Insys Therapeutics (INSY): Cutting PT On Unexpected CEO Succession - RBC
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RBC Capital analyst, Randall Stanicky,reiterated his Outperform rating on shares of INSYS Therapeutics (NASDAQ: INSY) after a CEO succession plan announced.
INSY announced that the Board has initiated a search for a candidate to succeed President and CEO John Kapoor, who owns close to 70% of the company. It has put together a special committee of three independent Board members to conduct a search, and Dr. Kapoor will remain in the CEO role until a replacement is found. A reason for change was not given; in our view, it could be related to the ongoing DOJ investigation but that is not clear yet.
The price target drops to $26 from $32.
Shares of INSYS Therapeutics closed at $13.27 yesterday.
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