Technology Sector Update for 12/03/2015: INSY,PBMD,OPXA
Top Health Care Stocks
Health care stocks were mostly lower, with the NYSE Health Care Index retreating 1.8% while shares of health care companies in the S&P 500 were down 2.2% as a group.
In company news, Insys Therapeutics ( INSY ) tumbled Thursday after the Southern Investigative Reporting Foundation today issued a report alleging the company has been falsifying its records in order to increase sales of its Subsys pain-killer.
The report contends Insys faked documents provided to insurers, saying the Fentanyl-based analgesic was being used to treat pain in cancer patients - currently its only approved indication - instead of its actual use by patients ranging from joint pain to military trauma.
The investigative group, citing interviews with former employees, also alleged members of the company's prior-authorization unit would field insurer calls using a script provided by the company to assauge concerns that the prescriptions were legitimate.
INSY shares were down almost 19% in late trade at $27.06, dropping as low as $26.60 a share earlier in today's session.
In other sector news,
(+) PBMD, FBR Capital begins analyst coverage with Outperform rating and a $6 price target.
(-) OPXA, Files $100 mln mixed-securities shelf registration statement.
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