.jpg "B.Riley FBR Keeps a Buy Rating on Spectrum Pharmaceuticals")
B.Riley FBR analyst David Buck reiterated a Buy rating on Spectrum Pharmaceuticals (NASDAQ: SPPI) today and set a price target of $26. The company’s shares opened today at $17.97.
Buck said:
“We reiterate our Buy rating and $26 per share target for Spectrum Pharmaceuticals (SPPI) shares, following a day of recent meetings with the company’s senior management, including CEO Shiv Kapoor. We recently hosted SPPI for a series of investor meetings and remain confident that Pozi, or poziotinib, for Exon-20–specific EGFR and HER2 mutations of non-small-cell lung cancer, could be a transformational drug for Spectrum. We expect SPPI to have an additional meeting with the FDA (for breakthrough therapy designation, likely over the summer), followed by a formal filing for breakthrough therapy designation.”
According to TipRanks.com, Buck is a 4-star analyst with an average return of 14.6% and a 72.9% success rate. Buck covers the Healthcare sector, focusing on stocks such as Corcept Therapeutics Inc, Supernus Pharmaceuticals, and Amag Pharmaceuticals.
Currently, the analyst consensus on Spectrum Pharmaceuticals is Moderate Buy and the average price target is $29.50, representing a 64.2% upside.
In a report issued on May 4, H.C. Wainwright also reiterated a Buy rating on the stock with a $33 price target.
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Based on Spectrum Pharmaceuticals’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $15.82 million. In comparison, last year the company had a GAAP net loss of $22.97 million.
Based on the recent corporate insider activity of 55 insiders, corporate insider sentiment is neutral on the stock. Most recently, in March 2018, Rajesh C. Shrotriya, a Director at SPPI bought 500,000 shares for a total of $1,275,000.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Spectrum Pharmaceuticals, Inc. engages in the acquisition, development, and commercialization of pipeline of late-stage clinical and commercial products. It targets non-Hodgkin’s lymphoma, advanced metastatic colorectal cancer, acute lymphoblastic leukemia, and multiple myeloma.
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