|Bid||0.0000 x 800|
|Ask||0.0000 x 2200|
|Day's range||0.7901 - 0.8800|
|52-week range||0.7901 - 11.6500|
|Beta (3Y monthly)||3.03|
|PE ratio (TTM)||N/A|
|Earnings date||6 Aug 2019 - 12 Aug 2019|
|Forward dividend & yield||N/A (N/A)|
|1y target est||8.00|
Why Insys Therapeutics Fell More than 70% YesterdayLiquidity positionIn its first-quarter earnings press release, which it published on May 10, Insys Therapeutics (INSY) highlighted the possibility of its being unable to continue as a going concern.
Insys Therapeutics shares tanked Monday morning after the company said it may have to file for bankruptcy because it can't afford legal costs related to a Department of Justice investigation into the company's sales practices of one of its popular opioids.
“These factors raise substantial doubt about the company’s ability to continue as a going concern,” Insys said in a statement. Insys said last year Kapoor’s defense alone had cost the company $28 million so far.
Shares of Insys Therapeutics Inc. plunged 70% Monday morning, a fall sparked by the biotech's Friday disclosure that mounting legal expenses and declines in the market for fast-acting fentanyl could lead it to file for bankruptcy. Insys said on Friday it was uncertain of its ability to complete a final settlement with the U.S. Justice Department to resolve an investigation into sales practices related to its fentanyl spray Subsys -- Insys reached a deal last August to pay at least $150 million to settle claims that it paid doctors kickbacks to prescribe the drug. The company also disclosed that it had just $87.6 million in cash, cash equivalents and investments at the end of March and expected continued negative cash flows from its operations. "These factors raise substantial doubt about the company's ability to continue as a going concern within one year of the issuance date of the unaudited condensed consolidated financial statements," the company said in a statement Friday. "If we are unable to continue as a going concern, we may have to liquidate our assets and may receive less than the value at which those assets are carried on our audited consolidated financial statements, and it is likely that investors will lose all or a part of their investment." Insys is also looking at a way to sell or license its assets. If it can't find a way to do that, or if the company is unable to reach an agreement with the Justice Department, its "liquidity, financial condition and business prospects will be materially and adversely affected. Accordingly, it may be necessary for the company to file a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in order to implement a restructuring," Insys said. Earlier this month, a federal jury in Boston convicted five former executives and managers, including co-founder John Kapoor, of engaging in a racketeering conspiracy to bribe doctors to prescribe Subsys in order to boost profits. The company's first-quarter revenue fell to $7.63 million from $23.91 million, while net loss widened to $123.8 million after a loss of $20.37 million a year ago. The beleaguered biotech reported an adjusted loss of 55 cents a share on Friday, missing FactSet analysts' prediction of a loss of 22 cents. Shares of Insys have fallen 69% so far this year, while the S&P 500 has gained 13%.
Insys, which has been exploring strategic options and is in talks to divest its opioid product Subsys, said it was likely that investors will lose all or a part of their investments if the company is not able to sell its assets at the value they are booked in its audited financial statements. Last August, Insys reached a tentative deal to pay at least $150 million to resolve a Department of Justice investigation into claims that the drugmaker paid doctors kickbacks to prescribe Subsys, an under-the-tongue spray that contains fentanyl, an opioid 100 times stronger than morphine.
Insys Therapeutics (INSY) delivered earnings and revenue surprises of -323.08% and -48.96%, respectively, for the quarter ended March 2019. Do the numbers hold clues to what lies ahead for the stock?
On a per-share basis, the Chandler, Arizona-based company said it had a loss of $1.66. Losses, adjusted for one-time gains and costs, were 55 cents per share. The specialty pharmaceutical company posted ...
The founder of a multi-billion dollar drug company has been convicted of bribing doctors to prescribe its highly addictive fentanyl spray to patients who did not need it. Extreme tactics, including using a sales representative to give one medic a lap dance, were used by Insys Therapeutics to boost sales of its powerful painkiller Subsys. John Kapoor and four other former employees are now facing up to 20 years in prison on the racketeering conspiracy charges.
A pharmaceutical company founder accused of paying doctors millions in bribes to prescribe a highly addictive fentanyl spray was convicted Thursday in a case that exposed such marketing tactics as using a stripper-turned-sales-rep to give a physician a lap dance.
The founder of Insys Therapeutics Inc on Thursday became the highest-ranking pharmaceutical executive to be convicted in a case tied to the U.S. opioid crisis, when he and four colleagues were found guilty of participating in a scheme to bribe doctors to prescribe an addictive painkiller. A federal jury in Boston found John Kapoor, the drugmaker's former chairman, and his co-defendants guilty of racketeering conspiracy for engaging in a scheme that also misled insurers into paying for the drug. Kapoor's 2017 arrest came on the same day U.S. President Donald Trump declared the epidemic that has caused tens of thousands of overdose deaths annually a public health emergency.
Federal jurors in Boston found that Kapoor conspired with four other executives to bribe doctors to pump up sales of Subsys and duped insurers into covering shady prescriptions. Former vice president Michael Gurry, ex-national sales director Richard Simon, former regional sales director Joseph Rowan, and one-time stripper turned Insys sales manager Sunrise Lee were also found guilty.
The founder of Insys Therapeutics Inc on Thursday became the highest-ranking drugmaker executive convicted in a case tied to the U.S. opioid crisis, when he and four colleagues were found guilty of bribing doctors to prescribe an addictive painkiller, helping drive the epidemic. A federal jury in Boston found John Kapoor, 75, the drugmaker's former chairman, and his co-defendants guilty of racketeering conspiracy for a scheme that also misled insurers into paying for the drug. Kapoor's 2017 arrest came on the same day U.S. President Donald Trump declared the epidemic that has caused tens of thousands of overdose deaths annually a public health emergency.
Cannabis Updates: Price Action, Ratings, and MoreCannabis spaceThe cannabis space was mostly positive last week. The Horizons Marijuana Life Sciences ETF (HMMJ) and the ETFMG Alternate Harvest ETF (MJ) gained 5.2% and 4.2%, respectively, while the
Cannabis Updates: New Listings, Price Action, and RatingsCannabis updateThe cannabis sector showed some weakness last week, and the Horizons Marijuana Life Sciences ETF (HMMJ) lost 3.0% while the ETFMG Alternate Harvest ETF (MJ) lost 3.4%.
The founder of Insys Therapeutics Inc put profits over patient safety by bribing doctors to prescribe an addictive fentanyl spray, fuelling the U.S. opioid epidemic, a federal prosecutor said on Thursday at the end of a landmark trial. John Kapoor, the drugmaker's former chairman, and four colleagues are the first executives of a painkiller manufacturer to face trial for conduct that authorities say was tied to a drug abuse epidemic that kills tens of thousands of Americans each year. Kapoor was arrested in 2017 on the same day U.S. President Donald Trump declared the opioid crisis a public health emergency.
Investors need to pay close attention to INSYS Therapeutics (INSY) stock based on the movements in the options market lately.
Insys Therapeutics (INSY) closed the most recent trading day at $4.62, moving +1.99% from the previous trading session.