k |
| Man Group plc | Added | +575.5k |
Biggest sellers
| Deep Track Capital, LP | Sold out | -2.0m |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | Reduced | -1.0m |
| VIKING GLOBAL INVESTORS LP | Sold out | -1.0m |
| MONTANOVA CAPITAL, LLC | Reduced | -886.1k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -633.7k |
| JANUS HENDERSON GROUP PLC | Reduced | -602.9k |
| FARALLON CAPITAL MANAGEMENT, L.L.C. | Reduced | -565.0k |
| Point72 Asset Management, L.P. | Reduced | -543.1k |
| Bellevue Group AG | Reduced | -496.3k |
| MARSHALL WACE, LLP | Reduced | -478.1k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $32.3m441.9k shares |
| Twin Tree Management, LP | Added | $26.7m366.1k shares |
| BOOTHBAY FUND MANAGEMENT, LLC | Added | $19.3m264.7k shares |
| JANE STREET GROUP, LLC | Added | $19.2m263.3k shares |
| Octagon Capital Advisors LP | Unchanged | $18.2m250.0k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $7.8m107.4k shares |
| Caption Management, LLC | Reduced | $6.8m92.8k shares |
| CITADEL ADVISORS LLC | Reduced | $6.0m81.6k shares |
| NOMURA HOLDINGS INC | Reduced | $5.8m80.0k shares |
| JPMORGAN CHASE & CO | Reduced | $5.4m73.6k shares |
Biggest puts
| JANE STREET GROUP, LLC | New | $76.1m1.0m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $38.2m523.6k shares |
| Caption Management, LLC | Reduced | $31.1m426.5k shares |
| Parallax Volatility Advisers, L.P. | Reduced | $23.6m323.8k shares |
| CITADEL ADVISORS LLC | Reduced | $20.4m279.3k shares |
| GROUP ONE TRADING LLC | New | $18.4m252.1k shares |
| SIMPLEX TRADING, LLC | New | $14.0m191.9k shares |
| Twin Tree Management, LP | Added | $12.5m171.2k shares |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC | New | $10.9m150.0k shares |
| UBS Group AG | Unchanged | $9.4m128.2k 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 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 |
|---|---|---|---|---|---|
| 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 |
| Q3 2024 | 0 | — | 3 | $25.6m | $18.4m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2024-09-16 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $1.0m13.4k shares |
| 2024-09-13 | Smith Michael Alexander Chief Legal Officer | Sold plan | $2.1m27.9k shares |
| 2024-09-13 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $2.0m27.0k shares |
| 2024-09-12 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $47.6k635 shares |
| 2024-09-10 | Schaeffer Orlov S Nicole Chief People Strategy Officer | Sold plan | $2.7m37.6k shares |
| 2024-09-06 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $10.6m149.0k shares |
| 2024-08-12 | Smith Michael Alexander Chief Legal Officer | Sold | $6.4m88.1k shares |
| 2024-08-12 | Schaeffer Orlov S Nicole Chief People Strategy Officer | Sold | $686.4k9.5k 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 2024
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.02% of their portfolio | 17.1m $1.3bn | Added +1.1m |
| BlackRock, Inc. 0.02% of their portfolio | 15.0m $1.1bn | First filing |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.11% of their portfolio | 12.6m $918.4m | Added +417.6k |
| Darwin Global Management, Ltd. 62.31% of their portfolio | 10.5m $766.3m | Added +7.0m |
| FMR LLC 0.03% of their portfolio | 7.2m $525.0m | Reduced -113.6k |
| JPMORGAN CHASE & CO 0.02% of their portfolio | 6.6m $482.7m | Added +760.3k |
| Capital International Investors 0.09% of their portfolio | 6.5m $476.2m | Added +653.9k |
| STATE STREET CORP 0.02% of their portfolio | 6.2m $451.0m | Added +1.5m |
| BAKER BROS. ADVISORS LP 3.34% of their portfolio | 4.4m $322.4m | Added +839.9k |
| GEODE CAPITAL MANAGEMENT, LLC 0.02% of their portfolio | 3.8m $278.4m | Added +172.7k |
| RTW INVESTMENTS, LP 3.46% of their portfolio | 3.3m $238.9m | Reduced -368.1k |
| Artisan Partners Limited Partnership 0.32% of their portfolio | 2.9m $210.5m | Added +394.7k |
| FRANKLIN RESOURCES INC 0.06% of their portfolio | 2.7m $204.3m | Added +3.1k |
| AMERIPRISE FINANCIAL INC 0.05% of their portfolio | 2.6m $188.4m | Added +49.4k |
| ALLIANCEBERNSTEIN L.P. 0.06% of their portfolio | 2.5m $178.9m | Reduced -42.2k |
| FIL Ltd 0.16% of their portfolio | 2.4m $178.1m | Added +921.6k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.44% of their portfolio | 2.4m $176.7m | Reduced -1.0m |
| MACQUARIE GROUP LTD 0.18% of their portfolio | 2.3m $166.9m | Reduced -460.7k |
| T. Rowe Price Investment Management, Inc. 0.10% of their portfolio | 2.3m $166.2m | Reduced -158.8k |
| Palo Alto Investors LP 18.40% of their portfolio | 1.9m $141.7m | Reduced -198.0k |
| PRINCIPAL FINANCIAL GROUP INC 0.07% of their portfolio | 1.9m $136.6m | Added +214.1k |
| Pictet Asset Management Holding SA 0.15% of their portfolio | 1.9m $135.9m | Added +372.2k |
| Clearbridge Investments, LLC 0.10% of their portfolio | 1.8m $132.0m | Added +163.8k |
| NORGES BANK 0.02% of their portfolio | 1.7m $120.9m | Reduced -100.7k |
| MONTANOVA CAPITAL, LLC 4.29% of their portfolio | 1.6m $119.4m | Reduced -886.1k |
| Vestal Point Capital, LP 9.22% of their portfolio | 1.6m $116.8m | Added +850.0k |
| JANUS HENDERSON GROUP PLC 0.06% of their portfolio | 1.5m $108.7m | Reduced -602.9k |
| Hood River Capital Management LLC 1.74% of their portfolio | 1.5m $107.5m | Added +157.2k |
| LORD, ABBETT & CO. LLC 0.34% of their portfolio | 1.5m $107.4m | Added +305.8k |
| Bank of New York Mellon Corp 0.02% of their portfolio | 1.5m $107.3m | Reduced -337.2k |
| NORTHERN TRUST CORP 0.02% of their portfolio | 1.5m $106.6m | Added +67.9k |
| Integral Health Asset Management, LLC 12.46% of their portfolio | 1.4m $105.8m | Reduced -100.0k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 1.4m $105.4m | Added +137.7k |
| GOLDMAN SACHS GROUP INC 0.02% of their portfolio | 1.4m $101.7m | Added +203.1k |
| MORGAN STANLEY 0.01% of their portfolio | 1.3m $96.4m | Added +498.2k |
| LOOMIS SAYLES & CO L P 0.12% of their portfolio | 1.2m $88.3m | Reduced -16.5k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 1.2m $84.2m | Added +34.7k |
| GW&K Investment Management, LLC 0.72% of their portfolio | 1.2m $84.2m | Added +391.8k |
| Eversept Partners, LP 6.10% of their portfolio | 1.1m $79.5m | Reduced -66.2k |
| Invesco Ltd. 0.01% of their portfolio | 1.1m $77.6m | Added +306.2k |
| Nuveen Asset Management, LLC 0.02% of their portfolio | 1.1m $77.5m | Reduced -268.8k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.13% of their portfolio | 1.0m $75.4m | Reduced -292.4k |
| WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio | 962.5k $70.3m | Added +24.0k |
| EVENTIDE ASSET MANAGEMENT, LLC 1.14% of their portfolio | 906.4k $66.2m | Added +231.2k |
| Assenagon Asset Management S.A. 0.13% of their portfolio | 857.4k $62.6m | Added +466.3k |
| TWO SIGMA INVESTMENTS, LP 0.13% of their portfolio | 801.1k $58.5m | Added +693.4k |
| MARSHALL WACE, LLP 0.07% of their portfolio | 771.2k $56.3m | Reduced -478.1k |
| JENNISON ASSOCIATES LLC 0.03% of their portfolio | 769.3k $56.2m | Added +25.0k |
| Alyeska Investment Group, L.P. 0.28% of their portfolio | 747.4k $54.6m | Added +318.6k |
| VOYA INVESTMENT MANAGEMENT LLC 0.06% of their portfolio | 745.8k $54.4m | Added +2.1k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.20% of their portfolio | 739.0k $53.9m | Reduced -183.1k |
| NOVO HOLDINGS A/S 2.63% of their portfolio | 724.7k $52.9m | Reduced -75.3k |
| AMERICAN CENTURY COMPANIES INC 0.03% of their portfolio | 723.7k $52.8m | Reduced -31.6k |
| EMERALD ADVISERS, LLC 1.95% of their portfolio | 689.8k $50.4m | Added +49.5k |
| First Light Asset Management, LLC 4.18% of their portfolio | 688.9k $50.3m | Added +137.6k |
| Rock Springs Capital Management LP 1.62% of their portfolio | 683.3k $49.9m | Reduced -125.0k |
| Polar Capital Holdings Plc 0.28% of their portfolio | 680.0k $49.6m | Added +425.0k |
| JANE STREET GROUP, LLC 0.08% of their portfolio | 659.7k $48.2m | Reduced -180.3k |
| Long Focus Capital Management, LLC 4.06% of their portfolio | 628.9k $45.9m | Reduced -112.0k |
| Man Group plc 0.13% of their portfolio | 615.9k $45.0m | Added +575.5k |
| MPM BIOIMPACT LLC 6.74% of their portfolio | 615.4k $44.9m | Unchanged |
| FRONTIER CAPITAL MANAGEMENT CO LLC 0.41% of their portfolio | 594.1k $43.4m | Reduced -180.3k |
| Fiera Capital Corp 0.13% of their portfolio | 592.4k $43.2m | Reduced -13.1k |
| Avidity Partners Management LP 2.20% of their portfolio | 592.0k $43.2m | Added +162.0k |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC 1.90% of their portfolio | 578.4k $42.2m | Added +306.8k |
| MILLENNIUM MANAGEMENT LLC 0.04% of their portfolio | 564.9k $41.2m | Reduced -633.7k |
| Bellevue Group AG 0.62% of their portfolio | 525.4k $38.4m | Reduced -496.3k |
| Eagle Health Investments LP 7.23% of their portfolio | 513.7k $37.5m | Unchanged |
| TD Asset Management Inc 0.03% of their portfolio | 513.1k $37.2m | Reduced -12.6k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.09% of their portfolio | 509.4k $37.2m | Reduced -144.9k |
| Cormorant Asset Management, LP 1.94% of their portfolio | 500.0k $36.5m | Reduced -175.0k |
| Qube Research & Technologies Ltd 0.07% of their portfolio | 489.3k $35.7m | New |
| EMERALD MUTUAL FUND ADVISERS TRUST 1.85% of their portfolio | 487.7k $35.6m | Reduced -6.2k |
| Squarepoint Ops LLC 0.12% of their portfolio | 485.6k $35.5m | Added +435.1k |
| Ensign Peak Advisors, Inc 0.06% of their portfolio | 484.1k $35.3m | Added +125.1k |
| TimesSquare Capital Management, LLC 0.53% of their portfolio | 483.9k $35.3m | New |
| SOROS FUND MANAGEMENT LLC 0.70% of their portfolio | 478.6k $34.9m | Added +7.9k |
| Candriam S.C.A. 0.20% of their portfolio | 476.5k $34.8m | Reduced -79.4k |
| VICTORY CAPITAL MANAGEMENT INC 0.03% of their portfolio | 456.0k $33.3m | Added +308.8k |
| FRED ALGER MANAGEMENT, LLC 0.16% of their portfolio | 452.3k $33.0m | Reduced -46.3k |
| Octagon Capital Advisors LP 5.10% of their portfolio | 436.8k $31.9m | Reduced -213.4k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 422.9k $30.9m | Reduced -14.3k |
| KINGDON CAPITAL MANAGEMENT, L.L.C. 4.29% of their portfolio | 400.0k $29.2m | Reduced -225.0k |
| GROUPAMA ASSET MANAGMENT 0.02% of their portfolio | 400.0k $739.4k | New |
| TWO SIGMA ADVISERS, LP 0.07% of their portfolio | 392.7k $28.7m | Added +97.3k |
| Allspring Global Investments Holdings, LLC 0.04% of their portfolio | 390.1k $28.5m | Added +62.1k |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 367.3k $26.8m | Added +355.2k |
| First Turn Management, LLC 4.12% of their portfolio | 356.5k $26.0m | Added +33.1k |
| SILVERARC CAPITAL MANAGEMENT, LLC 5.72% of their portfolio | 347.7k $25.4m | Added +207.7k |
| C WorldWide Group Holding A/S 0.26% of their portfolio | 343.1k $25.0m | Unchanged |
| CITADEL ADVISORS LLC 0.03% of their portfolio | 336.6k $24.6m | Reduced -463.2k |
| SEI INVESTMENTS CO 0.03% of their portfolio | 333.6k $24.4m | Added +55.9k |
| BARCLAYS PLC 0.01% of their portfolio | 332.1k $24.2m | Added +223.5k |
| BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio | 316.9k $23.1m | Added +255.3k |
| Point72 Asset Management, L.P. 0.08% of their portfolio | 315.2k $23.0m | Reduced -543.1k |
| UBS Group AG 0.01% of their portfolio | 310.0k $22.6m | Added +76.0k |
| Swiss National Bank 0.01% of their portfolio | 302.5k $22.1m | Added +25.0k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.03% of their portfolio | 292.8k $21.4m | Reduced -29.5k |
| PANAGORA ASSET MANAGEMENT INC 0.10% of their portfolio | 290.5k $21.2m | Reduced -65.7k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio | 288.1k $21.0m | Added +5.1k |