ValuEngine cut shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) from a strong-buy rating to a buy rating in a research report released on Tuesday.
Other research analysts have also issued reports about the stock. BidaskClub raised shares of Spectrum Pharmaceuticals from a sell rating to a hold rating in a research note on Wednesday, August 29th. TheStreet lowered shares of Spectrum Pharmaceuticals from a c rating to a d+ rating in a research note on Wednesday, September 26th. HC Wainwright reaffirmed a buy rating and set a $33.00 price objective on shares of Spectrum Pharmaceuticals in a research note on Friday, June 29th. Zacks Investment Research lowered shares of Spectrum Pharmaceuticals from a hold rating to a sell rating in a research note on Monday. Finally, B. Riley boosted their target price on shares of Spectrum Pharmaceuticals from $26.00 to $35.00 and gave the company a buy rating in a research note on Friday, August 31st. Two analysts have rated the stock with a sell rating and five have assigned a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $30.40.
NASDAQ SPPI opened at $14.48 on Tuesday. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of -13.53 and a beta of 1.88. Spectrum Pharmaceuticals has a 52 week low of $13.59 and a 52 week high of $25.29.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its quarterly earnings data on Thursday, August 9th. The biotechnology company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.23) by $0.02. The company had revenue of $24.17 million during the quarter, compared to analyst estimates of $27.58 million. Spectrum Pharmaceuticals had a negative net margin of 41.24% and a negative return on equity of 27.71%. Spectrum Pharmaceuticals’s quarterly revenue was down 29.5% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.11) earnings per share. As a group, equities analysts anticipate that Spectrum Pharmaceuticals will post -0.97 EPS for the current fiscal year.
In other news, Director Gilles Gagnon sold 10,000 shares of the business’s stock in a transaction on Tuesday, October 9th. The shares were sold at an average price of $15.33, for a total transaction of $153,300.00. Following the completion of the sale, the director now directly owns 72,500 shares of the company’s stock, valued at $1,111,425. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.35% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Spectrum Pharmaceuticals by 9.7% during the second quarter. BlackRock Inc. now owns 16,527,226 shares of the biotechnology company’s stock valued at $346,411,000 after purchasing an additional 1,463,249 shares during the period. Northern Trust Corp boosted its stake in shares of Spectrum Pharmaceuticals by 17.2% during the second quarter. Northern Trust Corp now owns 1,263,899 shares of the biotechnology company’s stock valued at $26,492,000 after purchasing an additional 185,849 shares during the period. Bank of New York Mellon Corp lifted its stake in Spectrum Pharmaceuticals by 3.2% in the second quarter. Bank of New York Mellon Corp now owns 1,105,928 shares of the biotechnology company’s stock worth $23,180,000 after acquiring an additional 34,070 shares during the period. Wells Fargo & Company MN lifted its stake in Spectrum Pharmaceuticals by 5.3% in the second quarter. Wells Fargo & Company MN now owns 1,080,740 shares of the biotechnology company’s stock worth $22,652,000 after acquiring an additional 53,948 shares during the period. Finally, Voya Investment Management LLC lifted its stake in Spectrum Pharmaceuticals by 1,336.1% in the second quarter. Voya Investment Management LLC now owns 927,211 shares of the biotechnology company’s stock worth $19,434,000 after acquiring an additional 862,647 shares during the period. 82.73% of the stock is owned by hedge funds and other institutional investors.
About Spectrum Pharmaceuticals
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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