Stock Traders Buy Large Volume of Put Options on Insys Therapeutics (NASDAQ:INSY)

Insys Therapeutics Inc (NASDAQ:INSY) saw some unusual options trading activity on Thursday. Traders bought 2,156 put options on the company. This represents an increase of 1,300% compared to the typical volume of 154 put options.

Insys Therapeutics (NASDAQ:INSY) opened at $10.34 on Wednesday. Insys Therapeutics has a 12 month low of $4.10 and a 12 month high of $15.02. The stock has a market cap of $758.09, a PE ratio of -4.05 and a beta of 0.76.

Insys Therapeutics (NASDAQ:INSY) last announced its quarterly earnings data on Thursday, November 2nd. The specialty pharmaceutical company reported ($0.25) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by ($0.02). Insys Therapeutics had a negative net margin of 112.56% and a negative return on equity of 11.76%. equities analysts expect that Insys Therapeutics will post -0.63 EPS for the current year.

A number of hedge funds have recently made changes to their positions in INSY. Alliancebernstein L.P. grew its position in Insys Therapeutics by 128.6% during the 2nd quarter. Alliancebernstein L.P. now owns 140,840 shares of the specialty pharmaceutical company’s stock valued at $1,782,000 after purchasing an additional 79,220 shares during the last quarter. Quantitative Investment Management LLC purchased a new stake in Insys Therapeutics during the 2nd quarter valued at about $879,000. Schneider Capital Management Corp boosted its holdings in shares of Insys Therapeutics by 100.0% during the 2nd quarter. Schneider Capital Management Corp now owns 119,973 shares of the specialty pharmaceutical company’s stock valued at $1,518,000 after acquiring an additional 60,000 shares during the last quarter. Marshall Wace North America L.P. purchased a new stake in shares of Insys Therapeutics during the 2nd quarter valued at about $612,000. Finally, Schwab Charles Investment Management Inc. boosted its holdings in shares of Insys Therapeutics by 31.1% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 104,812 shares of the specialty pharmaceutical company’s stock valued at $931,000 after acquiring an additional 24,869 shares during the last quarter. 25.61% of the stock is currently owned by institutional investors.

INSY has been the subject of a number of recent analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $14.00 price target on shares of Insys Therapeutics in a report on Wednesday, October 11th. Zacks Investment Research upgraded shares of Insys Therapeutics from a “hold” rating to a “buy” rating and set a $8.50 price objective for the company in a report on Wednesday, October 18th. Oppenheimer restated a “hold” rating on shares of Insys Therapeutics in a report on Monday, October 30th. Jefferies Group decreased their price objective on shares of Insys Therapeutics from $14.00 to $11.00 and set a “buy” rating for the company in a report on Friday, November 3rd. Finally, ValuEngine upgraded shares of Insys Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Thursday, December 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Insys Therapeutics has an average rating of “Hold” and an average price target of $9.38.

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About Insys Therapeutics

Insys Therapeutics, Inc is a commercial-stage specialty pharmaceutical company. The Company develops and commercializes supportive care products. The Company’s product Subsys, is a sublingual fentanyl spray for breakthrough cancer pain (BTCP) in opioid-tolerant patients and a single-use product that delivers fentanyl, an opioid analgesic, for transmucosal absorption underneath the tongue.

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