Much has been said here about FMR selling shares. My question is this: could it be as simple as selling or switching them to Fidelity Mutual funds? FMR is considered an institution in the Major Holders section. Five of the top 10 funds listed under Insmed are funds within the Fidelity family. Any thoughts?
I have no idea what this means as regards individual fund transfers. If these funds are under the same umbrella, why would FMR need to report?
The thing that surprises me is that, theoretically, FMR is now a sub-10% holder based on the 1st qtr nasdaq data, which means that they should not have to keep filing Form4s. The only explanation I can come up with is that they bought a lot of shares after 3/31/13 (the last reporting date), in anticipation of blowout pIII CF results. When that did not happen, they were forced to announce the backoff on their bet while still being a 10% plus holder. I must emphasize that this is not necessarily a death knell, since the NTM indication is still in play. Why else would WL pivot to NTM and new data in that indication and the associated QIDP ? We have a new focus. The can keeps getting kicked down the road. As to the dilution, you have to recognize there are significant costs associated with raising risk capital. Maybe this is medium risk capital. Seems there are many takers of this perceived risk, since we have a shot of addressing an unmet medical need in NTM.
Death knell? lol...The PIII primary endpoint was met. Arikace is once a day. Unless someone from the study dies from Arikace poisoning in the next 9 months, Arikace will very likely be approved in EU and Canada. Say on the low end we see $200M in sales - that is still MC of $1.2B or so.