In a report issued on June 29, David Buck from B.Riley FBR reiterated a Buy rating on Spectrum Pharmaceuticals (NASDAQ: SPPI), with a price target of $26. The company’s shares opened today at $20.91, close to its 52-week high of $23.50.
Buck noted:
“We reiterate our Buy rating for Spectrum Pharmaceuticals (SPPI) and our $26 per share target. Today, 6/29, Spectrum held a pre-scheduled conference call to discuss the initial Rolontis (pegylated neutropenia treatment eflapegrastim) Phase III study called ADVANCE including the lead investigator and also disclosed that for RECOVER the second Phase III study for Rolontis with n=237 patients in early-stage breast cancer setting met the primary efficacy endpoint of non- inferiority in days of severe neutropenia or DSN between Rolontis and pegfilgrastim, Amgen’s Neulasta. The adverse event profile was also similar between the two treatment arms. We see next steps including preparing for a pre-BLA meeting between Spectrum and FDA followed by a BLA submission by year-end 2018.”
According to TipRanks.com, Buck is a 4-star analyst with an average return of 16.1% and a 73.2% success rate. Buck covers the Healthcare sector, focusing on stocks such as Corcept Therapeutics Inc, Supernus Pharmaceuticals, and Amag Pharmaceuticals.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Spectrum Pharmaceuticals with a $29.50 average price target, a 41.1% upside from current levels. In a report issued on June 29, H.C. Wainwright also maintained a Buy rating on the stock with a $33 price target.
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The company has a one-year high of $23.50 and a one-year low of $7.12. Currently, Spectrum Pharmaceuticals has an average volume of 1.84M.
Based on the recent corporate insider activity of 52 insiders, corporate insider sentiment is neutral on the stock.
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Spectrum Pharmaceuticals, Inc. is a biotechnology company, which engages in the acquisition, development, and commercialization of pipeline of late-stage clinical and commercial products. It operates through the following brands: FOLOTYN, ZEVALIN, MARQIBO, BELEODAQ, and EVOMELA. The company was founded in December 1987 and is headquartered in Henderson, NV.
