Insys Therapeutics Inc (INSY) Short Interest Update

Insys Therapeutics Inc (NASDAQ:INSY) was the recipient of a significant increase in short interest during the month of December. As of December 29th, there was short interest totalling 10,941,415 shares, an increase of 7.6% from the December 15th total of 10,172,567 shares. Based on an average daily trading volume, of 2,123,833 shares, the days-to-cover ratio is currently 5.2 days. Approximately 43.9% of the shares of the stock are sold short.

INSY has been the topic of several research reports. Zacks Investment Research lowered shares of Insys Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, October 25th. Jefferies Group dropped their target price on shares of Insys Therapeutics from $14.00 to $11.00 and set a “buy” rating on the stock in a research note on Friday, November 3rd. Royal Bank of Canada set a $8.00 target price on shares of Insys Therapeutics and gave the company a “buy” rating in a research note on Friday, October 27th. Oppenheimer restated a “hold” rating on shares of Insys Therapeutics in a research note on Monday, October 30th. Finally, ValuEngine upgraded shares of Insys Therapeutics from a “sell” rating to a “hold” rating in a research note on Friday, December 29th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $9.38.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp lifted its position in Insys Therapeutics by 3.4% during the 2nd quarter. State Street Corp now owns 471,514 shares of the specialty pharmaceutical company’s stock valued at $5,966,000 after acquiring an additional 15,570 shares during the period. Northern Trust Corp increased its stake in Insys Therapeutics by 3.2% during the 2nd quarter. Northern Trust Corp now owns 314,825 shares of the specialty pharmaceutical company’s stock valued at $3,983,000 after purchasing an additional 9,906 shares in the last quarter. FMR LLC increased its stake in Insys Therapeutics by 4.7% during the 2nd quarter. FMR LLC now owns 254,588 shares of the specialty pharmaceutical company’s stock valued at $3,221,000 after purchasing an additional 11,504 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Insys Therapeutics by 1.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 156,471 shares of the specialty pharmaceutical company’s stock valued at $1,980,000 after purchasing an additional 1,876 shares in the last quarter. Finally, Alliancebernstein L.P. increased its stake in 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 in the last quarter. 25.60% of the stock is owned by institutional investors.

Insys Therapeutics (NASDAQ INSY) opened at $9.04 on Friday. Insys Therapeutics has a 12-month low of $4.10 and a 12-month high of $15.02. The stock has a market cap of $662.78, a PE ratio of -3.55 and a beta of 0.76.

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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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