Spectrum Pharmaceuticals Received its Third Buy in a Row

By Ryan Adsit

After Jefferies and H.C. Wainwright assigned a Buy rating to Spectrum Pharmaceuticals in the last month, the company received another Buy, this time from FBR Capital. Analyst Edward White reiterated a Buy rating on Spectrum Pharmaceuticals (NASDAQ: SPPI) today and set a price target of $11. The company’s shares opened today at $6.

White noted:

“After the close on March 8, Spectrum Pharmaceuticals announced 4Q16 results.”

According to TipRanks.com, White is ranked 0 out of 5 stars with an average return of -4.1% and a 37.7% success rate. White covers the Healthcare sector, focusing on stocks such as RXi Pharmaceuticals Corp, Lion Biotechnologies Inc, and Synthetic Biologics Inc.

Spectrum Pharmaceuticals has an analyst consensus of Strong Buy.

Based on Spectrum Pharmaceuticals’ latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $35.24 million and GAAP net loss of $17.44 million. In comparison, last year the company earned revenue of $50.33 million and had a GAAP net loss of $4.15 million.

Based on the recent corporate insider activity of 13 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. Most recently, in December 2014, Anthony Maida, a Director at SPPI sold 20,960 shares for a total of $148,816.

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. It operates through the following brands: FUSILEV, FOLOTYN, ZEVALIN, MARQIBO, BELEODAQ, EVOMELA, EOQUIN, and RenaZorb. The company was founded in December 1987 and is headquartered in Henderson, NV.