Insys Surrenders Some Early Gains After Synros Announced As A Schedule 11 Drug

Insys Therapeutics Inc INYS shares are trading higher by $0.66 (6 percent) at $10.87 in Thursday's session.

The catalyst for the rally is the announcement that Syndros -- a new drug product for chemotherapy patients and AIDS patients to help alleviate nausea and vomiting -- will be placed in Schedule II of the Controlled Substances Act.

After a higher open, Insys stock continued in that direction until it found resistance at $11.69 and reversed course. That level coincides with its March 6 high ($11.68) and March 8 high ($11.63). Since reaching that elevated level, profit-takers have swarmed the issue and it has continued to make new lows for the session, with $10.57 being the current low as of 10:30 a.m. EST.

In order to fill the void in price from Wednesday's session, it would need to reach the upper-end of Wednesday's range at $10.27.