In a report released today, Alethia Young from Cantor Fitzgerald reiterated a Buy rating on Spectrum Pharmaceuticals (SPPI), with a price target of $17. The company’s shares opened today at $9.25, close to its 52-week low of $6.22.
“: We are lowering our price target to $17 (from $19) and reiterating our Overweight rating. Spectrum announced this morning that it has voluntarily withdrawn its BLA filing for Rolontis due to the FDA’s request for additional manufacturing-related information. In speaking to management, all FDA questions were related to the CMC module of the BLA vs. any preclinical or clinical data. Management thinks they can address these issues fairly quickly, but not by the March 29th deadline (end of 60-day review period) and therefore chose to withdraw and refile at a later date.”
According to TipRanks.com, Young is a 5-star analyst with an average return of 9.1% and a 51.2% 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 $25.75, representing a 178.4% upside. In a report issued on March 1, H.C. Wainwright also maintained a Buy rating on the stock with a $42 price target.
The company has a one-year high of $25.29 and a one-year low of $6.22. Currently, Spectrum Pharmaceuticals has an average volume of 1.37M.
Based on the recent corporate insider activity of 66 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.