California State Teachers Retirement System decreased its stake in Insys Therapeutics Inc. (NASDAQ:INSY) by 1.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 49,044 shares of the specialty pharmaceutical company’s stock after selling 800 shares during the period. California State Teachers Retirement System owned 0.07% of Insys Therapeutics worth $635,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the company. HealthInvest Partners AB purchased a new position in Insys Therapeutics during the second quarter worth about $10,199,000. Bank of Montreal Can purchased a new position in Insys Therapeutics during the second quarter worth about $304,000. Eqis Capital Management Inc. boosted its position in Insys Therapeutics by 6.3% in the second quarter. Eqis Capital Management Inc. now owns 94,774 shares of the specialty pharmaceutical company’s stock worth $1,226,000 after buying an additional 5,600 shares during the period. Scopia Capital Management LP boosted its position in Insys Therapeutics by 53.0% in the first quarter. Scopia Capital Management LP now owns 8,912,072 shares of the specialty pharmaceutical company’s stock worth $142,504,000 after buying an additional 3,087,987 shares during the period. Finally, Bellevue Group AG purchased a new position in Insys Therapeutics during the first quarter worth about $4,493,000. 47.37% of the stock is currently owned by institutional investors and hedge funds.
Shares of Insys Therapeutics Inc. (NASDAQ:INSY) traded up 5.22% during midday trading on Wednesday, reaching $12.91. 383,432 shares of the company traded hands. The company has a 50-day moving average of $14.28 and a 200 day moving average of $14.99. Insys Therapeutics Inc. has a 12-month low of $11.45 and a 12-month high of $33.88. The firm has a market capitalization of $924.29 million, a PE ratio of 19.44 and a beta of 1.49.
Insys Therapeutics (NASDAQ:INSY) last announced its quarterly earnings data on Wednesday, August 3rd. The specialty pharmaceutical company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.07 by $0.01. Insys Therapeutics had a net margin of 16.03% and a return on equity of 20.08%. The company had revenue of $67.10 million for the quarter, compared to analyst estimates of $66.90 million. During the same quarter in the prior year, the company posted $0.21 EPS. Insys Therapeutics’s revenue for the quarter was down 13.6% on a year-over-year basis. On average, equities analysts forecast that Insys Therapeutics Inc. will post $0.35 earnings per share for the current year.
A number of research firms have issued reports on INSY. Zacks Investment Research upgraded Insys Therapeutics from a “sell” rating to a “hold” rating in a report on Thursday, September 22nd. Piper Jaffray Cos. reiterated an “overweight” rating and set a $28.00 target price on shares of Insys Therapeutics in a report on Thursday, August 25th. Jefferies Group restated a “buy” rating and issued a $22.00 price objective (up previously from $17.00) on shares of Insys Therapeutics in a report on Thursday, August 4th. RBC Capital Markets restated an “outperform” rating and issued a $26.00 price objective (down previously from $32.00) on shares of Insys Therapeutics in a report on Friday, September 23rd. Finally, Royal Bank Of Canada decreased their price objective on Insys Therapeutics from $32.00 to $26.00 and set an “outperform” rating for the company in a report on Thursday, September 22nd. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $24.00.
In related news, major shareholder John N. Kapoor Trust Dated Sept acquired 5,700 shares of the company’s stock in a transaction dated Friday, August 12th. The shares were purchased at an average price of $18.57 per share, for a total transaction of $105,849.00. Following the completion of the acquisition, the insider now owns 31,982 shares of the company’s stock, valued at $593,905.74. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Patrick Fourteau sold 15,000 shares of the company’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $18.46, for a total transaction of $276,900.00. Following the transaction, the director now owns 49,682 shares in the company, valued at approximately $917,129.72. The disclosure for this sale can be found here. Insiders own 69.20% 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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