Insys Therapeutics Inc (NASDAQ: INSY)
Insys Therapeutics is having an incredibly strong day in the market today. At the opening bell, the stock was trading slightly in the green. However, the stock started to build momentum in the upward direction as the session progressed. Throughout the day, we've seen a continuation of this strong movement. Below, we'll talk about what we're seeing from INSY, why, and what we'll be watching for ahead.
What We're Seeing From INSY
As mentioned above, Insys Therapeutics is having an incredibly strong day in the market today. At the open of the session, the stock was already trading slightly in the green. Since then, we've seen a continuation of strong movement all day. At the moment (12:17), INSY is trading at $10.75 per share after a gain of $1.11 per share (11.51%) thus far today.
Why The Stock Is Climbing
As is almost always the case, our partners at Trade Ideas were the first to alert us to the gains on INSY. As soon as we received the alert, the CNA Finance team started to work to figure out just why the stock is having such a strong day in the market today. In our search, we found a press release that we believe to be the cause of the gains.
This morning, Insys Therapeutics released a press release, providing data with regard to a safety study. The study surrounds the use of Cannabidiol Oral Solution in subjects with refractory pediatric epilepsy following the completion of 48 weeks of treatment. The study is currently ongoing. At this point, we know that 53 of the subjects continued into the long-term safety study. 15 of those subjects have already completed the full 489 weeks of treatment across multiple investigative sites throughout the United States. In a statement, Dr. Santosh Vetticaden, Interim CEO and Chief Medical Officer at INSY, had the following to offer:
“We are pleased that investigators have deemed it appropriate to continue patients on Cannabidiol Oral Solution beyond 48 weeks of treatment and we remain dedicated to making our product available to them...”
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on INSY. In particular, we'll be following the long-term safety study for further updates. However, it's also important to keep in mind that the company is going through some issues at the moment. Lately we've seen several indictments surrounding the company's team members, and there is quite a bit of uncertainty revolving around the future of the company. Nonetheless, we'll be keeping a close eye on the news and continue to bring it to you as it breaks!
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