H.C. Wainwright & Co. Sees Significant Upside Ahead For Spectrum Pharmaceuticals

In a report published Friday, H.C. Wainwright & Co. analyst Reni Benjamin reiterated a Buy rating and $15.00 price target on

. In the report, H.C. Wainwright & Co. noted, “We are reiterating our BUY rating for Spectrum Pharmaceuticals and a 12-month target price of $15, based on a discounted revenues and earnings per share valuation methodology. A major highlight of the second quarter was the accelerated approval of Beleodaq (also called belinostat) for the treatment of patients with refractory or relapsed peripheral T-cell lymphoma (PTCL). Starting this month, Beleodaq becomes the fifth product to be incorporated into a solid portfolio of marketed oncology products including Fusilev, Zevalin, Folotyn, and Marqibo. With $135.7 MM in cash and a diverse pipeline of assets in clinical development, we believe Spectrum represents an undervalued player with significant upside for the long-term investor.” Spectrum Pharmaceuticals closed on Thursday at $7.24.