Let us recall, INSY's specialty is painkillers and synthetic cannabinoid drugs. The company made its report last Thursday.
The report numbers were not really good. The reduction in income turned out greater than expected.
Insys Therapeutics Inc. reported income in the amount of $16.4 million for the last quarter, whereas for the same period of the previous year there was $31,49 million.
In their turn, the proceeds for the last financial year amounted to $82,1 million, which is 41,7% less than in the previous year.
The reported annual loss per 1 share equals to $1,68, which is -46,8% greater than in the previous year.
At the end of the financial year Insys Therapeutics Inc. has monetary assets and their equivalents in the amount of $31,6 million, which was $32,0 million for the previous year.
The negative market reaction to Insys's financial results was caused by the investors' concern about the reduction in net proceeds from opioid product sales, significant legal costs and lack of clarity over the scope of responsibility related to the former company management.
Nevertheless, intensive annual gain of shares indicates that investors believe in the company's potential.
It's no secret that Insys is on its way to making two NDAs (new drug applications), which must have a clearly good impact on the shares.
We expect the state of flux to continue in the short term, but we will take advantage of any downtrend to go into the papers in proper time.
It has to be said that it's a risky idea, so the stock share intended for this investment should be well-measured!