Spectrum Pharmaceuticals (SPPI) Shares Gap Up on Analyst Upgrade

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Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) shares gapped up before the market opened on Friday after HC Wainwright raised their price target on the stock to $40.00. The stock had previously closed at $20.84, but opened at $21.93. HC Wainwright currently has a buy rating on the stock. Spectrum Pharmaceuticals shares last traded at $21.92, with a volume of 62217 shares trading hands.

A number of other research firms have also commented on SPPI. TheStreet raised Spectrum Pharmaceuticals from a “d+” rating to a “c” rating in a report on Monday, August 20th. BidaskClub lowered Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Wednesday, August 1st. B. Riley lifted their target price on Spectrum Pharmaceuticals from $26.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, August 31st. Finally, Zacks Investment Research lowered Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Thursday, July 5th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $30.40.

Institutional investors have recently bought and sold shares of the business. Meeder Asset Management Inc. increased its holdings in shares of Spectrum Pharmaceuticals by 134.3% in the 2nd quarter. Meeder Asset Management Inc. now owns 5,448 shares of the biotechnology company’s stock worth $114,000 after purchasing an additional 3,123 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Spectrum Pharmaceuticals in the 1st quarter worth $103,000. Hartford Investment Management Co. bought a new stake in shares of Spectrum Pharmaceuticals in the 2nd quarter worth $219,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Spectrum Pharmaceuticals in the 1st quarter worth $184,000. Finally, Commonwealth Equity Services LLC bought a new stake in shares of Spectrum Pharmaceuticals in the 1st quarter worth $184,000. 85.07% of the stock is owned by institutional investors and hedge funds.

The firm has a market capitalization of $2.23 billion, a P/E ratio of -20.26 and a beta of 1.85.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its quarterly earnings results on Thursday, August 9th. The biotechnology company reported ($0.21) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.23) by $0.02. The firm had revenue of $24.17 million for the quarter, compared to the consensus estimate of $27.58 million. Spectrum Pharmaceuticals had a negative return on equity of 27.71% and a negative net margin of 41.24%. The company’s revenue for the quarter was down 29.5% on a year-over-year basis. During the same period last year, the business posted ($0.11) EPS. research analysts anticipate that Spectrum Pharmaceuticals, Inc. will post -0.97 EPS for the current year.

About Spectrum Pharmaceuticals (NASDAQ:SPPI)

Spectrum Pharmaceuticals, Inc develops and commercializes oncology and hematology drug products. The company markets six drug products, including FUSILEV for patients with metastatic colorectal cancer and rescue after high-dose methotrexate therapy in osteosarcoma, and to diminish toxicity and counteract the effects of impaired methotrexate elimination and of inadvertent overdosage of folic acid antagonists; FOLOTYN, a folate analogue metabolic inhibitor for peripheral T-cell lymphoma (PTCL); ZEVALIN injection for patients with B-cell non-Hodgkin's lymphoma; MARQIBO, a sphingomyelin/cholesterol liposome-encapsulated formulation for adult patients with Philadelphia chromosome-negative acute lymphoblastic leukemia; BELEODAQ injection for PTCL; and EVOMELA for use as a conditioning treatment prior to autologous stem cell transplant in multiple myeloma patients.

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