Insys Therapeutics Shares Fall Following Publication Of Cleveland Research Report
Shares of Insys Therapeutics (NASDAQ: INSY) dropped 10 percent Thursday.
The company experienced selling pressure as news hit that Cleveland Research showed that both Express Scripts and CVS will be reviewing new drug debuts on a quarterly basis.
The research report noted that Insys' Subsys product could be excluded from sale if it doesn't add either clinical or financial value. Cleveland Research commented further saying formulary changes suggest ESRX will block Vertex's Incivek in favor of J&J/Medivir. ESRX may look to exclude Gilead's Sovaldi or other competing products in Hepatitis C once new drugs reach the market later this year.
Shares of Insys Therapeutics closed at $27.03, down 10.14 percent.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.