Best guess is that they heard something which lead them to believe the Phase III results would have a detrimental effect on the share price - and put in place a structured profit-taking program designed to protect them against any accusation of insider trading.
Here are some details. There have been so sales of shares from the other two holdings for which FMR has beneficial ownership -
In March this year FMR declared beneficial ownership of 4,700,346 shares.
1,881,752 shares were owned by FMR's Beacon Bioventures subsidiaries. At some point the ultimate general partner then changed from Fidelity Biosciences Corp to Northern Neck Investors LLC, owned by a group of FMR-related individuals. It seems a fair assumption that the change was directly related to the share selling program which commenced in June.
Total sales of 921,781 have since been reported - 48.99% of the shares for which Northern Neck assumed control. Last we knew, FMR was still beneficial owner of 3,778,565 shares.
My guess is that the market makers are starting to fill orders from new institutional buyers. You can watch and see how they pin the price down with hundreds of 100 share trades and skim some here and there. And, shorts are actually doing a little covering - about 65,000 shares or so today. Unless we see new information from the company we may see this sit in a range until the mms have finished what they're doing. Ig we get a big pr release all bets are off.
Well Zake - if you think these are "historically high prices", you may also know that yesterday CEO Will Lewis when mentioning the rights sold iplex to Shire - would not even mention the drug by name, simply calling iplex a "a historical product we are no longer pursing" - Will Lewis CEO.
There are no "paid bashers or bad shorts" or boogie men. Insmed is a company with added risks in the last week and until I hear different will invest of facts not heresay There remains selling pressure.
What you would had said if they added more shares? Go back last year and read them, and then you may see how stupid you and many other longs sound. Try to be consistent and not always pump. In reality FMR buying shares or selling have almost no material long term stock price impact. So no need to pump when someone gets million shares, and no need to worry when they sell either.
If Arikace get approval one for for NTM then stock will be a lot higher, until then lots of and lots of noise. Can go up to $20 or $3 before NTM approval.