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Insys Therapeutics: The Brotherhood of Thieves?

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Roddy Boyd, the journalist behind the Valeant Pharmaceuticals Intl (NYSE: VRX) specialty pharmacy controversy months ago, has released a new report on Insys Therapeutics Inc (NASDAQ: INSY).

Boyd's piece titled "The Brotherhood of Thieves" highlights how Insys was able to double the insurance approval rates of Subsys, over competitors that were much more established.

Continuing his initial report on the company in December, Boyd followed up saying, "executives continued to pressure employees to develop new ways to mislead insurance companies into granting coverage to patients prescribed its drug Subsys."

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In his report, Boyd obtained audio recording of a meeting held in November that shows (according to Boyd) executive Jeff Kobos admitting to the unit's dishonesty. Boyd also highlights, "conversational gambits" to deflect pharmacy benefit manager worker questions with.

In reponse to the report, Insys Therapeutics released a statement rejecting the commentary. "Insys rejects the recent media reports' account of the Company's practices as misleading and unreliable, especially in light of the biased agenda held by the individuals who made these misrepresentations," the company wrote.

Shares of Insys Therapeutics remain volatile off the open, trading down 3.47 percent at $21.78.

Latest Ratings for INSY

Mar 2018PiperJaffrayDowngradesNeutralUnderweight
Nov 2017JefferiesMaintainsBuy
May 2017PiperJaffrayDowngradesOverweightNeutral

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