H.C. Wainwright Thinks Spectrum Pharmaceuticals’ Stock is Going to Recover

By Ryan Adsit

H.C. Wainwright analyst Swayampakula Ramakanth reiterated a Buy rating on Spectrum Pharmaceuticals (NASDAQ: SPPI) today and set a price target of $10. The company’s shares opened today at $3.35, close to its 52-week low of $3.21.

According to TipRanks.com, Ramakanth is ranked 0 out of 5 stars with an average return of -23.6% and a 19.4% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as X T L Biopharmaceuticals Ltd (ADR), IntelGenx Technologies, and Xtant Medical Holdings.

Spectrum Pharmaceuticals has an analyst consensus of Strong Buy.

The company has a one year high of $7.74 and a one year low of $3.21. Currently, Spectrum Pharmaceuticals has an average volume of 868K.

Based on the recent corporate insider activity of 16 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.

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.