INSYS Therapeutics (INSY) PT Lifted to $46 at Piper Jaffray on Pipeline Optionality

Piper Jaffray analyst David Amsellem reiterated an Overweight rating and boosted his price target on INSYS Therapeutics (NASDAQ: INSY) to $46.00 (from $38.00), saying there is still plenty of optionality on the pipeline.

Amsellem commented, "Insys shares are up approximately 70% year-to-date (YTD), though even with the strength, we continue to believe that there is significant optionality associated with what is in our view the most attractive pipeline among small- and mid-cap names in the specialty pharma space. Given the continued volume growth for top-seller Subsys, we believe that the strength in INSY shares YTD essentially reflects a greater ceiling for the product in terms of peak sales potential. In that context, INSY shares are barely ascribing meaningful value to the company’s myriad pipeline shots-on-goal (i.e., a 2015 P/E of 35x our EPS estimate in the context of a 2015-2018 EPS CAGR of at least 30%, bearing in mind that the only pipeline product reflected in our estimates is dronabinol oral solution). We are raising our price target on INSY to $46 and reiterating our Overweight rating (see below for more details)."

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 $34.66 yesterday.

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