H.C. Wainwright Reiterates Buy On Spectrum Pharmaceuticals Following Lymphoma Drug Approval
In a research note issued today, H.C.Wainwright analyst Reni Benjamin reiterated a Buy rating on Sepctrum Pharmaceuticals Inc. (SPPI) with a price target of $15.00 following an FDA approval (a month before expectations) of Beleodaq for the treatment of patients with refractory or relapsed peripheral T-cell lymphoma.
Benjamin noted, “We view this announcement as terrific news for investors given that the PTCL has several competing therapeutic options, and the approval comes ahead of its priority review PDUFA date originally scheduled for August 9. In a crowded and competitive landscape, the FDA granted a speedy approval, which in our opinion, highlights the potential for Beleodaq to fill an unmet need. Starting this month, Beleodaq becomes the fifth product to be incorporated into a solid portfolio of marketed oncology products including Fusilev, Zevalin, Folotyn, and Marqibo. With $96 MM in cash (pro forma) and a diverse pipeline of assets in clinical development, 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 currently has an average return of 6.7% and a 48% success rate. He is ranked #1242 out of 3160 analysts.