Insys Therapeutics Inc (NASDAQ: INSY)
Insys Therapeutics is having an incredibly rough day in the market today. When the opening bell rang, the stock was in the red. However, a short while ago, the stock started to take a deep dive, and for a good reason. Below, we’ll talk about what we’re seeing from the stock, why, and what to watch for with regard to INSY ahead.
What We’re Seeing From INSY
As mentioend above, Insys Therapeutics is having a rough day in the market today. Straight out of the gate, the stock found itself in the red. Throughout the day, it continued falling. However, a short while ago, the stock started falling even harder as big news was announced. We’ll get to that next. At the moment (1:55), INSY is trading at $9.68 per share after a loss of $1.02 per share, or 9.53%.
Why The Stock Is Falling
In this particular case, the news was brought to our attention by various people we follow on Twitter. Most notably, @QTRResearch. The stock is falling as the result of arrests being made in a case revolving around the company. In fact, multiple former executives of INSY have been arrested on charges associated with engaging in a nationwide scheme to bribe doctors to prescribe a drug containing the opioid fentanyl. One of the former executives charged in an indictment filed in a Boston Federal Court was Michael Babich, the former CEO of Insys Therapeutics. For details on the arrests made, click here.
At the end of the day, it’s a horribly rough day for INSY. However, investors should be thanking those that uncovered the story. After all, this could have gotten far worse. With that said, special thanks to Roddy Boyd and @SIRF Report for breaking this story wide open months ago.
What We’ll Be Watching Moving Forward
Moving forward, the CNA Finance team will be closely watching INSY to see what steps are taken next. We’ll also be following the arrest story closely, as we’re interested to see what punishments the charges end with. Finally, we strongly suggest keeping a close eye on all of the sources mentioned in this article. Not only will they likely be following this story, they’ll also likely be giving great tips on other stocks you might want to be looking at!
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