H.C. Wainwright Reiterates Bullish Stance On Spectrum Pharmaceuticals Following Clinical Results In Multiple Myeloma
In a research report published Friday, H.C. Wainwright analyst Reni Benjamin reiterated a Buy rating on Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI), as the company announced updated efficacy results from a Phase 2b pivotal study of its myeloablative conditioning agent, Captisol-Enabled (CE)-melphalan, used prior to an autologous hematopoietic stem cell transplant (HSCT).
Benjamin wrote, “In our opinion, CE-melphalan’s value is reflected by its safety profile and low rate of AEs, including a 10% rate for grade 3/4 mucositis, with no deaths or transplant-related toxicity observed. We believe these data continue to show CE-melphalan’s superior safety profile over injectable melphalan formulated with propylene glycol (Alkeran) that should resonate positively with the FDA, which is expected to render a regulatory decision later this year.”
The analyst concluded, “With CE-melphalan potentially joining a portfolio of five marketed oncology products including Fusilev, Zevalin, Folotyn, Marqibo, and Beleodaq, a diverse pipeline of assets in clinical development, and approximately $141 MM in cash (pro forma), we believe Spectrum represents an undervalued player with significant upside for the long-term investor.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Reni Benjamin has a total average return of -1.1% and a 34.4% success rate. Benjamin has a -12.4% average return when recommending SPPI, and is ranked #2856 out of 3510 analysts.