Rodman & Renshaw Pounds Table on Spectrum Pharma (SPPI) Following Positive Trial Data
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Rodman & Renshaw commented on Spectrum Pharmaceuticals Inc. (Nasdaq: SPPI) after the company and partners GPC Biotech (Nasdaq: GPCB) and Pharmion (Nasdaq: PHRM) announced statistically significant positive results from the ongoing pivotal Phase 3 trial evaluating satraplatin in patients with second-line hormone refractory prostate cancer.
Analyst Reni Benjamin said, "... we expect satraplatin to be launched in the U.S. market in 3Q07 and in the EU market in 1H08." He also said, "we calculate a NPV of the satraplatin royalty stream of approximately $100 MM, or $4 per share (based on approximately 25 MM shares outstanding), or $2.50 per share (based on 40 MM fully diluted shares outstanding)." Commenting on value, Benjamin said, "With approximately $2.3 in cash/ share, we believe the current valuation in shares fails to realize the potential of satraplatin and COMPLETELY discounts the value of the company’s pipeline."
The firm reiterates their Market Outperform / Speculative Risk rating and 12-month target price of $13.
Shares of Spectrum Pharmaceuticals are up 37% to $4.80 in mid-day action Monday on today's positive trial news.
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