Insys Therapeutics (INSY): Cutting Ests On RX Slowdown - Jefferies
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Jefferies analyst, David Steinberg, reiterated his Buy rating on shares of INSYS Therapeutics (NASDAQ: INSY) but cut his price target to $18 from $22. After stabilizing in 1H16, Subsys Rxs further decelerated in Q3 (-14% Q/Q). This coincides with a 13% Q/Q Rx decline for the TIRF class reflecting ongoing scrutiny of opioids.
As a result, the analyst cut his FY16, and FY17 Subsys ests 8% and 11%, respectively. The pending launch of Syndros and maturation of the sublingual spray pipeline are the keys to resurrecting growth. However, near term, the critical wild card is the DOJ investigation. A decision could potentially come soon.
Shares of INSYS Therapeutics closed at $12.28 yesterday.
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