Insys Therapeutics assumed with a Buy at Janney Montgomery Scott. Janney Montgomery Scott analyst Yun Zhong assumed coverage of Insys Therapeutics with a Buy rating and fair value estimate of $11, down from the firm’s prior $16 estimate. Zhong said Insys is shifting focus from commercializing opioid products to developing cannabinoids and proprietary spray technology, adding that he views the heated discussion during a two-day FDA AdCom on naloxone earlier this week as a “clear sign” for an increased commercial opportunity for Insys. Zhong also believes the data from the cannabidiol programs, if positive, could unlock significant upside potential.
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