Guggenheim Begins Coverage on Spectrum Pharmaceuticals, Inc. (SPPI) Giving It An Initial Rating Of “Buy”

0
29

Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI).

H.C. Wainwright started covering the stock with a rating of “Buy” and setting a price target of $14.00. October 9 investment analysts at Jefferies kept the stock rating at “Buy” and moved up the price target to $18.00 from $6.00.

In the market the company is trading up by 1.64% percent from yesterday’s close. The stock last traded at $19.21 much higher than $12.75, the stock’s 50 day moving average and significantly higher than the 200 day moving average of $8.72. The 50 day moving average moved up $6.46 and the 200 day average was up $10.49.

Spectrum Pharmaceuticals, Inc., launched on November 18, 2002, is a biotechnology company. The Company operates through developing and commercializing oncology and hematology drug products segment. It has a product portfolio consisting of both commercial stage and development stage products that address various cancer types. The Company has six approved oncology/hematology products that target different types of cancer, including non-Hodgkin’s lymphoma (NHL), advanced metastatic colorectal cancer (mCRC), acute lymphoblastic leukemia (ALL) and multiple myeloma (MM). It also has three drugs in mid-to-late stage development, which include ROLONTIS for chemotherapy-induced neutropenia; QAPZOLA for immediate intravesical instillation in post-transurethral resection of bladder tumors in patients with non-muscle invasive bladder cancer (NMIBC), and POZIOTINIB, a pan- human epidermal growth factor receptor (HER) inhibitor used in the treatment of patients with a range of solid tumors, including breast and lung cancer..

In the last earnings report the EPS was $-1.00 and is projected to be $-1.06 for the current year with 78,576,000 shares now outstanding. Next quarter’s EPS is expected be $-0.26 and the next full year EPS is anticipated to be $-0.66.

Short traders are more bullish on shares of the company at least if you consider the fall in short interest. The stock experienced a fall in short interest between September 15, 2017 and September 29, 2017 of -4.76%. Short shares decreased from 9,354,212 to 8,909,100 over that period. With short interest at 8,909,100 and short average daily volume at 2,554,321, days to cover is 3.0 and the percentage of shorted shares is 0.11% as of September 29.