Doctor Indictments Unrelated to INSYS Therapeutics (INSY), Jefferies Says

Jefferies analyst David Steinberg said yesterday's drug indictments, which created a ~10% drop in INSYS Therapeutics (NASDAQ: INSY) stock intra-day, appears unrelated to the company.

Steinberg commented, "Two doctors were indicted for illegal opioid distribution – including Oxycontin, Opana and Dilaudid – among other illicit activities. Both physicians were highlighted as high prescribers of Subsys in a prior media report and the correlation caused concern – with the shares declining as much as ~10% intra-day Wednesday. Importantly, Subsys was not even listed in the document – only fentanyl was and there are many forms. This situation appears unrelated to INSY."

The firm reiterated a Buy rating and price target of $63 on INSY.

For an analyst ratings summary and ratings history on INSYS Therapeutics click here. For more ratings news on INSYS Therapeutics click here.

Shares of INSYS Therapeutics closed at $57.12 yesterday.

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