The Assenagon doubling is a notable active-manager vote of confidence, but the larger dollar selling from Mirae and Police & Firemen's, combined with zero insider buying and poor historical model calibration on this ticker, suggests waiting for a catalyst (earnings, pipeline update) before acting on this cluster. Monitor next 13F for whether the sellers' exits were prescient.
Executive Summary
A mixed institutional cluster in INSM for 2026-Q2 shows 4 buyers adding $11.3M in net new holdings (led by Assenagon Asset Management doubling its position to $23.3M) against 2 sellers reducing by $24.3M (Mirae Asset and Police & Firemen's Retirement System both near-exiting). The buying is concentrated in active asset managers, but the selling is larger in dollar terms, and the 13F × Form 4 confluence score of 13/100 is 'divergent' with zero open-market insider buying, weakening the bullish signal. Historical model performance on INSM is poor (25% win rate at T+20, -5.32% avg return), and the calibration data shows score-6/7/8 cells with sub-50% observed up-move rates, warranting a cautious neutral read despite the Assenagon conviction.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$13.0M
▲ Buyers (4)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | DOUBLED | +245% | $23.3M | $12.9M |
| Swedbank Ab | ADD | +56.3% | $13.8M | $259.0K |
| Ifm Investors Pty | ADD | +26.2% | $5.8M | -$1.2M |
| Robeco Institutional Asset Management B.v. | ADD | +25.7% | $2.8M | -$612.6K |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Mirae Asset Global Investments Co. | NEAR_EXIT | -79.6% | $15.1M | -$13.1M |
| Police & Firemen's Retirement System Of New | TRIM | -64.5% | $14.7M | -$11.3M |
Key Facts
- 4 institutional buyers added net $11.3M in INSM during 2026-Q2, led by Assenagon Asset Management doubling to $23.3M (+245% shares)
- 2 institutional sellers reduced by $24.3M, with Mirae Asset (-79.6%) and Police & Firemen's (-64.5%) both near-exiting
- Net institutional flow is negative ($13M more selling than buying) despite the buyer count advantage
- 13F × Form 4 confluence score is 13/100 (divergent) — zero open-market insider buying to corroborate the institutional accumulation
- Historical model calls on INSM have a 25% win rate at T+20 with -5.32% avg return; score-6/7/8 cells show sub-50% observed up-move rates
Financial Impact
4 buyers added $11.3M in net new holdings while 2 sellers reduced by $24.3M, resulting in a net institutional outflow of approximately $13M
Risk Factors
- 13F data is 45+ days stale — positions may have been unwound since quarter-end
- Net institutional outflow of $13M outweighs the buyer count signal
- Zero insider buying weakens the accumulation thesis
- Historical model performance on INSM shows 25% win rate at T+20 with negative average returns
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-INSM-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 19, 2026 6w ago | Insider Cluster | $130.66 $119.92 | ▼ −8.22% | ▼ −6.70% | — |
Aug 12, 2026 7w ago | Insider Cluster | $126.33 $129.41 | ▲ +2.44% | ▲ +4.19% | — |
Aug 6, 2026 8w ago | 8-K | $132.55 $126.68 | ▼ −4.43% | ▼ −5.03% | — |
Jul 24, 2026 10w ago | Institutional Cluster | $106.92 $125.77 | ▲ +17.63% | ▲ +14.00% | — |
Jul 21, 2026 10w ago | ANALYST-UPGRADE | $108.62 $128.46 | ▲ +18.27% | ▲ +15.70% | — |
Jul 16, 2026 11w ago | 8-K | $107.46 $126.33 | ▲ +17.56% | ▲ +13.94% | — |
Jun 26, 2026 13w ago | Insider Cluster | $104.74 $106.92 | ▲ +2.08% | ▲ +2.36% | — |
Jun 5, 2026 16w ago | Insider Cluster | $94.17 $111.54 | ▲ +18.45% | ▲ +16.81% | — |
Jun 5, 2026 16w ago | Insider Cluster | $94.17 $111.54 | ▲ +18.45% | ▲ +16.81% | — |
May 15, 2026 19w ago | S-3ASR | $107.15 $95.52 | ▼ −10.85% | ▼ −12.44% | — |
US Market Status
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