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 ($32.3m this quarter). Holder counts are more reliable. Shares outstanding: 213.3m as of 2025-10-24, 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 ≈ $143.83. Options: 35 managers hold calls ($640.6m notional), 30 hold puts ($658.6m).
Trends to Q3 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 |
| Q3 2025 | 566 |
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 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 |
| Q3 2025 | 320 | 264 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $235.2m | $196.7m | 0.84 |
| Q1 2025 | $73.0m | $144.9m | 1.99 |
| Q2 2025 | $330.0m | $356.0m | 1.08 |
| Q3 2025 | $640.6m | $658.6m | 1.03 |
Biggest buyers
| JPMORGAN CHASE & CO | Added | +30.5m |
| FMR LLC | Added | +4.1m |
| VANGUARD GROUP INC | Added | +2.3m |
| D. E. Shaw & Co., Inc. | Added | +2.2m |
| Orbis Allan Gray Ltd | Added | +1.7m |
| Artisan Partners Limited Partnership | Added | +1.6m |
| UBS Group AG | Added | +1.4m |
| BlackRock, Inc. | Added | +1.2m |
| Darwin Global Management, Ltd. | Added | +1.1m |
| Castle Hook Partners LP | Added | +638.7k |
Biggest sellers
| PRICE T ROWE ASSOCIATES INC /MD/ | Reduced | -4.3m |
| Deep Track Capital, LP | Sold out | -1.8m |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | Reduced | -1.6m |
| JANUS HENDERSON GROUP PLC | Reduced | -1.1m |
| BAKER BROS. ADVISORS LP | Reduced | -1.0m |
| GOLDMAN SACHS GROUP INC | Reduced | -981.6k |
| Holocene Advisors, LP | Reduced | -933.1k |
| WESTFIELD CAPITAL MANAGEMENT CO LP | Reduced | -851.4k |
| HRT FINANCIAL LP | Sold out | -729.6k |
| GW&K Investment Management, LLC | Reduced | -672.5k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $122.2m848.4k shares |
| Artia Global Partners LP | Added | $57.6m400.0k shares |
| Caption Management, LLC | Added | $54.4m377.5k shares |
| CITADEL ADVISORS LLC | Added | $49.0m340.5k shares |
| PEAK6 LLC | New | $48.0m333.0k shares |
| JANE STREET GROUP, LLC | Added | $34.3m237.9k shares |
| Affinity Asset Advisors, LLC | New | $29.5m205.0k shares |
| BANK OF AMERICA CORP /DE/ | Added | $27.7m192.3k shares |
| CITIGROUP INC | New | $22.6m157.0k shares |
| SIMPLEX TRADING, LLC | Added | $21.4m148.7k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $141.0m978.8k shares |
| JANE STREET GROUP, LLC | Added | $112.7m782.4k shares |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC | New | $72.0m500.0k shares |
| 683 Capital Management, LLC | Added | $54.0m375.0k shares |
| Caption Management, LLC | Added | $46.9m326.0k shares |
| BANK OF AMERICA CORP /DE/ | Added | $32.0m222.3k shares |
| Parallax Volatility Advisers, L.P. | Added | $29.9m207.8k shares |
| CITADEL ADVISORS LLC | Added | $28.1m194.9k shares |
| GROUP ONE TRADING LLC | Added | $23.5m163.3k shares |
| Integral Health Asset Management, LLC | New | $14.4m100.0k 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)
Insider purchases and sales in Q3 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 |
|---|---|---|---|---|---|
| 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 |
| Q3 2025 | 0 | — | 7 | $65.6m | $57.2m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-09-12 | Schaeffer Orlov S Nicole Chief People Strategy Officer | Sold plan | $11.1m76.5k shares |
| 2025-09-12 | SHAROKY MELVIN MD Director | Sold | $1.5m10.0k shares |
| 2025-09-02 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $26.9m186.6k shares |
| 2025-09-02 | Smith Michael Alexander Chief Legal Officer | Sold plan | $3.5m24.3k shares |
| 2025-08-20 | SHAROKY MELVIN MD Director | Sold | $1.3m10.0k shares |
| 2025-08-19 | Adsett Roger Chief Operating Officer | Sold | $3.2m25.0k shares |
| 2025-08-18 | Lewis William Chair and CEO, director · By the Katie Procter Dynasty Trust | Sold plan | $881.5k6.9k shares |
| 2025-08-14 | Schaeffer Orlov S Nicole Chief People Strategy Officer | Sold | $1.3m10.0k shares |
| 2025-08-12 | SHAROKY MELVIN MD Director | Sold | $1.2m10.0k shares |
| 2025-08-04 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $954.3k8.7k shares |
| 2025-08-04 | Lewis William Chair and CEO, director · By the Katie Procter Dynasty Trust | Sold plan | $750.0k6.8k shares |
| 2025-07-21 | Bonstein Sara Chief Financial Officer | Sold plan | $6.0m58.4k shares |
| 2025-07-15 | Lewis William Chair and CEO, director · By the Katie Procter Dynasty Trust | Sold plan | $699.2k6.8k shares |
| 2025-07-15 | Smith Michael Alexander Chief Legal Officer | Sold plan | $95.6k933 shares |
| 2025-07-11 | Smith Michael Alexander Chief Legal Officer | Sold plan | $72.1k748 shares |
| 2025-07-07 | Bonstein Sara Chief Financial Officer | Sold plan | $5.5m57.8k shares |
| 2025-07-01 | Lewis William Chair and CEO, director · By the Katie Procter Dynasty Trust | Sold plan | $671.6k6.8k 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, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| JPMORGAN CHASE & CO 0.21% of their portfolio | 46.1m $6.6bn | Added +30.5m |
| Darwin Global Management, Ltd. 80.54% of their portfolio | 20.5m $2.9bn | Added +1.1m |
| VANGUARD GROUP INC 0.04% of their portfolio | 19.9m $2.9bn | Added +2.3m |
| BlackRock, Inc. 0.03% of their portfolio | 12.4m $1.8bn | Added +1.2m |
| FMR LLC 0.07% of their portfolio | 9.2m $1.3bn | Added +4.1m |
| Capital International Investors 0.18% of their portfolio | 7.6m $1.1bn | Added +75.0k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.11% of their portfolio | 6.9m $998.2m | Reduced -4.3m |
| BAKER BROS. ADVISORS LP 6.98% of their portfolio | 6.7m $965.4m | Reduced -1.0m |
| D. E. Shaw & Co., Inc. 0.66% of their portfolio | 5.7m $814.7m | Added +2.2m |
| Artisan Partners Limited Partnership 1.02% of their portfolio | 4.9m $711.1m | Added +1.6m |
| STATE STREET CORP 0.02% of their portfolio | 4.0m $573.8m | Reduced -293.5k |
| GEODE CAPITAL MANAGEMENT, LLC 0.03% of their portfolio | 3.8m $541.5m | Added +418.7k |
| Orbis Allan Gray Ltd 2.01% of their portfolio | 3.3m $468.2m | Added +1.7m |
| RTW INVESTMENTS, LP 5.47% of their portfolio | 3.1m $444.2m | Unchanged |
| AMERIPRISE FINANCIAL INC 0.09% of their portfolio | 2.7m $392.0m | Reduced -236.1k |
| Duquesne Family Office LLC 8.88% of their portfolio | 2.4m $349.0m | Added +170.0k |
| MILLENNIUM MANAGEMENT LLC 0.26% of their portfolio | 2.3m $336.4m | Added +214.4k |
| FRANKLIN RESOURCES INC 0.08% of their portfolio | 2.1m $308.1m | Reduced -210.4k |
| CITADEL ADVISORS LLC 0.24% of their portfolio | 2.1m $296.3m | Added +524.4k |
| NWI MANAGEMENT LP 14.99% of their portfolio | 2.0m $294.1m | Added +602.0k |
| Invesco Ltd. 0.05% of their portfolio | 2.0m $288.6m | Added +107.5k |
| UBS Group AG 0.05% of their portfolio | 1.6m $237.1m | Added +1.4m |
| BANK OF AMERICA CORP /DE/ 0.02% of their portfolio | 1.6m $230.7m | Added +375.1k |
| Integral Health Asset Management, LLC 16.80% of their portfolio | 1.6m $230.4m | Unchanged |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.58% of their portfolio | 1.6m $223.9m | Reduced -110.5k |
| Qube Research & Technologies Ltd 0.31% of their portfolio | 1.5m $222.4m | Added +462.3k |
| LORD, ABBETT & CO. LLC 0.62% of their portfolio | 1.4m $208.0m | Reduced -101.2k |
| ROYAL BANK OF CANADA 0.03% of their portfolio | 1.4m $195.2m | Added +499.7k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.29% of their portfolio | 1.3m $180.4m | Reduced -1.6m |
| JANUS HENDERSON GROUP PLC 0.08% of their portfolio | 1.2m $173.2m | Reduced -1.1m |
| Pictet Asset Management Holding SA 0.16% of their portfolio | 1.1m $163.9m | Reduced -412.8k |
| Bank of New York Mellon Corp 0.03% of their portfolio | 1.1m $164.0m | Reduced -58.6k |
| Castle Hook Partners LP 2.38% of their portfolio | 1.1m $157.2m | Added +638.7k |
| Holocene Advisors, LP 0.36% of their portfolio | 1.1m $156.1m | Reduced -933.1k |
| NORTHERN TRUST CORP 0.02% of their portfolio | 1.1m $154.5m | Added +103.1k |
| Clearbridge Investments, LLC 0.12% of their portfolio | 1.1m $153.8m | Reduced -356.5k |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC 4.89% of their portfolio | 1.0m $150.0m | Added +32.9k |
| EVENTIDE ASSET MANAGEMENT, LLC 2.38% of their portfolio | 1.0m $144.7m | Reduced -191.4k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 975.3k $140.4m | Reduced -324.3k |
| MORGAN STANLEY 0.01% of their portfolio | 963.6k $138.8m | Reduced -80.2k |
| Hood River Capital Management LLC 1.50% of their portfolio | 881.4k $126.9m | Reduced -18.2k |
| ALLIANCEBERNSTEIN L.P. 0.04% of their portfolio | 868.8k $125.1m | Reduced -474.4k |
| PRINCIPAL FINANCIAL GROUP INC 0.06% of their portfolio | 864.3k $124.5m | Reduced -483.7k |
| FIL Ltd 0.10% of their portfolio | 852.0k $122.7m | Reduced -313.5k |
| GOLDMAN SACHS GROUP INC 0.02% of their portfolio | 829.3k $119.4m | Reduced -981.6k |
| Fiera Capital Corp 0.38% of their portfolio | 809.1k $116.5m | Added +61.1k |
| JANE STREET GROUP, LLC 0.13% of their portfolio | 791.7k $114.0m | Reduced -561.2k |
| TWO SIGMA INVESTMENTS, LP 0.17% of their portfolio | 772.8k $111.3m | Added +396.3k |
| RAYMOND JAMES FINANCIAL INC 0.04% of their portfolio | 760.0k $109.4m | Reduced -24.6k |
| Artia Global Partners LP 18.55% of their portfolio | 732.2k $105.4m | Reduced -20.5k |
| WELLINGTON MANAGEMENT GROUP LLP 0.02% of their portfolio | 718.0k $103.4m | Reduced -441.7k |
| PERCEPTIVE ADVISORS LLC 2.92% of their portfolio | 702.1k $101.1m | Added +51.9k |
| MARSHALL WACE, LLP 0.10% of their portfolio | 658.6k $94.9m | Reduced -454.7k |
| MAVERICK CAPITAL LTD 1.27% of their portfolio | 656.5k $94.5m | Reduced -147.6k |
| MACQUARIE GROUP LTD 0.11% of their portfolio | 649.8k $93.6m | Reduced -481.1k |
| Ensign Peak Advisors, Inc 0.15% of their portfolio | 642.0k $92.5m | Added +77.6k |
| JENNISON ASSOCIATES LLC 0.05% of their portfolio | 602.8k $86.8m | Reduced -112.8k |
| GW&K Investment Management, LLC 0.77% of their portfolio | 601.8k $86.7m | Reduced -672.5k |
| SEI INVESTMENTS CO 0.09% of their portfolio | 593.9k $85.5m | Added +160.3k |
| Nuveen, LLC 0.02% of their portfolio | 588.1k $84.7m | Reduced -865 |
| 1832 Asset Management L.P. 0.14% of their portfolio | 584.8k $84.2m | New |
| WELLS FARGO & COMPANY/MN 0.02% of their portfolio | 513.8k $74.0m | Added +254.6k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.02% of their portfolio | 512.7k $73.8m | Reduced -183.2k |
| BANK OF NOVA SCOTIA 0.13% of their portfolio | 506.2k $72.9m | New |
| ALKEON CAPITAL MANAGEMENT LLC 0.33% of their portfolio | 500.0k $72.0m | Unchanged |
| LOOMIS SAYLES & CO L P 0.08% of their portfolio | 492.3k $70.9m | Reduced -301.3k |
| Palo Alto Investors LP 13.11% of their portfolio | 491.8k $70.8m | Reduced -373.3k |
| WESTFIELD CAPITAL MANAGEMENT CO LP 0.29% of their portfolio | 487.9k $70.3m | Reduced -851.4k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.23% of their portfolio | 471.6k $67.9m | Added +158.6k |
| DEERFIELD MANAGEMENT COMPANY, L.P. 1.04% of their portfolio | 471.0k $67.8m | Reduced -229.7k |
| Point72 Asset Management, L.P. 0.15% of their portfolio | 464.2k $66.9m | Reduced -26.4k |
| Affinity Asset Advisors, LLC 6.03% of their portfolio | 450.0k $64.8m | Reduced -25.0k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.08% of their portfolio | 445.9k $64.2m | Added +18.1k |
| BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio | 433.3k $62.4m | Reduced -320.8k |
| Cormorant Asset Management, LP 4.27% of their portfolio | 430.0k $61.9m | Reduced -110.0k |
| TimesSquare Capital Management, LLC 0.88% of their portfolio | 425.1k $61.2m | Reduced -448.4k |
| TD Asset Management Inc 0.05% of their portfolio | 398.3k $57.4m | Added +3.1k |
| Candriam S.C.A. 0.30% of their portfolio | 397.6k $57.3m | Reduced -41.1k |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 386.7k $55.7m | Reduced -25.1k |
| Rock Springs Capital Management LP 3.24% of their portfolio | 385.0k $55.4m | Reduced -140.0k |
| ING GROEP NV 0.29% of their portfolio | 373.5k $53.8m | New |
| Polar Capital Holdings Plc 0.26% of their portfolio | 371.9k $53.6m | Reduced -326.1k |
| Swiss National Bank 0.03% of their portfolio | 371.3k $53.5m | Added +23.9k |
| VICTORY CAPITAL MANAGEMENT INC 0.03% of their portfolio | 354.9k $51.1m | Added +172.1k |
| RENAISSANCE TECHNOLOGIES LLC 0.07% of their portfolio | 352.9k $50.8m | Added +44.2k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 342.8k $49.4m | Reduced -23.0k |
| Long Focus Capital Management, LLC 2.78% of their portfolio | 338.0k $48.7m | Reduced -182.2k |
| FRONTIER CAPITAL MANAGEMENT CO LLC 0.42% of their portfolio | 328.9k $47.4m | Added +181.1k |
| FEDERATED HERMES, INC. 0.08% of their portfolio | 328.2k $47.3m | Added +219.8k |
| Patient Square Capital LP 12.57% of their portfolio | 326.4k $47.0m | Reduced -32.4k |
| First Turn Management, LLC 6.91% of their portfolio | 319.8k $46.1m | Reduced -52.9k |
| Amundi 0.02% of their portfolio | 317.1k $50.2m | Added +305.6k |
| California Public Employees Retirement System 0.03% of their portfolio | 310.9k $44.8m | Added +88.7k |
| Brevan Howard Capital Management LP 0.61% of their portfolio | 294.0k $42.3m | Added +91.5k |
| SAMLYN CAPITAL, LLC 0.60% of their portfolio | 292.6k $42.1m | New |
| AQR CAPITAL MANAGEMENT LLC 0.03% of their portfolio | 287.3k $40.9m | Added +237.6k |
| Eagle Health Investments LP 10.27% of their portfolio | 271.6k $39.1m | Reduced -157.0k |
| FIRST TRUST ADVISORS LP 0.03% of their portfolio | 240.6k $34.7m | Added +193.3k |
| Aberdeen Group plc 0.05% of their portfolio | 234.6k $33.8m | Reduced -75.1k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.05% of their portfolio | 233.1k $33.6m | Added +20.9k |