Spectrum Pharmaceuticals (SPPI) Stock Rating Upgraded by BidaskClub

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BidaskClub upgraded shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) from a strong sell rating to a sell rating in a research report report published on Saturday morning.

Other equities research analysts have also recently issued reports about the company. TheStreet cut Spectrum Pharmaceuticals from a c rating to a d+ rating in a research note on Wednesday, September 26th. ValuEngine cut Spectrum Pharmaceuticals from a strong-buy rating to a buy rating in a research note on Tuesday, October 16th. Zacks Investment Research cut Spectrum Pharmaceuticals from a hold rating to a sell rating in a research note on Monday, October 15th. HC Wainwright upped their price target on Spectrum Pharmaceuticals to $40.00 and gave the stock a buy rating in a research note on Thursday, September 6th. Finally, B. Riley upped their price target on Spectrum Pharmaceuticals from $26.00 to $35.00 and gave the stock a buy rating in a research note on Friday, August 31st. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $31.67.

SPPI opened at $12.66 on Friday. Spectrum Pharmaceuticals has a 52-week low of $11.52 and a 52-week high of $25.29. The company has a market cap of $1.38 billion, a PE ratio of -11.83 and a beta of 2.18.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its earnings results on Thursday, August 9th. The biotechnology company reported ($0.21) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.23) by $0.02. The firm had revenue of $24.17 million for the quarter, compared to analysts’ expectations of $27.58 million. Spectrum Pharmaceuticals had a negative return on equity of 27.71% and a negative net margin of 41.24%. The business’s 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, sell-side analysts anticipate that Spectrum Pharmaceuticals will post -0.97 EPS for the current fiscal year.

In related news, Director Gilles Gagnon sold 10,000 shares of the company’s stock in a transaction on Tuesday, October 9th. The stock was sold at an average price of $15.33, for a total value of $153,300.00. Following 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 SEC, which is available through the SEC website. 9.35% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its stake in Spectrum Pharmaceuticals by 9.7% in the second quarter. BlackRock Inc. now owns 16,527,226 shares of the biotechnology company’s stock worth $346,411,000 after purchasing an additional 1,463,249 shares during the period. Northern Trust Corp grew its stake in shares of Spectrum Pharmaceuticals by 17.2% in the second quarter. Northern Trust Corp now owns 1,263,899 shares of the biotechnology company’s stock worth $26,492,000 after acquiring an additional 185,849 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of 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 last quarter. Wells Fargo & Company MN grew its stake in shares of 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 last quarter. Finally, Voya Investment Management LLC grew its stake in shares of 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 last quarter. 83.39% of the stock is currently owned by 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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