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 ($31.0m this quarter). Holder counts are more reliable. Shares outstanding: 218.4m as of 2026-07-31, 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 ≈ $106.60. Options: 34 managers hold calls ($613.6m notional), 26 hold puts ($414.6m).
Trends to Q2 2026
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 |
| Q1 2026 | 674 |
| Q2 2026 | 665 |
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 2024 | 257 | 152 |
| Q4 2024 | 226 | 188 |
| Q1 2025 | 236 | 195 |
| Q2 2025 | 290 | 242 |
| Q3 2025 | 320 | 264 |
| Q4 2025 | 403 | 263 |
| Q1 2026 | 377 | 307 |
| Q2 2026 | 356 | 352 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $640.6m | $658.6m | 1.03 |
| Q4 2025 | $673.7m | $741.7m | 1.10 |
| Q1 2026 | $352.2m | $231.9m | 0.66 |
| Q2 2026 | $613.6m | $414.6m | 0.68 |
Biggest buyers
| Orbis Allan Gray Ltd | Added | +4.2m |
| AMERIPRISE FINANCIAL INC | Added | +3.1m |
| FMR LLC | Added | +3.0m |
| Capital International Investors | Added | +2.6m |
| MAVERICK CAPITAL LTD | New | +2.2m |
| T. Rowe Price Investment Management, Inc. | New | +1.6m |
| Qube Research & Technologies Ltd | Added | +1.5m |
| Bellevue Group AG | Added | +1.4m |
| BAKER BROS. ADVISORS LP | Added | +1.4m |
| Balyasny Asset Management L.P. | Added | +1.1m |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -13.7m |
| Darwin Global Management, Ltd. | Reduced | -10.4m |
| Invesco Ltd. | Reduced | -6.1m |
| Capital World Investors | Sold out | -1.4m |
| Artisan Partners Limited Partnership | Reduced | -1.1m |
| NWI MANAGEMENT LP | Reduced | -1.0m |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | Reduced | -924.6k |
| BlackRock, Inc. | Reduced | -870.2k |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC | Sold out | -653.4k |
| FEDERATED HERMES, INC. | Reduced | -538.1k |
Biggest calls
| Duquesne Family Office LLC | New | $143.9m1.4m shares |
| MILLENNIUM MANAGEMENT LLC | Added | $92.1m864.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $76.3m715.6k shares |
| Caption Management, LLC | Added | $67.2m630.0k shares |
| JANE STREET GROUP, LLC | Added | $48.2m451.7k shares |
| JPMORGAN CHASE & CO | Added | $47.7m455.0k shares |
| CITADEL ADVISORS LLC | Reduced | $38.1m357.2k shares |
| TUDOR INVESTMENT CORP ET AL | Added | $33.1m310.3k shares |
| Eversept Partners, LP | Added | $10.3m96.6k shares |
| GOLDMAN SACHS GROUP INC | New | $8.9m83.8k shares |
Biggest puts
| GOLDMAN SACHS GROUP INC | New | $81.9m767.9k shares |
| Caption Management, LLC | Added | $79.0m740.7k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $76.7m719.1k shares |
| JPMORGAN CHASE & CO | New | $45.0m430.0k shares |
| JANE STREET GROUP, LLC | Added | $37.0m346.8k shares |
| CITADEL ADVISORS LLC | Added | $29.2m273.7k shares |
| IMC-Chicago, LLC | Added | $15.3m143.4k shares |
| Jefferies Financial Group Inc. | Added | $11.2m105.4k shares |
| Parallax Volatility Advisers, L.P. | Unchanged | $10.9m102.3k shares |
| CANTOR FITZGERALD, L. P. | New | $5.3m50.0k 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), PRICE T ROWE ASSOCIATES INC /MD/ (3.3%, 2025-11-14)
Insider purchases and sales since 1 Apr 2026
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 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 |
| Q1 2026 | 0 | — | 6 | $45.2m | $40.6m |
| Q2 2026 | 0 | — | 5 | $34.7m | $29.5m |
| Q3 2026 | 0 | — | 5 | $42.9m | $7.2m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-09-09 | Brennan David R Director | Sold | $3.1m25.0k shares |
| 2026-08-17 | SHAROKY MELVIN MD Director · By Padonia, LLC | Sold | $637.6k5.0k shares |
| 2026-08-10 | Adsett Roger Chief Operating Officer | Sold | $32.0m239.8k shares |
| 2026-08-06 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $3.5m27.2k shares |
| 2026-07-23 | Lewis William Chair and CEO, director | Sold plan | $1.1m10.7k shares |
| 2026-07-09 | Lewis William Chair and CEO, director | Sold plan | $1.3m10.7k shares |
| 2026-07-06 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $1.4m12.3k shares |
| 2026-06-25 | Lewis William Chair and CEO, director | Sold plan | $2.2m21.4k shares |
| 2026-06-22 | Smith Michael Alexander Chief Legal Officer | Sold plan | $173.1k1.8k shares |
| 2026-06-08 | Lewis William Chair and CEO, director | Sold plan | $612.6k6.5k shares |
| 2026-06-05 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $192.8k1.9k shares |
| 2026-06-03 | Lewis William Chair and CEO, director | Sold | $777.8k7.6k shares |
| 2026-06-03 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $262.4k2.6k shares |
| 2026-06-03 | Bonstein Sara Chief Financial Officer | Sold | $245.9k2.4k shares |
| 2026-06-03 | Adsett Roger Chief Operating Officer | Sold | $242.4k2.4k shares |
| 2026-06-03 | Smith Michael Alexander Chief Legal Officer | Sold | $220.8k2.2k shares |
| 2026-05-22 | Smith Michael Alexander Chief Legal Officer | Sold plan | $667.0k6.1k shares |
| 2026-05-18 | Lewis William Chair and CEO, director | Sold plan | $2.7m25.6k shares |
| 2026-05-14 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $1.2m10.5k shares |
| 2026-05-13 | Lewis William Chair and CEO, director | Sold | $1.5m13.3k shares |
| 2026-05-13 | Bonstein Sara Chief Financial Officer | Sold | $961.0k8.3k shares |
| 2026-05-13 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $897.2k7.9k shares |
| 2026-05-13 | Adsett Roger Chief Operating Officer | Sold | $678.1k5.8k shares |
| 2026-05-13 | Smith Michael Alexander Chief Legal Officer | Sold | $477.4k4.1k shares |
| 2026-05-11 | Flammer Martina M.D. Chief Medical Officer | Sold plan | $1.3m12.9k shares |
| 2026-05-04 | Lewis William Chair and CEO, director | Sold plan | $1.5m10.7k shares |
| 2026-04-16 | Lewis William Chair and CEO, director | Sold plan | $1.5m10.7k shares |
| 2026-04-06 | Lewis William Chair and CEO, director | Sold plan | $1.7m10.7k shares |
| 2026-04-01 | Adsett Roger Chief Operating Officer | Sold plan | $14.5m88.1k 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, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| FMR LLC 0.07% of their portfolio | 16.1m $1.7bn | Added +3.0m |
| BlackRock, Inc. 0.03% of their portfolio | 15.8m $1.7bn | Reduced -870.2k |
| JPMORGAN CHASE & CO 0.06% of their portfolio | 10.4m $1.1bn | Reduced -13.7m |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.05% of their portfolio | 10.4m $1.1bn | Added +36.2k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.02% of their portfolio | 9.8m $1.0bn | Added +148.7k |
| BAKER BROS. ADVISORS LP 4.70% of their portfolio | 8.8m $937.8m | Added +1.4m |
| Capital International Investors 0.18% of their portfolio | 8.2m $878.3m | Added +2.6m |
| Darwin Global Management, Ltd. 17.91% of their portfolio | 6.4m $673.6m | Reduced -10.4m |
| AMERIPRISE FINANCIAL INC 0.13% of their portfolio | 6.2m $658.9m | Added +3.1m |
| Orbis Allan Gray Ltd 2.23% of their portfolio | 6.1m $647.9m | Added +4.2m |
| STATE STREET CORP 0.02% of their portfolio | 6.1m $645.3m | Added +500.5k |
| D. E. Shaw & Co., Inc. 0.39% of their portfolio | 5.9m $626.7m | Added +252.1k |
| Artisan Partners Limited Partnership 0.95% of their portfolio | 5.4m $580.2m | Reduced -1.1m |
| RTW INVESTMENTS, LP 4.41% of their portfolio | 4.8m $516.3m | Unchanged |
| GEODE CAPITAL MANAGEMENT, LLC 0.02% of their portfolio | 4.2m $448.8m | Reduced -230.2k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.04% of their portfolio | 3.4m $363.1m | Added +312.5k |
| NORGES BANK 0.04% of their portfolio | 3.4m $360.1m | Not comparable |
| Jupiter Topco LLC 0.11% of their portfolio | 2.6m $277.8m | First filing |
| UBS Group AG 0.04% of their portfolio | 2.6m $275.6m | Added +847.0k |
| CITADEL ADVISORS LLC 0.16% of their portfolio | 2.6m $272.6m | Added +374.4k |
| FRANKLIN RESOURCES INC 0.05% of their portfolio | 2.3m $242.4m | Reduced -344.0k |
| MAVERICK CAPITAL LTD 2.07% of their portfolio | 2.2m $229.3m | New |
| MILLENNIUM MANAGEMENT LLC 0.15% of their portfolio | 2.0m $218.4m | Added +890.2k |
| Qube Research & Technologies Ltd 0.20% of their portfolio | 1.7m $179.4m | Added +1.5m |
| WESTFIELD CAPITAL MANAGEMENT CO LP 0.57% of their portfolio | 1.6m $173.7m | Added +161.1k |
| T. Rowe Price Investment Management, Inc. 0.11% of their portfolio | 1.6m $173.0m | New |
| Integral Health Asset Management, LLC 7.00% of their portfolio | 1.6m $170.6m | Added +100.0k |
| Duquesne Family Office LLC 3.49% of their portfolio | 1.4m $151.9m | Added +270.6k |
| GOLDMAN SACHS GROUP INC 0.02% of their portfolio | 1.4m $150.3m | Added +467.2k |
| VANGUARD FIDUCIARY TRUST CO 0.03% of their portfolio | 1.4m $149.4m | Added +47.0k |
| Bellevue Group AG 3.13% of their portfolio | 1.4m $148.6m | Added +1.4m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.03% of their portfolio | 1.3m $142.3m | Added +120.0k |
| Balyasny Asset Management L.P. 0.26% of their portfolio | 1.3m $141.4m | Added +1.1m |
| Paradigm Biocapital Advisors LP 2.65% of their portfolio | 1.3m $141.4m | Added +71.5k |
| NORTHERN TRUST CORP 0.02% of their portfolio | 1.3m $140.2m | Added +21.3k |
| Bank of New York Mellon Corp 0.02% of their portfolio | 1.3m $140.0m | Added +50.0k |
| TWO SIGMA INVESTMENTS, LP 0.10% of their portfolio | 1.2m $132.4m | Added +1.0m |
| MORGAN STANLEY 0.01% of their portfolio | 1.2m $131.5m | Reduced -98.0k |
| Pictet Asset Management Holding SA 0.12% of their portfolio | 1.2m $129.8m | Added +118.1k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 1.2m $129.4m | Added +144.6k |
| Hood River Capital Management LLC 0.82% of their portfolio | 1.1m $112.7m | Added +368.3k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 1.0m $109.1m | Reduced -479.2k |
| SEI INVESTMENTS CO 0.10% of their portfolio | 1.0m $108.3m | Reduced -379.9k |
| NWI MANAGEMENT LP 6.91% of their portfolio | 1.0m $108.1m | Reduced -1.0m |
| Castle Hook Partners LP 1.13% of their portfolio | 993.3k $105.9m | Reduced -276.4k |
| JENNISON ASSOCIATES LLC 0.06% of their portfolio | 905.1k $96.5m | Added +300.4k |
| Polar Capital Holdings Plc 0.27% of their portfolio | 890.9k $95.0m | Added +522.8k |
| FIL Ltd 0.07% of their portfolio | 856.2k $91.3m | Added +27.3k |
| PRINCIPAL FINANCIAL GROUP INC 0.04% of their portfolio | 856.1k $91.3m | Reduced -60.3k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.13% of their portfolio | 850.0k $90.6m | Reduced -50.0k |
| Fiera Capital Corp 0.33% of their portfolio | 843.0k $89.9m | Reduced -178.9k |
| Legal & General Group Plc 0.02% of their portfolio | 826.4k $88.1m | Added +39.4k |
| FRONTIER CAPITAL MANAGEMENT CO LLC 0.79% of their portfolio | 795.2k $84.8m | Added +325.7k |
| AMERICAN CENTURY COMPANIES INC 0.04% of their portfolio | 759.7k $81.0m | Reduced -166.1k |
| SAMLYN CAPITAL, LLC 1.29% of their portfolio | 732.6k $78.1m | Added +315.4k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.07% of their portfolio | 729.4k $77.8m | Added +555.7k |
| TimesSquare Capital Management, LLC 1.14% of their portfolio | 728.1k $77.6m | Added +143.3k |
| Clearbridge Investments, LLC 0.06% of their portfolio | 715.9k $76.3m | Added +72.5k |
| Ensign Peak Advisors, Inc 0.12% of their portfolio | 703.0k $74.9m | Added +203.2k |
| DEUTSCHE BANK AG\ 0.02% of their portfolio | 690.6k $73.6m | Added +128.1k |
| HRT FINANCIAL LP 0.17% of their portfolio | 690.0k $73.6m | New |
| RAYMOND JAMES FINANCIAL INC 0.02% of their portfolio | 660.6k $70.4m | Reduced -114.5k |
| Affinity Asset Advisors, LLC 3.39% of their portfolio | 650.0k $69.3m | Added +170.0k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.20% of their portfolio | 629.8k $67.2m | Reduced -272.8k |
| GW&K Investment Management, LLC 0.52% of their portfolio | 629.8k $67.1m | Added +6.7k |
| Squarepoint Ops LLC 0.13% of their portfolio | 616.5k $65.7m | Added +577.1k |
| AQR CAPITAL MANAGEMENT LLC 0.02% of their portfolio | 612.8k $65.3m | Reduced -62.7k |
| Railway Pension Investments Ltd 0.81% of their portfolio | 604.7k $64.5m | New |
| Swiss National Bank 0.03% of their portfolio | 593.5k $63.3m | Reduced -32.4k |
| Nuveen, LLC 0.02% of their portfolio | 591.8k $63.1m | Added +57.1k |
| Artia Global Partners LP 11.94% of their portfolio | 589.1k $62.8m | Reduced -39.7k |
| EVENTIDE ASSET MANAGEMENT, LLC 0.83% of their portfolio | 583.7k $62.2m | Added +37.4k |
| Aberdeen Group plc 0.09% of their portfolio | 577.4k $61.6m | Added +300.4k |
| Davern Capital Partners, LP 10.18% of their portfolio | 559.8k $59.7m | Added +377.3k |
| Candriam S.C.A. 0.27% of their portfolio | 555.1k $59.1m | Added +153.4k |
| WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio | 543.9k $58.0m | Added +144.8k |
| Point72 Asset Management, L.P. 0.09% of their portfolio | 537.0k $57.3m | New |
| Long Focus Capital Management, LLC 2.30% of their portfolio | 528.0k $56.3m | Added +383.0k |
| MARSHALL WACE, LLP 0.05% of their portfolio | 501.9k $53.5m | Added +189.4k |
| Amundi 0.01% of their portfolio | 487.5k $52.0m | Reduced -317.5k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.05% of their portfolio | 475.3k $50.7m | Added +7.6k |
| ALLIANCEBERNSTEIN L.P. 0.03% of their portfolio | 462.8k $75.7m | Reduced -225.9k |
| Bridgewater Associates, LP 0.20% of their portfolio | 455.4k $48.6m | Added +159.8k |
| Sumitomo Mitsui Trust Group, Inc. 0.03% of their portfolio | 437.7k $46.7m | Reduced -63.6k |
| Assenagon Asset Management S.A. 0.03% of their portfolio | 436.5k $46.5m | Added +373.3k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 416.5k $44.4m | Reduced -106.6k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.03% of their portfolio | 416.1k $44.4m | Added +56.0k |
| Palo Alto Investors LP 6.10% of their portfolio | 414.0k $44.1m | Reduced -1.3k |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 408.4k $43.5m | Added +7.5k |
| BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio | 400.8k $42.7m | Reduced -203.8k |
| Eagle Health Investments LP 6.79% of their portfolio | 384.1k $41.0m | Added +159.9k |
| NEUBERGER BERMAN GROUP LLC 0.03% of their portfolio | 378.8k $40.4m | Added +108.1k |
| Prosight Management, LP 6.90% of their portfolio | 375.6k $40.0m | New |
| Invesco Ltd. 0.00% of their portfolio | 368.3k $39.3m | Reduced -6.1m |
| GATEWAY INVESTMENT ADVISERS LLC 0.38% of their portfolio | 365.0k $38.9m | Unchanged |
| Rock Springs Capital Management LP 1.88% of their portfolio | 362.1k $38.6m | Added +47.9k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 337.0k $35.9m | Added +37.1k |
| VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio | 306.7k $32.7m | Reduced -89.6k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.03% of their portfolio | 304.8k $32.5m | Added +1.6k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.04% of their portfolio | 304.2k $32.4m | Added +10.7k |