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 ($59.9m this quarter). Holder counts are more reliable. Shares outstanding: 215.6m as of 2026-02-13, 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 ≈ $174.05. Options: 35 managers hold calls ($673.7m notional), 28 hold puts ($741.7m).
Trends to Q4 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 |
| Q4 2025 | 677 |
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 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 |
| Q4 2025 | 403 | 263 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $73.0m | $144.9m | 1.99 |
| Q2 2025 | $330.0m | $356.0m | 1.08 |
| Q3 2025 | $640.6m | $658.6m | 1.03 |
| Q4 2025 | $673.7m | $741.7m | 1.10 |
Biggest buyers
| Invesco Ltd. | Added | +5.5m |
| BlackRock, Inc. | Added | +2.7m |
| RTW INVESTMENTS, LP | Added | +1.8m |
| STATE STREET CORP | Added | +1.2m |
| VANGUARD GROUP INC | Added | +1.1m |
| Orbis Allan Gray Ltd | Added | +929.1k |
| Jefferies Financial Group Inc. | Added | +818.2k |
| FMR LLC | Added | +747.0k |
| MORGAN STANLEY | Added | +668.3k |
| FRANKLIN RESOURCES INC | Added | +615.8k |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -22.9m |
| PRICE T ROWE ASSOCIATES INC /MD/ | Reduced | -2.9m |
| Capital International Investors | Reduced | -2.4m |
| Qube Research & Technologies Ltd | Sold out | -1.5m |
| D. E. Shaw & Co., Inc. | Reduced | -1.3m |
| MILLENNIUM MANAGEMENT LLC | Reduced | -1.0m |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | Reduced | -952.5k |
| Duquesne Family Office LLC | Reduced | -941.7k |
| CITADEL ADVISORS LLC | Reduced | -900.3k |
| ROYAL BANK OF CANADA | Reduced | -848.5k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $147.9m849.6k shares |
| SUSQUEHANNA ADVISORS GROUP, INC. | New | $98.3m565.0k shares |
| JANE STREET GROUP, LLC | Added | $97.0m557.1k shares |
| CITADEL ADVISORS LLC | Added | $75.3m432.9k shares |
| FARALLON CAPITAL MANAGEMENT, L.L.C. | New | $43.5m250.0k shares |
| Caption Management, LLC | Reduced | $40.9m235.2k shares |
| GROUP ONE TRADING LLC | Added | $23.6m135.7k shares |
| SIMPLEX TRADING, LLC | Reduced | $22.3m128.1k shares |
| JPMORGAN CHASE & CO | Reduced | $16.4m94.2k shares |
| TUDOR INVESTMENT CORP ET AL | Reduced | $11.8m68.0k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $235.8m1.4m shares |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC | Added | $94.0m540.0k shares |
| JANE STREET GROUP, LLC | Reduced | $80.7m463.6k shares |
| Artia Global Partners LP | New | $73.1m420.0k shares |
| LMR Partners LLP | New | $47.2m271.4k shares |
| JPMORGAN CHASE & CO | Added | $45.7m262.5k shares |
| Caption Management, LLC | Reduced | $40.8m234.2k shares |
| CITADEL ADVISORS LLC | Added | $38.1m218.8k shares |
| Parallax Volatility Advisers, L.P. | Reduced | $17.8m102.3k shares |
| Jefferies Financial Group Inc. | Unchanged | $17.4m99.9k 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 Q4 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 |
|---|---|---|---|---|---|
| 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 |
| Q4 2025 | 0 | — | 7 | $44.3m | $16.7m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-12-18 | Lewis William Chair and CEO, director | Sold plan | $1.8m10.7k shares |
| 2025-12-05 | SHAROKY MELVIN MD Director | Sold | $4.1m20.0k shares |
| 2025-12-04 | Lewis William Chair and CEO, director | Sold plan | $2.2m10.7k shares |
| 2025-12-01 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $1.8m8.9k shares |
| 2025-11-24 | ANDERSON ELIZABETH M Director | Sold | $1.0m5.0k shares |
| 2025-11-17 | LEE LEO Director | Sold | $14.7m75.0k shares |
| 2025-11-14 | ANDERSON ELIZABETH M Director | Sold | $2.0m10.0k shares |
| 2025-11-12 | Schaeffer Orlov S Nicole Chief People Strategy Officer | Sold | $5.8m30.0k shares |
| 2025-11-11 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $5.9m31.2k shares |
| 2025-11-03 | Smith Michael Alexander Chief Legal Officer | Sold plan | $5.0m27.1k 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 2025
| Manager | Shares | Change |
|---|---|---|
| JPMORGAN CHASE & CO 0.27% of their portfolio | 23.2m $4.0bn | Reduced -22.9m |
| VANGUARD GROUP INC 0.05% of their portfolio | 21.1m $3.7bn | Added +1.1m |
| Darwin Global Management, Ltd. 73.78% of their portfolio | 20.9m $3.6bn | Added +475.8k |
| BlackRock, Inc. 0.04% of their portfolio | 15.1m $2.6bn | Added +2.7m |
| FMR LLC 0.09% of their portfolio | 9.9m $1.7bn | Added +747.0k |
| Invesco Ltd. 0.12% of their portfolio | 7.5m $1.3bn | Added +5.5m |
| BAKER BROS. ADVISORS LP 6.72% of their portfolio | 6.6m $1.1bn | Reduced -110.7k |
| STATE STREET CORP 0.03% of their portfolio | 5.2m $905.3m | Added +1.2m |
| Capital International Investors 0.14% of their portfolio | 5.2m $896.6m | Reduced -2.4m |
| Artisan Partners Limited Partnership 1.29% of their portfolio | 4.8m $843.0m | Reduced -93.9k |
| RTW INVESTMENTS, LP 8.44% of their portfolio | 4.8m $842.9m | Added +1.8m |
| D. E. Shaw & Co., Inc. 0.58% of their portfolio | 4.4m $757.2m | Reduced -1.3m |
| GEODE CAPITAL MANAGEMENT, LLC 0.05% of their portfolio | 4.3m $751.9m | Added +539.6k |
| Orbis Allan Gray Ltd 3.05% of their portfolio | 4.2m $727.5m | Added +929.1k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.08% of their portfolio | 4.0m $703.0m | Reduced -2.9m |
| NORGES BANK 0.05% of their portfolio | 2.9m $506.6m | Not comparable |
| FRANKLIN RESOURCES INC 0.12% of their portfolio | 2.8m $479.6m | Added +615.8k |
| NWI MANAGEMENT LP 10.51% of their portfolio | 2.0m $344.1m | Reduced -65.1k |
| AMERIPRISE FINANCIAL INC 0.08% of their portfolio | 2.0m $342.7m | Reduced -753.0k |
| UBS Group AG 0.06% of their portfolio | 1.9m $325.0m | Added +221.4k |
| BANK OF AMERICA CORP /DE/ 0.02% of their portfolio | 1.7m $300.3m | Added +123.9k |
| MORGAN STANLEY 0.02% of their portfolio | 1.6m $284.0m | Added +668.3k |
| Duquesne Family Office LLC 6.11% of their portfolio | 1.5m $257.9m | Reduced -941.7k |
| Bank of New York Mellon Corp 0.04% of their portfolio | 1.4m $241.9m | Added +251.1k |
| MILLENNIUM MANAGEMENT LLC 0.16% of their portfolio | 1.3m $228.3m | Reduced -1.0m |
| Castle Hook Partners LP 3.14% of their portfolio | 1.3m $218.2m | Added +162.2k |
| Integral Health Asset Management, LLC 11.03% of their portfolio | 1.2m $217.6m | Reduced -350.0k |
| GOLDMAN SACHS GROUP INC 0.03% of their portfolio | 1.2m $216.7m | Added +415.6k |
| NORTHERN TRUST CORP 0.03% of their portfolio | 1.2m $215.5m | Added +165.5k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.59% of their portfolio | 1.2m $212.5m | Reduced -334.0k |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.31% of their portfolio | 1.2m $205.9m | First filing |
| CITADEL ADVISORS LLC 0.14% of their portfolio | 1.2m $201.4m | Reduced -900.3k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio | 1.0m $178.8m | Added +52.1k |
| Fiera Capital Corp 0.55% of their portfolio | 992.9k $172.8m | Added +183.8k |
| TWO SIGMA INVESTMENTS, LP 0.25% of their portfolio | 962.2k $167.5m | Added +189.4k |
| Pictet Asset Management Holding SA 0.16% of their portfolio | 959.0k $167.3m | Reduced -181.9k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.03% of their portfolio | 943.3k $164.2m | Added +430.6k |
| Jefferies Financial Group Inc. 1.32% of their portfolio | 926.3k $161.2m | Added +818.2k |
| Amundi 0.04% of their portfolio | 917.0k $159.6m | Added +599.9k |
| BNP PARIBAS FINANCIAL MARKETS 0.10% of their portfolio | 915.4k $159.3m | Added +482.1k |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC 4.45% of their portfolio | 909.1k $158.2m | Reduced -132.8k |
| SEI INVESTMENTS CO 0.15% of their portfolio | 890.2k $154.9m | Added +296.3k |
| FIL Ltd 0.11% of their portfolio | 838.5k $145.9m | Reduced -13.4k |
| Clearbridge Investments, LLC 0.11% of their portfolio | 819.0k $142.5m | Reduced -249.0k |
| Holocene Advisors, LP 0.29% of their portfolio | 801.2k $139.4m | Reduced -282.5k |
| JANUS HENDERSON GROUP PLC 0.06% of their portfolio | 800.6k $139.3m | Reduced -402.2k |
| RAYMOND JAMES FINANCIAL INC 0.04% of their portfolio | 779.3k $135.6m | Added +19.3k |
| PRINCIPAL FINANCIAL GROUP INC 0.07% of their portfolio | 771.4k $134.2m | Reduced -92.9k |
| LORD, ABBETT & CO. LLC 0.38% of their portfolio | 720.9k $125.5m | Reduced -723.8k |
| Artia Global Partners LP 19.08% of their portfolio | 682.2k $118.7m | Reduced -50.0k |
| Nuveen, LLC 0.03% of their portfolio | 650.4k $113.2m | Added +62.3k |
| VICTORY CAPITAL MANAGEMENT INC 0.06% of their portfolio | 646.7k $112.6m | Added +291.8k |
| ALLIANCEBERNSTEIN L.P. 0.04% of their portfolio | 642.7k $111.9m | Reduced -226.1k |
| Hood River Capital Management LLC 1.22% of their portfolio | 637.6k $111.0m | Reduced -243.8k |
| FEDERATED HERMES, INC. 0.18% of their portfolio | 632.3k $110.0m | Added +304.1k |
| DEUTSCHE BANK AG\ 0.03% of their portfolio | 590.0k $102.7m | Added +385.7k |
| WELLS FARGO & COMPANY/MN 0.02% of their portfolio | 586.7k $102.1m | Added +72.8k |
| Swiss National Bank 0.06% of their portfolio | 579.1k $100.8m | Added +207.8k |
| JENNISON ASSOCIATES LLC 0.06% of their portfolio | 562.3k $97.9m | Reduced -40.5k |
| Legal & General Group Plc 0.02% of their portfolio | 540.3k $94.0m | Added +332.3k |
| ROYAL BANK OF CANADA 0.02% of their portfolio | 506.8k $88.2m | Reduced -848.5k |
| Nearwater Capital Markets, Ltd 1.49% of their portfolio | 500.0k $87.0m | Added +300.0k |
| TimesSquare Capital Management, LLC 1.29% of their portfolio | 490.5k $85.4m | Added +65.4k |
| Palo Alto Investors LP 11.86% of their portfolio | 489.5k $85.2m | Reduced -2.3k |
| WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio | 486.1k $84.6m | Reduced -231.9k |
| EVENTIDE ASSET MANAGEMENT, LLC 1.31% of their portfolio | 483.6k $84.2m | Reduced -521.5k |
| GW&K Investment Management, LLC 0.73% of their portfolio | 482.7k $84.0m | Reduced -119.1k |
| AQR CAPITAL MANAGEMENT LLC 0.04% of their portfolio | 468.3k $81.5m | Added +181.0k |
| Affinity Asset Advisors, LLC 5.63% of their portfolio | 450.0k $78.3m | Unchanged |
| BARCLAYS PLC 0.03% of their portfolio | 444.7k $77.4m | Added +330.5k |
| Sumitomo Mitsui Trust Group, Inc. 0.04% of their portfolio | 435.4k $75.8m | New |
| WESTFIELD CAPITAL MANAGEMENT CO LP 0.31% of their portfolio | 432.5k $75.3m | Reduced -55.4k |
| Candriam S.C.A. 0.35% of their portfolio | 401.0k $69.8m | Added +3.5k |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 399.1k $69.5m | Added +12.4k |
| TWO SIGMA ADVISERS, LP 0.13% of their portfolio | 395.0k $68.7m | Added +343.7k |
| MARSHALL WACE, LLP 0.07% of their portfolio | 389.9k $67.9m | Reduced -268.8k |
| Ensign Peak Advisors, Inc 0.12% of their portfolio | 382.2k $66.5m | Reduced -259.8k |
| Balyasny Asset Management L.P. 0.12% of their portfolio | 380.6k $66.2m | Added +343.1k |
| SAMLYN CAPITAL, LLC 1.03% of their portfolio | 369.6k $64.3m | Added +76.9k |
| GATEWAY INVESTMENT ADVISERS LLC 0.59% of their portfolio | 365.0k $63.5m | New |
| California Public Employees Retirement System 0.04% of their portfolio | 354.9k $61.8m | Added +44.0k |
| Polar Capital Holdings Plc 0.27% of their portfolio | 344.2k $59.9m | Reduced -27.7k |
| ProShare Advisors LLC 0.10% of their portfolio | 340.7k $59.3m | Added +333.2k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.07% of their portfolio | 328.3k $57.2m | Added +129.6k |
| Rock Springs Capital Management LP 2.85% of their portfolio | 319.2k $55.6m | Reduced -65.8k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.05% of their portfolio | 310.3k $54.0m | Added +130.9k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.08% of their portfolio | 300.0k $52.2m | Reduced -952.5k |
| FRONTIER CAPITAL MANAGEMENT CO LLC 0.53% of their portfolio | 284.8k $49.6m | Reduced -44.0k |
| Zurich Insurance Group Ltd/FI 0.34% of their portfolio | 281.1k $48.9m | New |
| National Pension Service 0.04% of their portfolio | 280.4k $48.8m | New |
| NEW YORK STATE COMMON RETIREMENT FUND 0.06% of their portfolio | 276.3k $48.1m | Reduced -169.6k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 276.1k $48.1m | Reduced -66.7k |
| Cormorant Asset Management, LP 2.71% of their portfolio | 275.0k $47.9m | Reduced -155.0k |
| RHUMBLINE ADVISERS 0.04% of their portfolio | 268.3k $46.7m | Added +55.4k |
| Patient Square Capital LP 9.95% of their portfolio | 267.0k $46.5m | Reduced -59.4k |
| First Turn Management, LLC 5.26% of their portfolio | 264.3k $46.0m | Reduced -55.5k |
| TD Asset Management Inc 0.04% of their portfolio | 262.5k $45.7m | Reduced -135.8k |
| AXIOM INVESTORS LLC /DE 0.39% of their portfolio | 255.8k $44.5m | Added +148.1k |
| Aberdeen Group plc 0.07% of their portfolio | 253.1k $44.1m | Added +18.5k |
| FIRST TRUST ADVISORS LP 0.03% of their portfolio | 247.9k $43.2m | Added +7.3k |