In a report released today, Edward White from H.C. Wainwright maintained a Buy rating on Spectrum Pharmaceuticals (SPPI), with a price target of $43. The company’s shares opened today at $11.14.
White commented:
“We are raising our price target to $43, up from $40, after removing Qapzola and the commercial business from our valuation, while adjusting our NPV for Rolontis and poziotinib for the passage of time with the start of the new year and including the $160M upfront payment. Our $43 price target is based on a sum-of-the-parts analysis based on probability- adjusted revenue forecasts for poziotinib and Rolontis.”
According to TipRanks.com, White is a 5-star analyst with an average return of 14.2% and a 46.5% success rate. White covers the Healthcare sector, focusing on stocks such as Syndax Pharmaceuticals Inc, Synthetic Biologics Inc, and Karyopharm Therapeutics.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Spectrum Pharmaceuticals with a $30.50 average price target.
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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 58 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.
