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 ($18.5m this quarter). Holder counts are more reliable. Shares outstanding: 182.1m as of 2025-05-02, 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 ≈ $76.67. Options: 19 managers hold calls ($73.0m notional), 18 hold puts ($144.9m).
Trends to Q1 2025
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 |
| Q1 2025 | 444 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q1 2025 | 236 | 195 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2024 | $470.9m | $343.5m | 0.73 |
| Q3 2024 | $175.9m | $270.0m | 1.54 |
| Q4 2024 | $235.2m | $196.7m | 0.84 |
| Q1 2025 | $73.0m | $144.9m | 1.99 |
Biggest buyers
| JPMORGAN CHASE & CO | Added | +3.1m |
| Darwin Global Management, Ltd. | Added | +2.4m |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | Added | +1.8m |
| Holocene Advisors, LP | Added | +1.3m |
| Duquesne Family Office LLC | Added | +775.6k |
| Invesco Ltd. | Added | +775.2k |
| VOYA INVESTMENT MANAGEMENT LLC | Added | +622.0k |
| 1832 Asset Management L.P. | New | +487.8k |
| WELLINGTON MANAGEMENT GROUP LLP | Added | +470.4k |
| WESTFIELD CAPITAL MANAGEMENT CO LP | Added | +468.1k |
Biggest sellers
| FMR LLC | Reduced | -1.5m |
| Palo Alto Investors LP | Reduced | -616.3k |
| T. Rowe Price Investment Management, Inc. | Reduced | -505.8k |
| Assenagon Asset Management S.A. | Reduced | -485.4k |
| Logos Global Management LP | Sold out | -450.0k |
| First Light Asset Management, LLC | Reduced | -402.0k |
| MPM BIOIMPACT LLC | Sold out | -389.6k |
| Qube Research & Technologies Ltd | Sold out | -389.0k |
| MARSHALL WACE, LLP | Reduced | -368.0k |
| STATE STREET CORP | Reduced | -358.9k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $25.6m336.0k shares |
| JANE STREET GROUP, LLC | Added | $12.8m167.7k shares |
| Hudson Bay Capital Management LP | New | $7.6m100.0k shares |
| CITADEL ADVISORS LLC | Reduced | $6.0m78.6k shares |
| Caption Management, LLC | Reduced | $4.0m52.3k shares |
| GROUP ONE TRADING LLC | Reduced | $3.7m48.0k shares |
| SIMPLEX TRADING, LLC | Reduced | $2.5m33.0k shares |
| BANK OF AMERICA CORP /DE/ | New | $2.1m27.0k shares |
| IMC-Chicago, LLC | New | $1.5m20.2k shares |
| WOLVERINE TRADING, LLC | Reduced | $1.5m19.7k shares |
Biggest puts
| JANE STREET GROUP, LLC | Added | $56.6m742.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $34.4m451.4k shares |
| Parallax Volatility Advisers, L.P. | Reduced | $14.1m185.3k shares |
| Caption Management, LLC | Reduced | $11.3m147.8k shares |
| GROUP ONE TRADING LLC | Reduced | $8.2m107.3k shares |
| Jefferies Financial Group Inc. | Unchanged | $7.6m99.9k shares |
| CITADEL ADVISORS LLC | Reduced | $5.1m67.5k shares |
| J. Goldman & Co LP | New | $2.3m30.0k shares |
| SIMPLEX TRADING, LLC | Reduced | $1.2m15.1k shares |
| GARDA CAPITAL PARTNERS LP | New | $1.1m14.2k 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 Q1 2025
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 |
|---|---|---|---|---|---|
| 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 |
| Q1 2025 | 0 | — | 7 | $53.0m | $32.1m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-03-17 | Lewis William Chair and CEO, director | Sold plan | $1.4m18.8k shares |
| 2025-03-17 | Lewis William Chair and CEO, director | Sold plan | $526.2k6.8k shares |
| 2025-03-03 | Lewis William Chair and CEO, director | Sold plan | $1.5m18.8k shares |
| 2025-03-03 | Lewis William Chair and CEO, director | Sold plan | $531.3k6.8k shares |
| 2025-02-18 | Lewis William Chair and CEO, director | Sold plan | $1.5m18.8k shares |
| 2025-02-18 | Bonstein Sara Chief Financial Officer | Sold plan | $1.5m18.3k shares |
| 2025-02-18 | Lewis William Chair and CEO, director | Sold plan | $553.4k6.8k shares |
| 2025-02-12 | Bonstein Sara Chief Financial Officer | Sold plan | $401.5k5.0k shares |
| 2025-02-11 | Bonstein Sara Chief Financial Officer | Sold plan | $1.1m13.3k shares |
| 2025-02-10 | Adsett Roger Chief Operating Officer | Sold plan | $3.4m43.0k shares |
| 2025-02-10 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $3.0m37.8k shares |
| 2025-02-07 | Adsett Roger Chief Operating Officer | Sold | $8.0k100 shares |
| 2025-02-07 | Flammer Martina M.D. Chief Medical Officer | Sold | $4.8k60 shares |
| 2025-02-07 | Wise John Drayton Chief Commercial Officer | Sold | $78910 shares |
| 2025-02-06 | Lewis William Chair and CEO, director | Sold | $6.4m79.3k shares |
| 2025-02-06 | Adsett Roger Chief Operating Officer | Sold | $3.7m45.6k shares |
| 2025-02-06 | Flammer Martina M.D. Chief Medical Officer | Sold | $2.7m33.1k shares |
| 2025-02-06 | Bonstein Sara Chief Financial Officer | Sold | $2.3m28.4k shares |
| 2025-02-06 | Schaeffer Orlov S Nicole Chief People Strategy Officer | Sold | $1.9m23.5k shares |
| 2025-02-06 | Smith Michael Alexander Chief Legal Officer | Sold | $1.7m20.6k shares |
| 2025-02-06 | Wise John Drayton Chief Commercial Officer | Sold | $639.9k7.9k shares |
| 2025-02-03 | Lewis William Chair and CEO, director | Sold plan | $1.5m18.8k shares |
| 2025-02-03 | Lewis William Chair and CEO, director | Sold plan | $532.3k6.8k shares |
| 2025-01-30 | Schaeffer Orlov S Nicole Chief People Strategy Officer | Sold plan | $7.3m91.1k shares |
| 2025-01-15 | Lewis William Chair and CEO, director | Sold plan | $2.2m31.8k shares |
| 2025-01-15 | Lewis William Chair and CEO, director | Sold plan | $479.3k6.8k shares |
| 2025-01-14 | Adsett Roger Chief Operating Officer | Sold plan | $100.1k1.5k shares |
| 2025-01-14 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $95.1k1.4k shares |
| 2025-01-14 | Schaeffer Orlov S Nicole Chief People Strategy Officer | Sold plan | $59.9k872 shares |
| 2025-01-10 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $392.8k6.2k shares |
The latest 30 of 52 trades.
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, Q1 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.03% of their portfolio | 18.3m $1.4bn | Added +49.1k |
| BlackRock, Inc. 0.03% of their portfolio | 16.0m $1.2bn | Added +15.9k |
| Darwin Global Management, Ltd. 82.08% of their portfolio | 15.4m $1.2bn | Added +2.4m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.12% of their portfolio | 12.9m $985.9m | Added +219.1k |
| Capital International Investors 0.11% of their portfolio | 7.2m $549.2m | Added +81.5k |
| JPMORGAN CHASE & CO 0.04% of their portfolio | 6.4m $484.7m | Added +3.1m |
| STATE STREET CORP 0.02% of their portfolio | 5.7m $438.5m | Reduced -358.9k |
| BAKER BROS. ADVISORS LP 4.54% of their portfolio | 5.4m $410.5m | Added +373.8k |
| GEODE CAPITAL MANAGEMENT, LLC 0.03% of their portfolio | 4.3m $327.3m | Added +201.6k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.49% of their portfolio | 3.4m $263.0m | Added +1.8m |
| FMR LLC 0.02% of their portfolio | 3.4m $259.0m | Reduced -1.5m |
| Artisan Partners Limited Partnership 0.40% of their portfolio | 3.2m $245.4m | Added +90.9k |
| RTW INVESTMENTS, LP 3.52% of their portfolio | 3.0m $230.0m | Unchanged |
| AMERIPRISE FINANCIAL INC 0.06% of their portfolio | 3.0m $225.2m | Added +101.5k |
| ALLIANCEBERNSTEIN L.P. 0.07% of their portfolio | 2.4m $184.9m | Added +60.0k |
| FIL Ltd 0.17% of their portfolio | 2.4m $182.3m | Reduced -248.0k |
| MACQUARIE GROUP LTD 0.22% of their portfolio | 2.4m $180.2m | Added +48.9k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.50% of their portfolio | 2.3m $176.5m | Reduced -120.2k |
| FRANKLIN RESOURCES INC 0.05% of their portfolio | 2.1m $163.9m | Reduced -11.8k |
| Holocene Advisors, LP 0.46% of their portfolio | 2.0m $154.6m | Added +1.3m |
| Pictet Asset Management Holding SA 0.17% of their portfolio | 2.0m $153.9m | Added +53.6k |
| Clearbridge Investments, LLC 0.12% of their portfolio | 1.8m $139.5m | Reduced -49.7k |
| Invesco Ltd. 0.03% of their portfolio | 1.8m $136.7m | Added +775.2k |
| PRINCIPAL FINANCIAL GROUP INC 0.08% of their portfolio | 1.8m $133.9m | Reduced -62.3k |
| NORGES BANK 0.02% of their portfolio | 1.7m $133.0m | Reduced -91.0k |
| NORTHERN TRUST CORP 0.02% of their portfolio | 1.7m $128.5m | Reduced -66.8k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 1.6m $122.3m | Added +56.0k |
| Hood River Capital Management LLC 2.03% of their portfolio | 1.6m $118.9m | Added +32.7k |
| Integral Health Asset Management, LLC 13.10% of their portfolio | 1.6m $118.2m | Unchanged |
| JANUS HENDERSON GROUP PLC 0.07% of their portfolio | 1.5m $120.5m | Added +99.7k |
| MONTANOVA CAPITAL, LLC 4.61% of their portfolio | 1.5m $113.9m | Reduced -119.2k |
| T. Rowe Price Investment Management, Inc. 0.07% of their portfolio | 1.5m $112.7m | Reduced -505.8k |
| WESTFIELD CAPITAL MANAGEMENT CO LP 0.52% of their portfolio | 1.4m $107.3m | Added +468.1k |
| GOLDMAN SACHS GROUP INC 0.02% of their portfolio | 1.4m $107.0m | Reduced -317.4k |
| GW&K Investment Management, LLC 0.97% of their portfolio | 1.4m $105.1m | Added +242.3k |
| Duquesne Family Office LLC 3.50% of their portfolio | 1.4m $104.4m | Added +775.6k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 1.4m $103.2m | Added +245.3k |
| LORD, ABBETT & CO. LLC 0.37% of their portfolio | 1.4m $103.0m | Reduced -106.6k |
| WELLINGTON MANAGEMENT GROUP LLP 0.02% of their portfolio | 1.2m $93.3m | Added +470.4k |
| EVENTIDE ASSET MANAGEMENT, LLC 1.80% of their portfolio | 1.2m $90.2m | Added +80.7k |
| VOYA INVESTMENT MANAGEMENT LLC 0.05% of their portfolio | 1.2m $89.3m | Added +622.0k |
| Nuveen, LLC 0.03% of their portfolio | 1.2m $88.4m | First filing |
| Bank of New York Mellon Corp 0.02% of their portfolio | 1.2m $88.2m | Reduced -281.7k |
| Vestal Point Capital, LP 5.86% of their portfolio | 1.1m $82.0m | Added +175.0k |
| TimesSquare Capital Management, LLC 1.31% of their portfolio | 1.1m $81.2m | Added +379.8k |
| MORGAN STANLEY 0.01% of their portfolio | 1.1m $80.8m | Reduced -291.7k |
| LOOMIS SAYLES & CO L P 0.11% of their portfolio | 1.0m $77.0m | Reduced -165.3k |
| Palo Alto Investors LP 14.34% of their portfolio | 987.2k $75.3m | Reduced -616.3k |
| AMERICAN CENTURY COMPANIES INC 0.04% of their portfolio | 872.1k $66.5m | Added +59.3k |
| JENNISON ASSOCIATES LLC 0.04% of their portfolio | 748.3k $57.1m | Reduced -25.5k |
| Alyeska Investment Group, L.P. 0.22% of their portfolio | 735.0k $56.1m | Reduced -200.8k |
| D. E. Shaw & Co., Inc. 0.07% of their portfolio | 734.9k $56.1m | Added +226.1k |
| Polar Capital Holdings Plc 0.34% of their portfolio | 728.8k $55.6m | Reduced -1.2k |
| NOVO HOLDINGS A/S 4.21% of their portfolio | 724.7k $55.3m | Unchanged |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC 2.58% of their portfolio | 704.4k $53.7m | Added +65.5k |
| MARSHALL WACE, LLP 0.07% of their portfolio | 696.2k $53.1m | Reduced -368.0k |
| MILLENNIUM MANAGEMENT LLC 0.05% of their portfolio | 679.2k $51.8m | Reduced -19.8k |
| BROWN ADVISORY INC 0.07% of their portfolio | 672.5k $51.3m | Added +9.5k |
| Long Focus Capital Management, LLC 3.27% of their portfolio | 630.8k $48.1m | Reduced -20.0k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.13% of their portfolio | 613.3k $46.8m | Reduced -41.6k |
| EMERALD ADVISERS, LLC 2.04% of their portfolio | 594.0k $45.3m | Reduced -90.6k |
| Ensign Peak Advisors, Inc 0.09% of their portfolio | 589.4k $45.0m | Added +60.4k |
| Fiera Capital Corp 0.16% of their portfolio | 579.2k $44.2m | Reduced -2.6k |
| FRONTIER CAPITAL MANAGEMENT CO LLC 0.47% of their portfolio | 557.6k $42.5m | Added +122.6k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 539.5k $41.2m | Added +52.6k |
| Cormorant Asset Management, LP 3.03% of their portfolio | 525.0k $40.1m | Reduced -125.0k |
| Rock Springs Capital Management LP 2.25% of their portfolio | 515.9k $39.4m | Reduced -34.1k |
| PERCEPTIVE ADVISORS LLC 1.38% of their portfolio | 509.3k $38.9m | Added +365.3k |
| TD Asset Management Inc 0.04% of their portfolio | 502.2k $38.3m | Reduced -24.7k |
| 1832 Asset Management L.P. 0.07% of their portfolio | 487.8k $37.2m | New |
| UBS Group AG 0.01% of their portfolio | 477.6k $36.4m | Added +71.9k |
| BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio | 461.7k $35.2m | First filing |
| DEERFIELD MANAGEMENT COMPANY, L.P. 0.69% of their portfolio | 458.0k $34.9m | New |
| Candriam S.C.A. 0.22% of their portfolio | 455.4k $34.7m | Added +1.9k |
| Paradigm Biocapital Advisors LP 1.59% of their portfolio | 451.4k $34.4m | New |
| NWI MANAGEMENT LP 4.58% of their portfolio | 450.0k $34.3m | Added +171.0k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.06% of their portfolio | 448.6k $34.2m | Added +4.2k |
| Eagle Health Investments LP 8.78% of their portfolio | 443.3k $33.8m | Reduced -70.4k |
| Allspring Global Investments Holdings, LLC 0.05% of their portfolio | 438.7k $31.6m | Added +15.6k |
| MAVERICK CAPITAL LTD 0.58% of their portfolio | 425.1k $32.4m | New |
| VICTORY CAPITAL MANAGEMENT INC 0.03% of their portfolio | 409.1k $31.2m | Reduced -1.5k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 408.9k $31.2m | Added +45.5k |
| TWO SIGMA INVESTMENTS, LP 0.07% of their portfolio | 406.9k $31.0m | Reduced -187.1k |
| First Turn Management, LLC 6.18% of their portfolio | 401.6k $30.6m | Reduced -45.4k |
| GROUPAMA ASSET MANAGMENT 0.02% of their portfolio | 400.0k $970.2k | Unchanged |
| SEI INVESTMENTS CO 0.04% of their portfolio | 396.0k $30.2m | Added +33.4k |
| FRED ALGER MANAGEMENT, LLC 0.16% of their portfolio | 378.3k $28.9m | Reduced -7.1k |
| CITADEL ADVISORS LLC 0.03% of their portfolio | 374.8k $28.6m | Added +51.1k |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 372.0k $28.4m | Added +21.1k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.04% of their portfolio | 355.7k $27.1m | Added +38.0k |
| EMERALD MUTUAL FUND ADVISERS TRUST 1.92% of their portfolio | 353.8k $27.0m | Reduced -46.8k |
| Aberdeen Group plc 0.05% of their portfolio | 336.4k $25.7m | Added +46.7k |
| Driehaus Capital Management LLC 0.24% of their portfolio | 331.5k $25.3m | Added +160.2k |
| Patient Square Capital LP 10.42% of their portfolio | 330.2k $25.2m | Added +23.1k |
| Swiss National Bank 0.02% of their portfolio | 329.3k $25.1m | Added +8.2k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 325.3k $24.8m | Added +68.9k |
| SILVERARC CAPITAL MANAGEMENT, LLC 5.12% of their portfolio | 321.4k $24.5m | Reduced -50.9k |
| C WorldWide Group Holding A/S 0.30% of their portfolio | 321.1k $24.5m | Reduced -22.0k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio | 318.4k $24.3m | Added +5.2k |
| Artia Global Partners LP 7.12% of their portfolio | 318.2k $24.3m | Added +150.3k |