NEW YORK (TheStreet) -- Shares of Insys Therapeutics, Inc. (INSY) are surging, up 6.42% to $39.44 in late morning trading Tuesday, after the company reported third quarter earnings and revenue that beat analysts' estimates.
The Phoenix, AZ-based company posted third quarter net income of $11.5 million, or 31 cents per diluted share, compared to net income of $11.6 million, or 34 cents per diluted share from last year, but topping analysts' estimates of 29 cents per share.
The specialty pharmaceutical company posted revenue of $58.3 million for the period, up from $29.2 million in the third quarter of 2013, and surpassing the consensus estimate of $57.08 million in revenue.
Insys Therapeutics develops and commercializes innovative drugs and novel drug delivery systems of therapeutic molecules.
Separately, TheStreet Ratings team rates INSYS THERAPEUTICS INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate INSYS THERAPEUTICS INC (INSY) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and notable return on equity. However, as a counter to these strengths, we find that the growth in the company's earnings per share has not been good."