In a research report sent to investors today, Roth Capital analyst Joseph Pantginis reiterated a Buy rating on Spectrum Pharmaceuticals (NASDAQ:SPPI) with a $15 price target, following the company’s third-quarter results, posting EPS of ($0.18) and revenue of $48.0 million.
Pantginis observed, “We are encouraged with the progress the company has made, particularly with product revenue of $47.9 million, which represents 15.6% growth from 3Q13. The company is now in its fifth consecutive quarter of sales over $40 million, and in its third consecutive quarter of sales growth. Fusilev net sales were $26.9 million, up 12% quarter over quarter in end-user demand that was specific to the community oncology setting, which is important due to that being the setting where 90% of SPPI’s business comes from.”
The analyst concluded, “We continue to look at the totality of the revenue streams for the company and the potential return to profitability. Anticipated revenue streams from Beleodaq and CE-Melphalan should continue to bolster Spectrum’s business model.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joseph Pantginis has a total average return of -6.1% and a 41.4% success rate. Pantginis has a -5.5% average return when recommending SPPI, and is ranked #3306 out of 3364 analysts.