5 Best Medical Stocks Under $20

3. Insmed Incorporated (NASDAQ:INSM) 

Number of Hedge Fund Holders: 31

Share Price as of December 8: $18.81

Insmed Incorporated (NASDAQ:INSM) is a New Jersey-based biopharmaceutical company that develops and commercializes therapies for patients with serious and rare diseases such as complex lung disease, bronchiectasis, pulmonary arterial hypertension, and other neutrophil-mediated diseases. The Q3 2022 revenue of $67.7 million rose 44.7% year-over-year, beating market estimates by $0.94 million. Insmed Incorporated (NASDAQ:INSM) continues to expect full-year 2022 global revenues for ARIKAYCE to increase at least 30% year-over-year from 2021.

On December 7, Barclays analyst Leon Wang initiated coverage of Insmed Incorporated (NASDAQ:INSM) with an Overweight rating and a $37 price target. The analyst likes the stock’s “significant risk/reward” and views brensocatib’s data in the Phase 3 ASPEN study as the primary value-adding event. He sees a “robust” risk/reward for a “first-in-class drug” in a large total addressable market.

According to Insider Monkey’s data, 31 hedge funds were long Insmed Incorporated (NASDAQ:INSM) at the end of Q3 2022, compared to 28 funds in the prior quarter. William Leland Edwards’ Palo Alto Investors is the biggest stakeholder of the company, with 5.8 million shares worth $125.80 million.