Insmed Incorporated (INSM) Stock Price & Analysis
Insmed Incorporated (INSM) closed at USD 95.06 on Thursday, October 22, 2026, up 1.08% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 94.04; the Oct 22, 2026 session ranged USD 93.35–95.59 on volume of 3,099,599 shares. Market capitalization is $20.76B, with a 52-week range of USD 90.39–212.75 (NMS). Source: Nexqual, retrieved October 23, 2026 at 11:24 UTC.
Also available as compact Markdown for AI agents: nexqual.com/INSM.md
Key facts (INSM)
- Last four reported quarters (through Jun 30, 2026): revenue $1.14B, net income -$875M (-76.9% margin), free cash flow -$808M (SEC filings).
- 1 of 80 tracked superinvestors hold INSM (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 26 Form 4 filings, $63.1M; 11 not under a Rule 10b5-1 plan ($40.8M); 0 by opportunistic insiders, 24 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.83 on a 1–5 scale) (24 analysts), mean target USD 196.14 (range 165–243).
- Total return with dividends: 1Y -40.6% vs S&P 500 +14.9%; 5Y +246.3% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD -0.38, revenue estimate $499M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (INSM)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $188M | $245M | $305M | $364M | $606M | $1.14B |
| Gross profit | $144M | $190M | $240M | $278M | $483M | — |
| Operating income | -$375M | -$457M | -$710M | -$878M | -$1.25B | -$841M |
| Net income | -$435M | -$482M | -$750M | -$914M | -$1.28B | -$875M |
| EPS (diluted) | -$3.88 | -$3.91 | -$5.34 | -$5.57 | -$6.42 | — |
| Free cash flow | -$371M | -$410M | -$550M | -$706M | -$968M | -$808M |
| Gross margin | 76.6% | 77.5% | 78.5% | 76.4% | 79.7% | — |
| Operating margin | -199.0% | -186.4% | -232.5% | -241.5% | -205.6% | -73.9% |
| Net margin | -230.6% | -196.3% | -245.6% | -251.2% | -210.5% | -76.9% |
| Revenue growth | +14.6% | +30.2% | +24.4% | +19.2% | +66.7% | — |
| Cash + short-term investments | $717M | $1.15B | $780M | $1.43B | $1.43B | — |
| Total debt | $800M | $1.15B | $1.18B | $1.12B | $547M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (INSM)
P/S 18.3x · EV/Sales 17.7x · P/B 27.4x · FCF yield -3.89% · Earnings yield -4.22% · Net cash $614M · EV $20.1B
Superinvestors (SEC 13F-HR, Q2 2026) (INSM)
1 of 80 tracked investors hold INSM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | 2.07% | $229M | New position |
Insider sales (SEC Form 4, open-market, last ~7 months) (INSM)
15 of 26 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-09 | Brennan David R | Director | 25,000 | $3.1M | 20.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-17 | Sharoky Melvin Md | Director | 5,000 | $638K | 1.8% | No | Too little history (no open-market trades in 2024) |
| 2026-08-10 | Adsett Roger | Chief Operating Officer | 239,850 | $32.0M | 70.8% | No | Routine (sold in Jan & May each year 2023–2025; this trade is outside those months) |
| 2026-08-06 | Flammer Martina M.D. | Chief Medical Officer | 27,173 | $3.5M | 31% | Yes (adopted February 27, 2025) | Routine (sold in Jan & May & Jun each year 2023–2025; this trade is outside those months) |
| 2026-07-23 | Lewis William | Chair and CEO | 10,700 | $1.1M | 2.1% | Yes (adopted September 4, 2025) | Routine (sold in Jan & May each year 2023–2025; this trade is outside those months) |
| 2026-07-09 | Lewis William | Chair and CEO | 10,699 | $1.3M | 2.1% | Yes (adopted September 4, 2025) | Routine (sold in Jan & May each year 2023–2025; this trade is outside those months) |
| 2026-07-06 | Flammer Martina M.D. | Chief Medical Officer | 12,302 | $1.4M | 16.9% | Yes (adopted February 27, 2025) | Routine (sold in Jan & May & Jun each year 2023–2025; this trade is outside those months) |
| 2026-06-25 | Lewis William | Chair and CEO | 21,398 | $2.2M | 4.2% | Yes (adopted September 4, 2025) | Routine (sold in Jan & May each year 2023–2025; this trade is outside those months) |
| 2026-06-22 | Smith Michael Alexander | Chief Legal Officer | 1,806 | $173K | 4.6% | Yes (adopted November 7, 2025) | Routine (sold in Jan & May each year 2023–2025; this trade is outside those months) |
| 2026-06-08 | Lewis William | Chair and CEO | 6,515 | $613K | 1.3% | Yes (adopted September 4, 2025) | Routine (sold in Jan & May each year 2023–2025; this trade is outside those months) |
| 2026-06-03…2026-06-05 | Flammer Martina M.D. | Chief Medical Officer | 4,424 | $455K | 6.8% | Yes (adopted February 27, 2025) | Routine (sold in Jan & May & Jun each year 2023–2025) |
| 2026-06-03 | Adsett Roger | Chief Operating Officer | 2,370 | $242K | 2.3% | No | Routine (sold in Jan & May each year 2023–2025; this trade is outside those months) |
| 2026-06-03 | Bonstein Sara | Chief Financial Officer | 2,404 | $246K | 3.4% | No | Routine (sold in Jan & May each year 2023–2025; this trade is outside those months) |
| 2026-06-03 | Smith Michael Alexander | Chief Legal Officer | 2,159 | $221K | 5.2% | No | Routine (sold in Jan & May each year 2023–2025; this trade is outside those months) |
| 2026-06-03 | Lewis William | Chair and CEO | 7,605 | $778K | 1.5% | No | Routine (sold in Jan & May each year 2023–2025; this trade is outside those months) |
| 2026-05-22 | Smith Michael Alexander | Chief Legal Officer | 6,149 | $667K | 12.9% | Yes (adopted November 7, 2025) | Routine (sold in Jan & May each year 2023–2025) |
| 2026-05-18 | Lewis William | Chair and CEO | 25,564 | $2.7M | 4.8% | Yes (adopted September 4, 2025) | Routine (sold in Jan & May each year 2023–2025) |
| 2026-05-13…2026-05-14 | Flammer Martina M.D. | Chief Medical Officer | 18,333 | $2.1M | 22% | Yes (adopted February 27, 2025) | Routine (sold in Jan & May & Jun each year 2023–2025) |
| 2026-05-13 | Bonstein Sara | Chief Financial Officer | 8,272 | $961K | 10.4% | No | Routine (sold in Jan & May each year 2023–2025) |
| 2026-05-13 | Adsett Roger | Chief Operating Officer | 5,837 | $678K | 5.5% | No | Routine (sold in Jan & May each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (INSM)
Consensus Buy (mean 1.83 on a 1–5 scale), 24 analysts; mean target USD 196.14 (low 165, high 243).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Morgan Stanley | Target lowered | Overweight | $218 → $213 |
| 2026-10-12 | Wolfe Research | Downgrade | Outperform → Peer Perform | |
| 2026-10-12 | HC Wainwright & Co. | Reiterated | Buy | $220 |
| 2026-09-30 | Barclays | Target lowered | Overweight | $237 → $207 |
| 2026-09-15 | Roth Capital | Target lowered | Buy | $212 → $198 |
| 2026-08-10 | JP Morgan | Target lowered | Overweight | $179 → $175 |
| 2026-08-10 | Truist Securities | Target raised | Buy | $185 → $195 |
| 2026-08-07 | Guggenheim | Target lowered | Buy | $207 → $205 |
| 2026-08-07 | Wells Fargo | Target raised | Overweight | $161 → $169 |
| 2026-08-07 | Evercore ISI Group | Target raised | Outperform | $160 → $170 |
| 2026-07-21 | BMO Capital | Initiated | Outperform | $192 |
| 2026-07-15 | Wells Fargo | Target raised | Overweight | $160 → $161 |
Total return (dividends reinvested) (INSM)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | -40.6% | +246.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -40.7% | +28.1% |
| Volatility (annualized) | 61.9% | 63.0% |
| Max drawdown | -56.5% (Dec 2025→Jun 2026) | -54.6% (Nov 2025→Jun 2026) |
INSM revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| BRINSUPRI | $309.2M | 72.7% | — |
| ARIKAYCE external R&D expenses | $116.3M | 27.3% | +8.3% |
| Total revenue | $425.5M | 100% | — |
INSM revenue by region (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| US | $378.7M | 89.0% | +451.4% |
| International | $46.7M | 11.0% | +20.7% |
| Total revenue | $425.5M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
INSM suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Patheon UK | “Our manufacturing and supply agreement with Patheon will remain in effect for a fixed initial term, after which it will continue for successive renewal terms unless either we or Patheon have given written notice of termination.” |
| Supplier | Therapure Biopharma | “In February 2014, we entered into a contract manufacturing agreement with Therapure Biopharma Inc., which has been assumed by Resilience, for the manufacture of ARIKAYCE, on a non-exclusive basis, at a 200 kg scale.” |
| Partner | PARI Pharma | “In addition, we have a commercialization agreement with PARI, the manufacturer of our drug delivery nebulizer for ARIKAYCE, to address our commercial supply needs (the Commercialization Agreement).” |
| Partner | Resilience Biotechnologies | “For additional information about our agreement with Resilience, see License and Other Agreements—ARIKAYCE-related Agreements.” |
| Partner | PPD Development | “In April 2020, we entered into a master services agreement with PPD Development, L.P. (PPD) pursuant to which we retained PPD to perform clinical development services in connection with certain of our clinical research programs.” |
| Partner | BPCR | “In October 2024, we entered into the A&R Loan Agreement, as amended July 10, 2025, with BioPharma Credit PLC, BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP, which are funds managed by Pharmakon, and the guarantors party to such agreement.” |
| Partner | SVB Leerink | “In the first quarter of 2021, we entered into a sales agreement with SVB Leerink LLC (now known as Leerink Partners LLC) (Leerink Partners), to sell shares of our common stock, with aggregate gross sales proceeds of up to $250.0 million, from time to time, through an "at the market" equity offering program (the ATM program), under which Leerink Partners acted as sales agent.” |
| Partner | Leerink Partners | “In the first quarter of 2021, we entered into a sales agreement with SVB Leerink LLC (now known as Leerink Partners LLC) (Leerink Partners), to sell shares of our common stock, with aggregate gross sales proceeds of up to $250.0 million, from time to time, through an "at the market" equity offering program (the ATM program), under which Leerink Partners acted as sales agent.” |
Quoted from the company's 10-K filed Feb 19, 2026.
INSM customer concentration
In the period ended Jun 30, 2026, 4 direct customers each accounted for at least 10% (38%, 22%, 18%, 14%) of revenue, per the company's 10-Q filed Aug 6, 2026. The company does not name them.
INSM company outlook (results filed Aug 6, 2026)
- “We now expect that our three lead programs will generate more than $14 billion in combined peak sales.”
Quoted word-for-word from the SEC 8-K results press release.
INSM analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $-0.38 | $-0.61 | -37.8% | $499.5M | 18 |
| Next quarter (ends Dec 2026) | $-0.32 | $-0.57 | -44.2% | $573.1M | 15 |
| Current fiscal year (ends Dec 2026) | $-1.59 | $-2.59 | -38.5% | $1.81B | 18 |
| Next fiscal year (ends Dec 2027) | $0.80 | $0.13 | +519.8% | $2.91B | 17 |
INSM options: expected move
Options price a move of about ±14.8% (±$14.05) by Nov 20, 2026, which includes earnings on Oct 29, 2026. Over the last 8 reports the stock moved ±11.7% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 65.6% | ±14.8% |
| Dec 18, 2026 | 56 | 57.2% | ±18.0% |
| Jan 15, 2027 | 84 | 55.4% | ±21.3% |
| Feb 19, 2027 | 119 | 54.7% | ±24.9% |
| Mar 19, 2027 | 147 | 57.8% | ±29.1% |
| May 21, 2027 | 210 | 58.3% | ±35.0% |
| Aug 20, 2027 | 301 | 55.3% | ±39.6% |
| Nov 19, 2027 | 392 | 54.2% | ±44.0% |
30-day implied volatility 64.5% vs 37.7% realized over the last 30 trading days. Put/call ratio (volume) 0. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 11:24 UTC)
| Price | USD 95.06 |
|---|---|
| Change | ▲ 1.08% (up) |
| Previous Close | USD 94.04 |
| Open | USD 93.5 |
| Day Range | USD 93.35 – 95.59 |
| 52-Week Range | USD 90.39 – 212.75 |
| Volume | 3,099,599 shares |
| Market Cap | $20.76B |
| Exchange | NMS |
Technical Analysis (INSM)
Nexqual's technical model rates INSM "SELL" based on 2 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 11:24 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 28.51 (oversold) |
| vs SMA50 | Below (USD 115.86) |
| MACD | -6.28 (negative) |
Analyst Ratings (INSM)
Wall Street analysts rate INSM "Buy" based on 24 analysts, with a mean price target of USD 196.14 (range USD 165–243), per Nexqual as of October 23, 2026 at 11:24 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 24 |
| Mean Target | USD 196.14 |
| High Target | USD 243 |
| Low Target | USD 165 |
| Buy / Hold / Sell | 23 / 1 / 0 |
Earnings (INSM)
| Next Earnings Date | 2026-10-29 |
|---|---|
| EPS Estimate | USD -0.38 |
| Revenue Estimate | $499.48M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD -0.06 vs est -0.68 ▲ beat |
| 2026-03-31 | USD -0.76 vs est -1 ▲ beat |
| 2025-12-31 | USD -1.54 vs est -1.17 ▼ miss |
| 2025-09-30 | USD -1.75 vs est -1.37 ▼ miss |
Source: Nexqual, October 23, 2026 at 11:24 UTC.
Financials & Fundamentals (INSM)
| Total Revenue | $1.14B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +296.10% |
| Gross Margin | +83.45% |
| Operating Margin | -23.81% |
| Profit Margin | -76.94% |
| ROE | -87.22% |
| Debt / Equity | 0.98 |
| Current Ratio | 3.72 |
| Total Cash | $1.16B |
| Total Debt | $739.72M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | -$807.67M (-71.0% of revenue) |
Source: Nexqual, October 23, 2026 at 11:24 UTC.
Financial Health Score (INSM)
Nexqual rates Insmed Incorporated's overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 11:24 UTC.
| Growth | Strong — Revenue +67% YoY (annual) |
|---|---|
| Profitability | Solid — Gross margin 83%, operating -24% (last 12 months) |
| Balance Sheet | Mixed — $1.16B cash and investments vs $547M debt (Jun 2026, SEC), net cash |
| Cash Flow | Weak — FCF negative: -$808M (last 4 quarters to Jun 2026, SEC), burning cash |
| Efficiency | Critical — ROE -87%, ROA -22.2% |
Ownership (INSM)
| Insider Ownership | +0.51% |
|---|---|
| Institutional Ownership | +105.50% |
| Shares Outstanding | 218.38M |
| Float | 216.93M |
| Short % of Float | +7.12% |
Source: Nexqual, October 23, 2026 at 11:24 UTC.
Leadership (INSM)
Insmed Incorporated is led by William H. Lewis, President, CEO & Chairman, per Nexqual as of October 23, 2026 at 11:24 UTC.
| President, CEO & Chairman | William H. Lewis |
|---|---|
| Chief Financial Officer | Sara M. Bonstein |
| Chief Operating Officer | Roger Adsett |
| Chief Scientific Officer | Brian K. Kaspar |
| Vice President of Investor Relations | Bryan Dunn |
Major Backers & Investors (INSM)
Notable institutional backers of Insmed Incorporated include FMR, LLC, JPMorgan, Baker Bros. Advisors, LP, according to Nexqual as of October 23, 2026 at 11:24 UTC.
Active Investors
| Investor | Stake |
|---|---|
| FMR, LLC | 7.39% |
| JPMorgan | 4.78% |
| Baker Bros. Advisors, LP | 4.03% |
| Capital International Investors | 3.77% |
| Growth Fund of America | 3.09% |
| Darwin Global Management, Ltd. | 2.94% |
| Ameriprise Financial, Inc. | 2.83% |
| Orbis Allan Gray Ltd | 2.78% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 9.25% |
| BlackRock | 7.24% |
Source: Nexqual, October 23, 2026 at 11:24 UTC.
From Insmed Incorporated's Latest SEC 10-K Filing (filed 2026-02-19)
Key Strengths & Strategy (as disclosed to the SEC)
- Unlike amikacin solution for intravenous administration, our proprietary Pulmovance™ technology uses charge-neutral liposomes to deliver amikacin directly to the lungs where liposomal amikacin is taken up by the lung macrophages where the MAC infection resides.
- Our success depends in large part on our ability to maintain proprietary protection surrounding our product candidates, technology and know-how; to operate without infringing the proprietary rights of others; and to prevent others from infringing our proprietary rights.
- We also rely on trade secrets, know-how, continuing technological innovation, in-licensing and partnership opportunities to develop and maintain our proprietary position.
- We monitor for activities that may infringe our proprietary rights, as well as the progression of third-party patent applications that may have the potential to create blocks to our products or otherwise interfere with the development of our business.
Partnerships
- Through our agreement with AstraZeneca, we have licensed certain patent families that cover the BRINSUPRI drug substance, drug product and their use in treating bronchiectasis.
- Through our agreement with the Research Institute at Nationwide Children's Hospital (NCH), we have licensed US Patent No. 10,793,861 and related patents and patent applications, that cover INS1202 and its use in the treatment of ALS.
Legal & Regulatory Risks (Item 1A, quoted)
- Our industry is highly regulated and changes in or revisions to laws and regulations that make gaining regulatory approval, reimbursement and pricing more difficult or subject to different criteria and standards may adversely impact our business, operations or financial results.
- We are subject to anti-corruption laws and trade control laws, as well as other laws governing our operations. If we fail to comply with these laws, we could be subject to negative publicity, civil or criminal penalties, other remedial measures, and legal expenses, which may adversely affect our business, financial condition, results of operations and prospects and the value of our common stock.
- We may not be effective in ensuring our compliance with all applicable anti-corruption laws, including the FCPA or other legal requirements, including Trade Control laws.
- Our research, development and manufacturing activities used in the production of ARIKAYCE, BRINSUPRI, and our product candidates involve the use of hazardous materials, which may expose us to damages, fines, penalties and sanctions and materially adversely affect our results of operations and financial condition.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| BNTX | BioNTech SE | USD 89.67 | ▼ 1.77% |
| INCY | Incyte Corporation | USD 116.93 | ▲ 3.08% |
| GMAB | Genmab A/S | USD 40 | ▲ 1.09% |
| EXEL | Exelixis, Inc. | USD 65.31 | ▲ 1.13% |
| ASND | Ascendis Pharma A/S | USD 242.99 | ▲ 1.71% |
| ROIV | Roivant Sciences Ltd. | USD 37.45 | ▲ 1.77% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 11:24 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt