Insys Therapeutics, Inc. (INSY) Lifted to Buy at Zacks Investment Research
Insys Therapeutics, Inc. (NASDAQ:INSY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage presently has a $8.50 price objective on the specialty pharmaceutical company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.70% from the stock’s previous close.
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. “
A number of other research firms have also recently weighed in on INSY. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Insys Therapeutics in a report on Thursday, August 3rd. TheStreet cut Insys Therapeutics from a “c-” rating to a “d+” rating in a report on Monday, August 21st. BidaskClub cut Insys Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $14.00 price target on shares of Insys Therapeutics in a report on Wednesday, October 11th. Finally, Piper Jaffray Companies set a $10.00 price target on Insys Therapeutics and gave the company a “hold” rating in a report on Wednesday, July 26th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $11.63.
Shares of Insys Therapeutics (NASDAQ:INSY) traded up 1.06% during trading on Tuesday, reaching $7.61. The company had a trading volume of 454,576 shares. Insys Therapeutics has a 52-week low of $7.27 and a 52-week high of $15.06. The stock has a 50 day moving average of $8.69 and a 200 day moving average of $10.75. The stock’s market capitalization is $553.22 million.
Insys Therapeutics (NASDAQ:INSY) last released its quarterly earnings results on Thursday, August 3rd. The specialty pharmaceutical company reported $0.03 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.12. The company had revenue of $42.60 million for the quarter, compared to analysts’ expectations of $36.90 million. Insys Therapeutics had a negative return on equity of 3.02% and a negative net margin of 9.63%. The business’s revenue for the quarter was down 38.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.13 earnings per share. Equities research analysts forecast that Insys Therapeutics will post ($0.33) EPS for the current year.
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In related news, major shareholder John N. Kapoor Trust Dated Sept acquired 17,500 shares of the stock in a transaction that occurred on Friday, August 11th. The shares were acquired 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 directly owns 31,982 shares of the company’s stock, valued at $285,599.26. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Saeed Motahari acquired 5,500 shares of the stock in a transaction that occurred on Thursday, August 10th. The shares were bought at an average price of $8.92 per share, for a total transaction of $49,060.00. Following the purchase, the chief executive officer now directly owns 15,400 shares of the company’s stock, valued at $137,368. The disclosure for this purchase can be found here. Insiders own 67.90% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Scopia Capital Management LP acquired a new position in shares of Insys Therapeutics during the third quarter valued at approximately $107,631,000. Orbimed Advisors LLC increased its stake in shares of Insys Therapeutics by 10.3% during the fourth quarter. Orbimed Advisors LLC now owns 6,071,440 shares of the specialty pharmaceutical company’s stock valued at $55,857,000 after acquiring an additional 569,200 shares during the period. Janus Capital Management increased its stake in shares of Insys Therapeutics by 7.7% during the third quarter. Janus Capital Management now owns 3,687,383 shares of the specialty pharmaceutical company’s stock valued at $104,943,000 after acquiring an additional 263,678 shares during the period. Folger Hill Asset Management LP increased its stake in shares of Insys Therapeutics by 11.4% during the second quarter. Folger Hill Asset Management LP now owns 1,597,945 shares of the specialty pharmaceutical company’s stock valued at $20,677,000 after acquiring an additional 163,107 shares during the period. Finally, BlackRock Fund Advisors increased its stake in shares of Insys Therapeutics by 5.9% during the first quarter. BlackRock Fund Advisors now owns 1,498,868 shares of the specialty pharmaceutical company’s stock valued at $23,967,000 after acquiring an additional 83,040 shares during the period. Institutional investors and hedge funds own 25.40% of the company’s stock.
Insys Therapeutics Company Profile
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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