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 ($17.5m this quarter). Holder counts are more reliable. Shares outstanding: 181.0m as of 2025-02-14, 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 ≈ $69.05. Options: 30 managers hold calls ($235.2m notional), 24 hold puts ($196.7m).
Trends to Q4 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 |
| Q4 2024 | 441 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q4 2024 | 226 | 188 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2024 | $68.3m | $84.5m | 1.24 |
| Q2 2024 | $470.9m | $343.5m | 0.73 |
| Q3 2024 | $175.9m | $270.0m | 1.54 |
| Q4 2024 | $235.2m | $196.7m | 0.84 |
Biggest buyers
| Darwin Global Management, Ltd. | Added | +2.5m |
| VANGUARD GROUP INC | Added | +1.1m |
| BlackRock, Inc. | Added | +1.1m |
| Holocene Advisors, LP | New | +687.7k |
| WESTFIELD CAPITAL MANAGEMENT CO LP | Added | +686.8k |
| BROWN ADVISORY INC | New | +663.0k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | Added | +615.0k |
| Capital International Investors | Added | +593.2k |
| BAKER BROS. ADVISORS LP | Added | +590.9k |
| Duquesne Family Office LLC | Added | +573.5k |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -3.3m |
| FMR LLC | Reduced | -2.3m |
| Eversept Partners, LP | Sold out | -1.1m |
| Vestal Point Capital, LP | Reduced | -700.0k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | Reduced | -699.6k |
| Man Group plc | Reduced | -587.0k |
| FRANKLIN RESOURCES INC | Reduced | -561.3k |
| Squarepoint Ops LLC | Sold out | -485.6k |
| JANE STREET GROUP, LLC | Reduced | -396.0k |
| Avidity Partners Management LP | Reduced | -359.2k |
Biggest calls
| Integral Health Asset Management, LLC | New | $34.5m500.0k shares |
| Caption Management, LLC | Added | $25.1m362.9k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $23.3m337.0k shares |
| Octagon Capital Advisors LP | Unchanged | $17.3m250.0k shares |
| Twin Tree Management, LP | Reduced | $16.0m232.2k shares |
| TIG Advisors, LLC | Added | $14.2m205.0k shares |
| CITADEL ADVISORS LLC | Added | $13.5m195.0k shares |
| Ikarian Capital, LLC | New | $10.4m150.0k shares |
| BOOTHBAY FUND MANAGEMENT, LLC | Reduced | $9.4m136.7k shares |
| Balyasny Asset Management L.P. | New | $8.6m125.0k shares |
Biggest puts
| JANE STREET GROUP, LLC | Reduced | $50.7m734.5k shares |
| Caption Management, LLC | Added | $29.7m430.7k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $24.0m347.6k shares |
| Parallax Volatility Advisers, L.P. | Reduced | $15.2m220.4k shares |
| GROUP ONE TRADING LLC | Reduced | $14.4m208.2k shares |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC | Added | $13.7m198.6k shares |
| CITADEL ADVISORS LLC | Reduced | $10.4m150.5k shares |
| Jefferies Financial Group Inc. | Added | $6.9m99.9k shares |
| Twin Tree Management, LP | Reduced | $6.8m98.2k shares |
| UBS Group AG | Reduced | $6.4m92.2k 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 Q4 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 |
|---|---|---|---|---|---|
| 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 |
| Q4 2024 | 0 | — | 1 | $3.7m | $3.7m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2024-12-19 | Lewis William Chair and CEO, director | Sold plan | $1.3m18.8k shares |
| 2024-12-19 | Lewis William Chair and CEO, director | Sold plan | $477.6k6.8k shares |
| 2024-12-12 | Lewis William Chair and CEO, director | Sold plan | $1.4m18.8k shares |
| 2024-12-12 | Lewis William Chair and CEO, director | Sold plan | $498.5k6.8k 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 2024
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.02% of their portfolio | 18.2m $1.3bn | Added +1.1m |
| BlackRock, Inc. 0.02% of their portfolio | 16.0m $1.1bn | Added +1.1m |
| Darwin Global Management, Ltd. 84.75% of their portfolio | 13.0m $894.8m | Added +2.5m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.10% of their portfolio | 12.7m $877.1m | Added +123.4k |
| Capital International Investors 0.09% of their portfolio | 7.1m $491.4m | Added +593.2k |
| STATE STREET CORP 0.02% of their portfolio | 6.1m $421.6m | Reduced -72.1k |
| BAKER BROS. ADVISORS LP 3.69% of their portfolio | 5.0m $345.7m | Added +590.9k |
| FMR LLC 0.02% of their portfolio | 4.9m $335.3m | Reduced -2.3m |
| GEODE CAPITAL MANAGEMENT, LLC 0.02% of their portfolio | 4.1m $282.2m | Added +273.8k |
| JPMORGAN CHASE & CO 0.02% of their portfolio | 3.3m $226.9m | Reduced -3.3m |
| Artisan Partners Limited Partnership 0.33% of their portfolio | 3.1m $215.8m | Added +242.2k |
| RTW INVESTMENTS, LP 3.15% of their portfolio | 3.0m $208.1m | Reduced -257.4k |
| AMERIPRISE FINANCIAL INC 0.05% of their portfolio | 2.9m $196.8m | Added +269.7k |
| FIL Ltd 0.17% of their portfolio | 2.6m $182.1m | Added +198.4k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.41% of their portfolio | 2.4m $168.0m | Added +12.5k |
| ALLIANCEBERNSTEIN L.P. 0.06% of their portfolio | 2.4m $163.2m | Reduced -86.5k |
| MACQUARIE GROUP LTD 0.19% of their portfolio | 2.3m $159.7m | Added +27.2k |
| FRANKLIN RESOURCES INC 0.04% of their portfolio | 2.2m $149.1m | Reduced -561.3k |
| T. Rowe Price Investment Management, Inc. 0.08% of their portfolio | 2.0m $136.9m | Reduced -294.4k |
| Pictet Asset Management Holding SA 0.15% of their portfolio | 2.0m $135.3m | Added +96.4k |
| Clearbridge Investments, LLC 0.11% of their portfolio | 1.9m $129.7m | Added +69.7k |
| NORGES BANK 0.02% of their portfolio | 1.8m $126.6m | Added +177.0k |
| PRINCIPAL FINANCIAL GROUP INC 0.07% of their portfolio | 1.8m $125.5m | Reduced -54.2k |
| NORTHERN TRUST CORP 0.02% of their portfolio | 1.8m $120.9m | Added +290.7k |
| GOLDMAN SACHS GROUP INC 0.02% of their portfolio | 1.7m $118.8m | Added +327.0k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.20% of their portfolio | 1.6m $113.7m | Added +615.0k |
| MONTANOVA CAPITAL, LLC 4.12% of their portfolio | 1.6m $111.3m | Reduced -24.1k |
| Palo Alto Investors LP 17.15% of their portfolio | 1.6m $110.7m | Reduced -337.5k |
| Integral Health Asset Management, LLC 9.46% of their portfolio | 1.6m $107.0m | Added +100.0k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 1.5m $106.8m | Added +102.3k |
| Hood River Capital Management LLC 1.56% of their portfolio | 1.5m $105.3m | Added +53.1k |
| LORD, ABBETT & CO. LLC 0.32% of their portfolio | 1.5m $100.6m | Reduced -13.8k |
| JANUS HENDERSON GROUP PLC 0.05% of their portfolio | 1.4m $99.8m | Reduced -43.2k |
| Bank of New York Mellon Corp 0.02% of their portfolio | 1.4m $99.3m | Reduced -31.8k |
| MORGAN STANLEY 0.01% of their portfolio | 1.4m $93.3m | Added +30.4k |
| Nuveen Asset Management, LLC 0.02% of their portfolio | 1.3m $87.4m | Added +205.5k |
| LOOMIS SAYLES & CO L P 0.10% of their portfolio | 1.2m $81.1m | Reduced -35.4k |
| GW&K Investment Management, LLC 0.67% of their portfolio | 1.1m $78.4m | Reduced -18.1k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 1.1m $76.5m | Reduced -46.2k |
| EVENTIDE ASSET MANAGEMENT, LLC 1.38% of their portfolio | 1.1m $76.0m | Added +194.6k |
| MARSHALL WACE, LLP 0.09% of their portfolio | 1.1m $73.5m | Added +293.0k |
| Invesco Ltd. 0.01% of their portfolio | 1.0m $70.2m | Reduced -46.3k |
| WESTFIELD CAPITAL MANAGEMENT CO LP 0.28% of their portfolio | 938.6k $64.8m | Added +686.8k |
| Alyeska Investment Group, L.P. 0.24% of their portfolio | 935.8k $64.6m | Added +188.4k |
| Vestal Point Capital, LP 3.68% of their portfolio | 900.0k $62.1m | Reduced -700.0k |
| AMERICAN CENTURY COMPANIES INC 0.03% of their portfolio | 812.8k $56.1m | Added +89.1k |
| JENNISON ASSOCIATES LLC 0.03% of their portfolio | 773.8k $53.4m | Added +4.6k |
| WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio | 752.2k $51.9m | Reduced -210.2k |
| Polar Capital Holdings Plc 0.28% of their portfolio | 730.0k $50.4m | Added +50.0k |
| NOVO HOLDINGS A/S 3.03% of their portfolio | 724.7k $50.0m | Unchanged |
| MILLENNIUM MANAGEMENT LLC 0.04% of their portfolio | 699.0k $48.3m | Added +134.2k |
| Holocene Advisors, LP 0.15% of their portfolio | 687.7k $47.5m | New |
| EMERALD ADVISERS, LLC 1.83% of their portfolio | 684.6k $47.3m | Reduced -5.2k |
| TimesSquare Capital Management, LLC 0.69% of their portfolio | 684.4k $47.2m | Added +200.5k |
| BROWN ADVISORY INC 0.06% of their portfolio | 663.0k $45.8m | New |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.11% of their portfolio | 654.9k $45.2m | Added +145.5k |
| Long Focus Capital Management, LLC 3.44% of their portfolio | 650.8k $44.9m | Added +21.9k |
| Cormorant Asset Management, LP 2.46% of their portfolio | 650.0k $44.9m | Added +150.0k |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC 1.48% of their portfolio | 638.8k $44.1m | Added +60.5k |
| TWO SIGMA INVESTMENTS, LP 0.09% of their portfolio | 594.0k $41.0m | Reduced -207.1k |
| Duquesne Family Office LLC 1.15% of their portfolio | 593.5k $41.0m | Added +573.5k |
| Fiera Capital Corp 0.13% of their portfolio | 581.9k $40.2m | Reduced -10.6k |
| Rock Springs Capital Management LP 1.45% of their portfolio | 550.0k $38.0m | Reduced -133.3k |
| VOYA INVESTMENT MANAGEMENT LLC 0.04% of their portfolio | 548.9k $37.9m | Reduced -196.9k |
| Ensign Peak Advisors, Inc 0.06% of their portfolio | 529.0k $36.5m | Added +44.9k |
| TD Asset Management Inc 0.03% of their portfolio | 526.9k $36.4m | Added +13.8k |
| Assenagon Asset Management S.A. 0.07% of their portfolio | 525.2k $36.3m | Reduced -332.2k |
| Eagle Health Investments LP 8.69% of their portfolio | 513.7k $35.5m | Unchanged |
| D. E. Shaw & Co., Inc. 0.04% of their portfolio | 508.8k $35.1m | Added +442.1k |
| DEUTSCHE BANK AG\ 0.01% of their portfolio | 489.0k $33.8m | Added +212.0k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 486.8k $33.6m | Added +63.9k |
| First Light Asset Management, LLC 3.11% of their portfolio | 470.2k $32.5m | Reduced -218.7k |
| SOROS FUND MANAGEMENT LLC 0.55% of their portfolio | 455.1k $31.4m | Reduced -23.5k |
| Candriam S.C.A. 0.18% of their portfolio | 453.5k $31.3m | Reduced -23.0k |
| Logos Global Management LP 3.64% of their portfolio | 450.0k $31.1m | New |
| First Turn Management, LLC 5.53% of their portfolio | 447.0k $30.9m | Added +90.5k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.05% of their portfolio | 444.4k $30.7m | Added +182.9k |
| FRONTIER CAPITAL MANAGEMENT CO LLC 0.29% of their portfolio | 435.0k $30.0m | Reduced -159.1k |
| Allspring Global Investments Holdings, LLC 0.05% of their portfolio | 423.1k $29.6m | Added +33.0k |
| VICTORY CAPITAL MANAGEMENT INC 0.03% of their portfolio | 410.6k $28.3m | Reduced -45.4k |
| UBS Group AG 0.01% of their portfolio | 405.7k $28.0m | Added +95.7k |
| EMERALD MUTUAL FUND ADVISERS TRUST 1.68% of their portfolio | 400.6k $27.7m | Reduced -87.0k |
| GROUPAMA ASSET MANAGMENT 0.02% of their portfolio | 400.0k $866.7k | Unchanged |
| MPM BIOIMPACT LLC 3.82% of their portfolio | 389.6k $26.9m | Reduced -225.8k |
| Qube Research & Technologies Ltd 0.04% of their portfolio | 389.0k $26.9m | Reduced -100.3k |
| FRED ALGER MANAGEMENT, LLC 0.13% of their portfolio | 385.5k $26.6m | Reduced -66.9k |
| SILVERARC CAPITAL MANAGEMENT, LLC 5.75% of their portfolio | 372.2k $25.7m | Added +24.5k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 363.4k $25.1m | First filing |
| SEI INVESTMENTS CO 0.03% of their portfolio | 362.6k $25.0m | Added +29.0k |
| BARCLAYS PLC 0.01% of their portfolio | 354.4k $24.5m | Added +22.4k |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 350.9k $24.2m | Reduced -16.3k |
| B Group, Inc. 22.89% of their portfolio | 350.0k $24.2m | First filing |
| Caption Management, LLC 0.99% of their portfolio | 349.0k $24.1m | Added +250.2k |
| C WorldWide Group Holding A/S 0.29% of their portfolio | 343.1k $23.7m | Unchanged |
| Octagon Capital Advisors LP 3.90% of their portfolio | 332.0k $22.9m | Reduced -104.8k |
| TWO SIGMA ADVISERS, LP 0.05% of their portfolio | 326.5k $22.5m | Reduced -66.2k |
| CITADEL ADVISORS LLC 0.02% of their portfolio | 323.7k $22.4m | Reduced -12.8k |
| Swiss National Bank 0.01% of their portfolio | 321.1k $22.2m | Added +18.6k |
| Soleus Capital Management, L.P. 1.67% of their portfolio | 320.3k $22.1m | Added +290.0k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.03% of their portfolio | 317.8k $21.9m | Added +25.0k |