Insys Therapeutics, Inc. (INSY) Sees Strong Trading Volume
Insys Therapeutics, Inc. (NASDAQ:INSY) saw unusually-strong trading volume on Monday . Approximately 1,609,901 shares were traded during mid-day trading, an increase of 201% from the previous session’s volume of 535,509 shares.The stock last traded at $9.95 and had previously closed at $8.88.
A number of brokerages recently issued reports on INSY. Zacks Investment Research upgraded Insys Therapeutics from a “sell” rating to a “strong-buy” rating and set a $15.00 price objective on the stock in a research note on Wednesday, July 12th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Insys Therapeutics in a report on Tuesday, July 4th. Jefferies Group LLC reiterated a “buy” rating and set a $14.00 target price on shares of Insys Therapeutics in a research report on Friday, June 9th. BidaskClub upgraded shares of Insys Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, July 8th. Finally, Piper Jaffray Companies set a $10.00 target price on shares of Insys Therapeutics and gave the stock a “hold” rating in a research note on Wednesday, July 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $13.25.
The company’s market capitalization is $693.52 million. The company has a 50-day moving average price of $9.24 and a 200-day moving average price of $11.02.
Insys Therapeutics (NASDAQ:INSY) last announced its 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 company had revenue of $42.60 million during the quarter, compared to analyst estimates of $36.90 million. During the same period in the previous year, the business posted $0.13 earnings per share. The firm’s quarterly revenue was down 38.4% compared to the same quarter last year. On average, equities research analysts anticipate that Insys Therapeutics, Inc. will post ($0.29) EPS for the current fiscal year.
In related news, CEO Saeed Motahari acquired 5,500 shares of Insys Therapeutics stock in a transaction dated Thursday, August 10th. The shares were purchased at an average price of $8.92 per share, for a total transaction of $49,060.00. Following the completion of the transaction, the chief executive officer now directly owns 15,400 shares in the company, valued at approximately $137,368. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder John N. Kapoor Trust Dated Sept bought 17,500 shares of the stock in a transaction dated Friday, August 11th. The stock was bought at an average cost of $8.93 per share, for a total transaction of $156,275.00. Following the acquisition, the insider now directly owns 31,982 shares of the company’s stock, valued at approximately $285,599.26. The disclosure for this purchase can be found here. 67.90% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of the stock. Thrivent Financial For Lutherans bought a new stake in Insys Therapeutics in the 1st quarter valued at $1,058,000. Point72 Asset Management L.P. lifted its stake in Insys Therapeutics by 24.8% in the 1st quarter. Point72 Asset Management L.P. now owns 435,000 shares of the specialty pharmaceutical company’s stock worth $4,572,000 after purchasing an additional 86,373 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Insys Therapeutics by 128.6% during the 2nd quarter. Alliancebernstein L.P. now owns 140,840 shares of the specialty pharmaceutical company’s stock valued at $1,782,000 after purchasing an additional 79,220 shares during the last quarter. First Trust Advisors LP boosted its holdings in shares of Insys Therapeutics by 105.3% during the 1st quarter. First Trust Advisors LP now owns 147,788 shares of the specialty pharmaceutical company’s stock valued at $1,553,000 after purchasing an additional 75,817 shares during the last quarter. Finally, Quantitative Investment Management LLC bought a new position in shares of Insys Therapeutics during the 2nd quarter valued at about $879,000. Hedge funds and other institutional investors own 25.45% of the company’s stock.
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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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