In a report released yesterday, Alethia Young from Cantor Fitzgerald reiterated a Buy rating on Spectrum Pharmaceuticals (SPPI), with a price target of $19. The company’s shares closed yesterday at $10.81.
Young commented:
“: Reiterating Overweight rating and 12-mo. PT of $19. Spectrum reported 4Q18 earnings today after market close. We are updating our model and adjusting OPEX estimates to reflect decreased SG&A in 2019 (company guiding to 30% lower Y/Y) as a result of the recent divestiture and continued investment in R&D for clinical supply, etc. Our thesis is unchanged from the recent initiation, and we remain confident that poziotinib can show a differentiated response in the pivotal Ph2 readout in 4Q. Poziotinib timelines remain on track into pivotal Ph2 readout in 4Q.”
According to TipRanks.com, Young is a 4-star analyst with an average return of 5.9% and a 48.8% success rate. Young covers the Healthcare sector, focusing on stocks such as Vertex Pharmaceuticals, Sarepta Therapeutics, and Puma Biotechnology.
Currently, the analyst consensus on Spectrum Pharmaceuticals is a Strong Buy with an average price target of $27.67.
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Based on Spectrum Pharmaceuticals’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $68.72 million. In comparison, last year the company had a GAAP net loss of $28.56 million.
Based on the recent corporate insider activity of 67 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SPPI in relation to earlier this year.
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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.
