Cantor Fitzgerald analyst Alethia Young initiated coverage with a Buy rating on Spectrum Pharmaceuticals (SPPI) today and set a price target of $19. The company’s shares opened today at $11.09.
Young noted:
“: We are initiating coverage of Overweight rating and $19 price target. Spectrum is focused on developing late- stage assets in oncology assets; lead programs are poziotinib, an oral tyrosine kinase inhibitor (TKI) targeting exon 20, and Rolontis (for chemo-induced neutropenia). Our thesis is based on confidence that poziotinib can show a differentiated response in the pivotal Ph2 study, lack of options for exon 20 patients in NSCLC, and underappreciated value for Rolontis, which provides some floor to the valuation. With no approved drugs for exon 20, we think the efficacy bar is relatively low as we head into the first cohort readout from ZENITH20 in 2H19.”
According to TipRanks.com, Young is a 4-star analyst with an average return of 5.0% and a 47.3% 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 Moderate Buy with an average price target of $32.
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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 1.43M.
Based on the recent corporate insider activity of 59 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.
