Why This Marijuana Stock Didn't Sink Despite a Huge Earnings Miss

Wall Street analysts expected Insys Therapeutics (NASDAQ: INSY) to report dismal third-quarter results. But they didn't know just how bad those results would actually be.

Insys announced its third-quarter financial performance prior to the market open on Thursday. Analysts figured sales for the company's opioid drug Subsys would be way down, but Insys is attempting to transform itself into a cannabinoid-focused biotech. Despite the recent launch of cannabinoid drug Syndros, Insys posted a huge loss that was much worse than expected. But here's why this bad earnings miss had little effect on the marijuana stock.

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Source: Fool.com