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INSY

Insys Therapeutics

$3.60

-0.36 (-9.09%)

06:15
05/13/19
05/13
06:15
05/13/19
06:15

Insys sees 'substantial doubt' about remaining going concern

Insys Therapeutics said in Friday night's earnings release, "While the company has no outstanding debt, available liquidity is limited to $87.6 million in cash and cash equivalents and investments as of Mar. 31, 2019, and the company expects to have continued negative cash flows from operating activities. The company has experienced recurring and increasing losses from operations over the previous 18 months due to significant declines in the TIRF market and significant legal expenses resulting from the investigation by the U.S. Department of Justice and other significant litigation matters to which we are subject. As reported in the Form 10-Q, we have estimated liabilities of approximately $240.3 million as of Mar. 31, 2019 for proposed settlements of our various litigation matters, and there are other matters for which we have not been able to determine a reasonable estimated loss. Furthermore, we are uncertain if we will be able to complete a final settlement with the DOJ because of the Company's inability to fulfill demands made by the DOJ, including the execution of a security agreement related to the assets of the company to collateralize payments under the settlement. These factors raise substantial doubt about the company's ability to continue as a going concern within one year of the issuance date of the unaudited condensed consolidated financial statements. If we are unable to continue as a going concern, we may have to liquidate our assets and may receive less than the value at which those assets are carried on our audited consolidated financial statements, and it is likely that investors will lose all or a part of their investment. Management's plans, in order to meet our operating cash flow requirements, include the pursuit of strategic alternatives related to the sale or licensing of the Company's assets."

INSY Insys Therapeutics
$3.60

-0.36 (-9.09%)

01/22/19
CANT
01/22/19
INITIATION
Target $9
CANT
Overweight
Insys Therapeutics initiated with an Overweight at Cantor Fitzgerald
Cantor Fitzgerald analyst Brandon Folkes started Insys Therapeutics with an Overweight rating and $9 price target. The analyst sees 2019 as a "pivotal and transformational year" for Insys with two potential filings with its spray platform along with two data readouts from its cannabinoids platform. 2019 could be the year in which investors are able to return to Insys and "appreciate the value which could be unlocked from within the company's spray and cannabinoids pipeline," Folkes tells investors in a research note.
01/22/19
01/22/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Constellation Brands (STZ) initiated with an Overweight at Atlantic Equities. 2. Take-Two (TTWO) initiated with a Buy at Deutsche Bank, while Electronic Arts (EA) and Activision Blizzard (ATVI) were initiated with a Hold. 3. Insys Therapeutics (INSY) initiated with an Overweight at Cantor Fitzgerald. 4. Heico (HEI) initiated with a Buy at Vertical Research. 5. R1 RCM (RCM) initiated with an Overweight at KeyBanc. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
03/08/19
PIPR
03/08/19
NO CHANGE
Target $4
PIPR
Underweight
Insys unlikely to find buyer for Subsys, says Piper Jaffray
Pressure on Subsys was once again a central theme in Insys Therapeutics' Q4 results, Piper Jaffray analyst David Amsellem tells investors in a post-earnings research note. The analyst says that given the challenging dynamics associated with Subsys, he has a difficult time envisioning a buyer emerging for the product. Amsellem continues to believe there is downside risk associated with Insys Therapeutics shares. He reiterates an Underweight rating on the name with a $4 price target.
03/08/19
CANT
03/08/19
NO CHANGE
Target $9
CANT
Overweight
Insys faces 'pivotal and transformational' year in 2019, says Cantor Fitzgerald
Cantor Fitzgerald analyst Brandon Folkes reiterates an Overweight rating on Insys Therapeutics with a $9 price target following the company's Q4 results. The analyst believes 2019 will be a "pivotal and transformational year" for the company. Insys has two potential filings with its spray platform this year, along with two "significant" data readouts from the company's cannabinoids platform, Folkes tells investors in a post-earnings research note titled "CBD Epilepsy Is a Significant Near-Term Catalyst Not to Be Ignored." Data readouts should drive stock momentum, making 2019 the year in which investors are able to return to Insys Therapeutics and appreciate the value that could be unlocked from within the company's spray and cannabinoids pipeline, adds the analyst.

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