Analysts at Oppenheimer started coverage on shares of Insys Therapeutics (NASDAQ:INSY) in a research report issued to clients and investors on Wednesday, StockRatingsNetwork.com reports. The firm set an “outperform” rating and a $23.00 price target on the stock. Oppenheimer’s price target indicates a potential upside of 43.30% from the company’s current price.
The analysts wrote, “We are initiating coverage of Insys Therapeutics with an Outperform rating and $23 price target. The shares of Insys are up roughly ~66% since the IPO close date on 5/7/13 (versus the S&P 500 up 3%), largely on the back of Subsys’ stellar launch. We believe Subsys, with its faster onset of action and more convenient administration, can continue to take share from the competitive products in the Breakthrough Cancer Pain market, Actiq and Fentora. Insys’ other key opportunity lies in what is essentially a liquid formulation of marijuana. The company will file an NDA for Oral Dronabinol in 2H13. Based on improved pharmacokinetc data, we expect the oral formulation will capture share of the chemotherapy-induced nausea and vomiting market.”
Several other analysts have also recently commented on the stock. Analysts at JMP Securities raised their price target on shares of Insys Therapeutics from $16.00 to $18.00 in a research note to investors on Thursday, June 27th.
Insys Therapeutics (NASDAQ:INSY) last posted its quarterly earnings results on Monday, June 3rd. The company reported $0.01 earnings per share (EPS) for the quarter. The company had revenue of $11.10 million for the quarter, compared to the consensus estimate of $2.00 million. On average, analysts predict that Insys Therapeutics will post $0.34 earnings per share for the current fiscal year.
Insys Therapeutics, Inc, is a pharmaceutical company that develops and seeks to commercialize pharmaceutical products that target the unmet needs of cancer patients, with an initial focus on cancer-supportive care.
