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 ($70.3m this quarter). Holder counts are more reliable. Shares outstanding: 211.4m as of 2025-08-01, 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 ≈ $100.53. Options: 29 managers hold calls ($330.0m notional), 27 hold puts ($356.0m).
Trends to Q2 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 |
| Q2 2025 | 518 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q2 2025 | 290 | 242 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $175.9m | $270.0m | 1.54 |
| Q4 2024 | $235.2m | $196.7m | 0.84 |
| Q1 2025 | $73.0m | $144.9m | 1.99 |
| Q2 2025 | $330.0m | $356.0m | 1.08 |
Biggest buyers
| JPMORGAN CHASE & CO | Added | +9.3m |
| Darwin Global Management, Ltd. | Added | +3.9m |
| D. E. Shaw & Co., Inc. | Added | +2.7m |
| BAKER BROS. ADVISORS LP | Added | +2.3m |
| FMR LLC | Added | +1.7m |
| Orbis Allan Gray Ltd | New | +1.5m |
| Deep Track Capital, LP | Added | +1.5m |
| MILLENNIUM MANAGEMENT LLC | Added | +1.4m |
| JANE STREET GROUP, LLC | Added | +1.2m |
| CITADEL ADVISORS LLC | Added | +1.2m |
Biggest sellers
| BlackRock, Inc. | Reduced | -4.9m |
| PRICE T ROWE ASSOCIATES INC /MD/ | Reduced | -1.7m |
| T. Rowe Price Investment Management, Inc. | Sold out | -1.5m |
| STATE STREET CORP | Reduced | -1.5m |
| MONTANOVA CAPITAL, LLC | Reduced | -1.3m |
| MACQUARIE GROUP LTD | Reduced | -1.2m |
| FIL Ltd | Reduced | -1.2m |
| ALLIANCEBERNSTEIN L.P. | Reduced | -1.1m |
| Vestal Point Capital, LP | Sold out | -1.1m |
| GEODE CAPITAL MANAGEMENT, LLC | Reduced | -948.0k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $100.8m1.0m shares |
| NWI MANAGEMENT LP | New | $60.6m602.0k shares |
| Caption Management, LLC | Added | $33.6m334.2k shares |
| GROUP ONE TRADING LLC | Added | $16.0m159.0k shares |
| SIMPLEX TRADING, LLC | Added | $14.9m148.5k shares |
| JANE STREET GROUP, LLC | Reduced | $14.7m146.1k shares |
| Walleye Trading LLC | Added | $14.3m142.3k shares |
| LMR Partners LLP | New | $10.4m103.0k shares |
| GOLDMAN SACHS GROUP INC | New | $10.1m100.0k shares |
| Duquesne Family Office LLC | New | $10.1m100.0k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $108.6m1.1m shares |
| JANE STREET GROUP, LLC | Reduced | $74.3m737.8k shares |
| Caption Management, LLC | Added | $28.4m282.1k shares |
| GOLDMAN SACHS GROUP INC | New | $24.2m240.0k shares |
| Parallax Volatility Advisers, L.P. | Unchanged | $18.6m185.3k shares |
| Balyasny Asset Management L.P. | New | $15.1m150.0k shares |
| GROUP ONE TRADING LLC | Added | $14.7m146.3k shares |
| CITADEL ADVISORS LLC | Added | $11.0m108.9k shares |
| SIMPLEX TRADING, LLC | Added | $10.6m105.0k shares |
| Jefferies Financial Group Inc. | Unchanged | $10.1m99.9k 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 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 |
|---|---|---|---|---|---|
| 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 |
| Q2 2025 | 1 | $201.7k | 7 | $54.6m | $49.9m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-06-23 | Bonstein Sara Chief Financial Officer | Sold plan | $5.9m57.8k shares |
| 2025-06-16 | Lewis William Chair and CEO, director | Sold plan | $13.0m129.8k shares |
| 2025-06-16 | Adsett Roger Chief Operating Officer | Sold plan | $1.1m10.7k shares |
| 2025-06-16 | Lewis William Chair and CEO, director | Sold plan | $522.1k5.2k shares |
| 2025-06-11 | Schaeffer Orlov S Nicole Chief People Strategy Officer | Sold plan | $9.3m99.2k shares |
| 2025-06-11 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $1.8m19.4k shares |
| 2025-06-10 | Bonstein Sara Chief Financial Officer | Sold plan | $5.1m57.8k shares |
| 2025-06-10 | Schaeffer Orlov S Nicole Chief People Strategy Officer | Sold plan | $3.4m38.3k shares |
| 2025-06-10 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $2.3m25.7k shares |
| 2025-06-05 | Smith Michael Alexander Chief Legal Officer | Sold plan | $138.1k1.9k shares |
| 2025-06-04 | MCGIRR DAVID W J Director | Sold plan | $219.8k3.0k shares |
| 2025-06-03 | Lewis William Chair and CEO, director | Sold plan | $391.2k5.5k shares |
| 2025-06-03 | MCGIRR DAVID W J Director | Sold plan | $231.7k3.2k shares |
| 2025-06-03 | Adsett Roger Chief Operating Officer | Sold | $133.0k1.9k shares |
| 2025-06-03 | Flammer Martina M.D. Chief Medical Officer | Sold | $120.5k1.7k shares |
| 2025-06-03 | Schaeffer Orlov S Nicole Chief People Strategy Officer | Sold | $117.4k1.6k shares |
| 2025-06-03 | Bonstein Sara Chief Financial Officer | Sold | $112.9k1.6k shares |
| 2025-06-03 | Smith Michael Alexander Chief Legal Officer | Sold | $103.5k1.4k shares |
| 2025-06-02 | Lewis William Chair and CEO, director · By the Katie Procter Dynasty Trust | Sold plan | $487.0k6.8k shares |
| 2025-05-30 | Smith Michael Alexander Chief Legal Officer | Sold plan | $1.8m26.3k shares |
| 2025-05-21 | Desjardins Clarissa Director · By spouse | Bought | $75.0k1.1k shares |
| 2025-05-20 | Lewis William Chair and CEO, director | Sold plan | $1.4m21.1k shares |
| 2025-05-20 | Lewis William Chair and CEO, director | Sold plan | $462.5k6.8k shares |
| 2025-05-20 | Desjardins Clarissa Director · By spouse | Bought | $126.7k1.9k shares |
| 2025-05-16 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $121.5k1.8k shares |
| 2025-05-15 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $649.8k9.9k shares |
| 2025-05-14 | Lewis William Chair and CEO, director | Sold | $247.4k3.8k shares |
| 2025-05-14 | Adsett Roger Chief Operating Officer | Sold | $126.3k1.9k shares |
| 2025-05-14 | Flammer Martina M.D. Chief Medical Officer | Sold | $114.4k1.7k shares |
| 2025-05-14 | Bonstein Sara Chief Financial Officer | Sold | $107.2k1.6k shares |
The latest 30 of 41 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, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| Darwin Global Management, Ltd. 80.75% of their portfolio | 19.3m $1.9bn | Added +3.9m |
| VANGUARD GROUP INC 0.03% of their portfolio | 17.6m $1.8bn | Reduced -623.6k |
| JPMORGAN CHASE & CO 0.11% of their portfolio | 15.6m $1.6bn | Added +9.3m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.13% of their portfolio | 11.2m $1.1bn | Reduced -1.7m |
| BlackRock, Inc. 0.02% of their portfolio | 11.1m $1.1bn | Reduced -4.9m |
| BAKER BROS. ADVISORS LP 7.53% of their portfolio | 7.7m $776.2m | Added +2.3m |
| Capital International Investors 0.13% of their portfolio | 7.5m $752.7m | Added +280.4k |
| FMR LLC 0.03% of their portfolio | 5.1m $512.6m | Added +1.7m |
| STATE STREET CORP 0.02% of their portfolio | 4.3m $430.5m | Reduced -1.5m |
| D. E. Shaw & Co., Inc. 0.34% of their portfolio | 3.4m $344.5m | Added +2.7m |
| GEODE CAPITAL MANAGEMENT, LLC 0.02% of their portfolio | 3.3m $336.3m | Reduced -948.0k |
| Artisan Partners Limited Partnership 0.50% of their portfolio | 3.3m $333.6m | Added +97.1k |
| RTW INVESTMENTS, LP 4.42% of their portfolio | 3.1m $310.4m | Added +70.0k |
| AMERIPRISE FINANCIAL INC 0.07% of their portfolio | 3.0m $297.7m | Added +6.4k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.48% of their portfolio | 2.9m $287.8m | Reduced -587.5k |
| FRANKLIN RESOURCES INC 0.06% of their portfolio | 2.4m $236.5m | Added +201.8k |
| JANUS HENDERSON GROUP PLC 0.11% of their portfolio | 2.3m $230.8m | Added +747.7k |
| Duquesne Family Office LLC 5.79% of their portfolio | 2.3m $226.8m | Added +884.4k |
| MILLENNIUM MANAGEMENT LLC 0.19% of their portfolio | 2.1m $213.5m | Added +1.4m |
| Holocene Advisors, LP 0.50% of their portfolio | 2.0m $203.0m | Reduced -9.6k |
| NORGES BANK 0.02% of their portfolio | 1.9m $194.7m | Added +192.1k |
| Invesco Ltd. 0.03% of their portfolio | 1.9m $190.8m | Added +105.0k |
| GOLDMAN SACHS GROUP INC 0.03% of their portfolio | 1.8m $182.2m | Added +408.3k |
| Deep Track Capital, LP 5.66% of their portfolio | 1.8m $176.1m | Added +1.5m |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.44% of their portfolio | 1.7m $167.6m | Reduced -647.6k |
| Integral Health Asset Management, LLC 15.04% of their portfolio | 1.6m $161.0m | Added +50.0k |
| Pictet Asset Management Holding SA 0.16% of their portfolio | 1.6m $156.2m | Reduced -459.7k |
| LORD, ABBETT & CO. LLC 0.50% of their portfolio | 1.5m $155.6m | Added +195.3k |
| CITADEL ADVISORS LLC 0.13% of their portfolio | 1.5m $154.3m | Added +1.2m |
| Orbis Allan Gray Ltd 0.75% of their portfolio | 1.5m $153.4m | New |
| NWI MANAGEMENT LP 6.74% of their portfolio | 1.4m $144.9m | Added +990.0k |
| Clearbridge Investments, LLC 0.12% of their portfolio | 1.4m $143.4m | Reduced -404.2k |
| JANE STREET GROUP, LLC 0.22% of their portfolio | 1.4m $136.2m | Added +1.2m |
| PRINCIPAL FINANCIAL GROUP INC 0.07% of their portfolio | 1.3m $135.7m | Reduced -407.3k |
| ALLIANCEBERNSTEIN L.P. 0.04% of their portfolio | 1.3m $135.2m | Reduced -1.1m |
| WESTFIELD CAPITAL MANAGEMENT CO LP 0.57% of their portfolio | 1.3m $134.8m | Reduced -67.3k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 1.3m $130.8m | Reduced -303.1k |
| GW&K Investment Management, LLC 1.15% of their portfolio | 1.3m $128.2m | Reduced -103.4k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 1.2m $123.5m | Reduced -126.3k |
| Bank of New York Mellon Corp 0.02% of their portfolio | 1.2m $120.5m | Added +40.7k |
| EVENTIDE ASSET MANAGEMENT, LLC 2.11% of their portfolio | 1.2m $120.4m | Added +14.8k |
| FIL Ltd 0.10% of their portfolio | 1.2m $117.3m | Reduced -1.2m |
| WELLINGTON MANAGEMENT GROUP LLP 0.02% of their portfolio | 1.2m $116.7m | Reduced -62.9k |
| MACQUARIE GROUP LTD 0.14% of their portfolio | 1.1m $113.8m | Reduced -1.2m |
| MARSHALL WACE, LLP 0.13% of their portfolio | 1.1m $112.0m | Added +417.1k |
| Qube Research & Technologies Ltd 0.15% of their portfolio | 1.1m $108.9m | New |
| MORGAN STANLEY 0.01% of their portfolio | 1.0m $105.0m | Reduced -15.9k |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC 3.96% of their portfolio | 1.0m $101.5m | Added +304.6k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 969.8k $97.6m | Reduced -714.0k |
| Hood River Capital Management LLC 1.26% of their portfolio | 899.6k $90.5m | Reduced -658.7k |
| TimesSquare Capital Management, LLC 1.27% of their portfolio | 873.5k $87.9m | Reduced -190.7k |
| Palo Alto Investors LP 18.52% of their portfolio | 865.1k $87.1m | Reduced -122.0k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 855.6k $86.1m | Added +610.3k |
| MAVERICK CAPITAL LTD 1.24% of their portfolio | 804.1k $80.9m | Added +379.0k |
| LOOMIS SAYLES & CO L P 0.10% of their portfolio | 793.6k $79.9m | Reduced -215.9k |
| RAYMOND JAMES FINANCIAL INC 0.03% of their portfolio | 784.6k $79.0m | Added +375.6k |
| BNP PARIBAS FINANCIAL MARKETS 0.06% of their portfolio | 754.2k $75.9m | Added +292.5k |
| Artia Global Partners LP 19.48% of their portfolio | 752.7k $75.8m | Added +434.5k |
| Fiera Capital Corp 0.26% of their portfolio | 748.0k $75.3m | Added +168.8k |
| HRT FINANCIAL LP 0.39% of their portfolio | 729.6k $73.4m | New |
| JENNISON ASSOCIATES LLC 0.04% of their portfolio | 715.6k $72.0m | Reduced -32.7k |
| DEERFIELD MANAGEMENT COMPANY, L.P. 1.28% of their portfolio | 700.7k $70.5m | Added +242.7k |
| Polar Capital Holdings Plc 0.37% of their portfolio | 698.0k $70.2m | Reduced -30.8k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 696.0k $70.0m | Added +156.5k |
| NOVO HOLDINGS A/S 4.83% of their portfolio | 680.0k $68.4m | Reduced -44.7k |
| PERCEPTIVE ADVISORS LLC 2.46% of their portfolio | 650.3k $65.4m | Added +141.0k |
| Alyeska Investment Group, L.P. 0.22% of their portfolio | 603.7k $60.8m | Reduced -131.3k |
| Nuveen, LLC 0.02% of their portfolio | 589.0k $59.3m | Reduced -569.1k |
| BROWN ADVISORY INC 0.08% of their portfolio | 579.8k $58.4m | Reduced -92.6k |
| Ensign Peak Advisors, Inc 0.10% of their portfolio | 564.4k $56.8m | Reduced -25.0k |
| Cormorant Asset Management, LP 4.05% of their portfolio | 540.0k $54.3m | Added +15.0k |
| Rock Springs Capital Management LP 3.29% of their portfolio | 525.0k $52.8m | Added +9.1k |
| Long Focus Capital Management, LLC 3.38% of their portfolio | 520.2k $52.4m | Reduced -110.6k |
| ALKEON CAPITAL MANAGEMENT LLC 0.24% of their portfolio | 500.0k $50.3m | New |
| Point72 Asset Management, L.P. 0.12% of their portfolio | 490.7k $49.4m | New |
| Affinity Asset Advisors, LLC 7.07% of their portfolio | 475.0k $47.8m | Added +335.0k |
| Castle Hook Partners LP 0.67% of their portfolio | 452.7k $45.6m | New |
| Candriam S.C.A. 0.25% of their portfolio | 438.7k $44.2m | Reduced -16.7k |
| SEI INVESTMENTS CO 0.05% of their portfolio | 433.6k $43.6m | Added +37.6k |
| Eagle Health Investments LP 10.65% of their portfolio | 428.6k $43.1m | Reduced -14.7k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.06% of their portfolio | 427.8k $43.0m | Added +72.0k |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 411.7k $41.4m | Added +39.7k |
| VOYA INVESTMENT MANAGEMENT LLC 0.04% of their portfolio | 407.7k $41.0m | Reduced -763.2k |
| TD Asset Management Inc 0.03% of their portfolio | 395.2k $39.8m | Reduced -107.0k |
| TWO SIGMA INVESTMENTS, LP 0.07% of their portfolio | 376.5k $37.9m | Reduced -30.4k |
| First Turn Management, LLC 7.00% of their portfolio | 372.7k $37.5m | Reduced -29.0k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 365.8k $36.8m | Added +40.5k |
| Patient Square Capital LP 13.02% of their portfolio | 358.8k $36.1m | Added +28.6k |
| Swiss National Bank 0.02% of their portfolio | 347.4k $35.0m | Added +18.1k |
| Weiss Asset Management LP 0.54% of their portfolio | 339.8k $34.2m | Not comparable |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.12% of their portfolio | 330.8k $33.3m | Added +318.7k |
| Sofinnova Investments, Inc. 2.15% of their portfolio | 313.9k $31.6m | Added +9.7k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.12% of their portfolio | 313.1k $31.5m | Added +310.4k |
| Aberdeen Group plc 0.05% of their portfolio | 309.7k $31.2m | Reduced -26.6k |
| RENAISSANCE TECHNOLOGIES LLC 0.04% of their portfolio | 308.7k $31.1m | New |
| Allspring Global Investments Holdings, LLC 0.05% of their portfolio | 304.3k $29.7m | Reduced -134.4k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.07% of their portfolio | 302.1k $30.4m | Reduced -311.2k |
| UBS Group AG 0.01% of their portfolio | 293.5k $29.5m | Reduced -184.2k |
| Cubist Systematic Strategies, LLC 0.31% of their portfolio | 283.1k $28.5m | New |
| C WorldWide Group Holding A/S 0.37% of their portfolio | 271.1k $27.3m | Reduced -50.0k |