Insys Therapeutics, Inc. (INSY) Downgraded by Zacks Investment Research
Insys Therapeutics, Inc. (NASDAQ:INSY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Insys Therapeutics, Inc. is a commercial-stage specialty pharmaceutical company. It is engaged in the development and commercialization of pharmaceutical products that target the unmet needs of cancer patients, with an initial focus on cancer-supportive care. The company’s cancer-supportive care and cancer therapy product candidates include Fentanyl sublingual spray and Dronabinol SG capsule. Insys Therapeutics, Inc. is based in Phoenix, Arizona. “
Several other research firms also recently issued reports on INSY. BidaskClub raised shares of Insys Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, July 8th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Insys Therapeutics in a research report on Tuesday, July 4th. Piper Jaffray Companies set a $10.00 price target on shares of Insys Therapeutics and gave the company a “hold” rating in a research report on Wednesday, July 26th. Royal Bank Of Canada dropped their price objective on Insys Therapeutics from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Friday, August 4th. Finally, TheStreet cut Insys Therapeutics from a “c-” rating to a “d+” rating in a research note on Monday, August 21st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $11.63.
Shares of Insys Therapeutics (NASDAQ INSY) traded up 0.66% on Thursday, reaching $7.59. 355,382 shares of the company were exchanged. Insys Therapeutics has a 12 month low of $7.44 and a 12 month high of $15.06. The company’s market cap is $551.76 million. The company’s 50-day moving average price is $8.82 and its 200 day moving average price is $10.80.
Insys Therapeutics (NASDAQ:INSY) last posted its quarterly earnings results on Thursday, August 3rd. The specialty pharmaceutical company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.12. Insys Therapeutics had a negative net margin of 9.63% and a negative return on equity of 3.02%. The business had revenue of $42.60 million during the quarter, compared to the consensus estimate of $36.90 million. During the same quarter last year, the firm posted $0.13 EPS. Insys Therapeutics’s revenue was down 38.4% compared to the same quarter last year. On average, equities research analysts expect that Insys Therapeutics will post ($0.33) EPS for the current year.
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In related news, CEO Saeed Motahari acquired 5,500 shares of the company’s stock in a transaction on Thursday, August 10th. The shares were acquired at an average cost of $8.92 per share, for a total transaction of $49,060.00. Following the purchase, the chief executive officer now owns 15,400 shares in the company, valued at $137,368. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder John N. Kapoor Trust Dated Sept acquired 17,500 shares of the company’s stock in a transaction on Friday, August 11th. The shares were bought at an average price of $8.93 per share, for a total transaction of $156,275.00. Following the completion of the purchase, the insider now owns 31,982 shares in the company, valued at approximately $285,599.26. The disclosure for this purchase can be found here. 67.90% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in shares of Insys Therapeutics during the 2nd quarter worth $138,000. Voya Investment Management LLC bought a new stake in shares of Insys Therapeutics during the 2nd quarter worth $149,000. American International Group Inc. raised its stake in shares of Insys Therapeutics by 7.1% during the 1st quarter. American International Group Inc. now owns 14,462 shares of the specialty pharmaceutical company’s stock worth $152,000 after purchasing an additional 953 shares during the period. BNP Paribas Arbitrage SA raised its stake in shares of Insys Therapeutics by 213.2% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 13,133 shares of the specialty pharmaceutical company’s stock worth $166,000 after purchasing an additional 8,940 shares during the period. Finally, UBS Asset Management Americas Inc. bought a new stake in shares of Insys Therapeutics during the 1st quarter worth $172,000. Institutional investors own 25.44% of the company’s stock.
About Insys Therapeutics
Insys Therapeutics, Inc is a commercial-stage specialty pharmaceutical company. The Company develops and commercializes supportive care products. The Company’s product Subsys, is a sublingual fentanyl spray for breakthrough cancer pain (BTCP) in opioid-tolerant patients and a single-use product that delivers fentanyl, an opioid analgesic, for transmucosal absorption underneath the tongue.
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