“Earnings are improving and the potential for tax reform plays a big role. Why would you want to sell stocks here when you might get a tax break later on?” said Bruce Bittles, Chief Investment Strategist for Robert W. Baird & Co., according to Reuters.
RDI Initiates Coverage on:
Insys Therapeutics Inc.
Insys Therapeutics’ shares spiked 10.39 percent to close at $11.79 a share on Tuesday. The stock traded between $10.50 and $12.30 on volume of 1.48 million shares traded. The company reported a net loss of $6.5 million, or $(0.09) per share, for the first quarter of 2017, compared to net income of $2.3 million, or $0.03 per share, for the first quarter of 2016. Net revenue was $36.0 million for the quarter, declined 40.4 percent compared to $60.4 million for the first quarter of 2016, mainly due to fall in the demand of Subsys spray, which contains synthetic opioid fentanyl and that is under probe by US justice department. On Tuesday, Insys’ CEO Saeed Motahari on an earnings call told analysts that the company was in talks to resolve the U.S. Justice Department’s probe of opioid spray. “We continue to engage in discussions with the DOJ and remain highly committed to resolving this matter,” Motahari said. Shares of Insys Therapeutics have gained approximately 28.15 percent year-to-date.
Access RDI’s Insys Therapeutics Research Report at:
Epizyme’s shares gained 4.28 percent to close at $15.85 a share on Tuesday. The stock traded between $15.05 and $16.10 on volume of 276,808 shares traded. The company reported a loss of $32.5 million, or a loss of $0.56 per share, for the first quarter of 2017, which topped expectations of a loss of $0.63 per share, according to six analysts surveyed by Zacks Investment Research. Cash, cash equivalents and marketable securities were $211.2 million as of March 31, 2017, as compared to $242.2 million as of December 31, 2016. Shares of Epizyme have gained approximately 30.99 percent year-to-date.
“We have continued to advance tazemetostat in multiple clinical trials in a range of solid tumors and hematological malignancies, and as both a monotherapy and in combination with other anti-cancer agents. We look forward to reporting interim data from our Phase 2 study in molecularly defined solid tumors in our conference call next week and from our Phase 2 study in relapsed or refractory FL and DLBCL in June,” commented Robert Bazemore, President and CEO.
Access RDI’s Epizyme Research Report at:
Our Actionable Research on Insys Therapeutics Inc. (NASDAQ: INSY) and Epizyme Inc. (NASDAQ: EPZM) can be downloaded free of charge at Research Driven Investing.
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