Shares of Insys Therapeutics Inc. shot up 83% in premarket trade Wednesday, after the bankrupt opioid maker said it received interim court approvals for its “First Day” motions related to bankruptcy filing on Monday. The rally comes after the stock closed at a record low of 14 cents on Tuesday, a far cry from its split-adjusted record high of $641.95 on Sept. 28, 2000. The company said it was granted approval to continue paying its employees and vendors, and to continue its cash management system. “This is an important step forward in our court-supervised process, which is intended to fairly and transparently address the Company’s legacy legal liabilities,” said Chief Executive Andrew Long. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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