Shares of Insys Therapeutics Inc (NASDAQ:INSY) rose 6% during mid-day trading on Monday . The company traded as high as $4.43 and last traded at $4.39. Approximately 816,987 shares traded hands during mid-day trading, a decline of 29% from the average daily volume of 1,158,811 shares. The stock had previously closed at $4.14.
INSY has been the topic of a number of research analyst reports. ValuEngine lowered Insys Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, November 21st. Piper Jaffray Companies set a $4.00 price target on Insys Therapeutics and gave the stock a “sell” rating in a research note on Friday, March 8th. Janney Montgomery Scott reaffirmed a “buy” rating and issued a $11.00 price target on shares of Insys Therapeutics in a research note on Wednesday, December 19th. Cantor Fitzgerald initiated coverage on Insys Therapeutics in a research note on Tuesday, January 22nd. They issued an “overweight” rating and a $4.40 price target on the stock. Finally, Royal Bank of Canada lowered their price target on Insys Therapeutics from $9.00 to $7.00 and set an “outperform” rating on the stock in a research note on Friday, March 8th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $7.28.
The stock has a market capitalization of $317.65 million, a P/E ratio of -3.16 and a beta of 2.56.
A number of institutional investors have recently made changes to their positions in INSY. ETF Managers Group LLC purchased a new position in Insys Therapeutics during the fourth quarter worth approximately $5,076,000. Norges Bank purchased a new position in Insys Therapeutics during the fourth quarter worth approximately $2,195,000. D. E. Shaw & Co. Inc. lifted its position in Insys Therapeutics by 158.6% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 512,444 shares of the specialty pharmaceutical company’s stock worth $1,793,000 after buying an additional 314,264 shares in the last quarter. Raging Capital Management LLC purchased a new position in Insys Therapeutics during the fourth quarter worth approximately $998,000. Finally, Millennium Management LLC lifted its position in Insys Therapeutics by 88.7% during the fourth quarter. Millennium Management LLC now owns 545,487 shares of the specialty pharmaceutical company’s stock worth $1,909,000 after buying an additional 256,474 shares in the last quarter. Hedge funds and other institutional investors own 15.17% of the company’s stock.
About Insys Therapeutics (NASDAQ:INSY)
Insys Therapeutics, Inc, a specialty pharmaceutical company, develops and commercializes supportive care products. The company markets SUBSYS, a sublingual fentanyl spray for breakthrough cancer pain in opioid-tolerant adult patients; and SYNDROS, an orally administered liquid formulation of dronabinol for the treatment of chemotherapy-induced nausea and vomiting, and anorexia associated with weight loss in patients with AIDS.
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