Several other research firms also recently weighed in on SPPI. Guggenheim assumed coverage on shares of Spectrum Pharmaceuticals in a research note on Monday, May 13th. They issued a buy rating and a $19.00 price target on the stock. Jefferies Financial Group reaffirmed a buy rating and set a $21.00 target price on shares of Spectrum Pharmaceuticals in a research note on Friday, March 15th. Cantor Fitzgerald started coverage on shares of Spectrum Pharmaceuticals in a research report on Thursday, February 7th. They set an overweight rating and a $19.00 price target for the company. Zacks Investment Research upgraded shares of Spectrum Pharmaceuticals from a sell rating to a hold rating in a research report on Wednesday, May 1st. Finally, ValuEngine cut shares of Spectrum Pharmaceuticals from a buy rating to a hold rating in a research report on Monday, February 4th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of Buy and an average target price of $24.00.
Shares of NASDAQ SPPI traded down $0.20 during trading on Wednesday, hitting $7.45. The company had a trading volume of 992,920 shares, compared to its average volume of 957,619. Spectrum Pharmaceuticals has a fifty-two week low of $6.22 and a fifty-two week high of $25.29. The firm has a market cap of $856.49 million, a price-to-earnings ratio of -7.38 and a beta of 2.61.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its earnings results on Thursday, May 9th. The biotechnology company reported ($0.27) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by ($0.04). Spectrum Pharmaceuticals had a negative net margin of 109.76% and a negative return on equity of 37.72%. During the same quarter last year, the business posted ($0.15) earnings per share. Equities analysts expect that Spectrum Pharmaceuticals will post -1.42 EPS for the current fiscal year.
In other Spectrum Pharmaceuticals news, CEO Joseph W. Turgeon sold 5,315 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $9.46, for a total transaction of $50,279.90. Following the completion of the transaction, the chief executive officer now owns 478,226 shares in the company, valued at approximately $4,524,017.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stuart Mitchell Krassner sold 42,456 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $7.99, for a total transaction of $339,223.44. Following the transaction, the director now owns 73,015 shares of the company’s stock, valued at approximately $583,389.85. The disclosure for this sale can be found here. Insiders sold 161,765 shares of company stock valued at $1,481,259 in the last 90 days. Company insiders own 9.35% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of Spectrum Pharmaceuticals during the 4th quarter worth approximately $16,985,000. Macquarie Group Ltd. lifted its position in shares of Spectrum Pharmaceuticals by 89.1% during the 4th quarter. Macquarie Group Ltd. now owns 2,376,558 shares of the biotechnology company’s stock worth $20,795,000 after buying an additional 1,119,715 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Spectrum Pharmaceuticals by 69.3% during the 1st quarter. Renaissance Technologies LLC now owns 1,692,182 shares of the biotechnology company’s stock worth $18,089,000 after buying an additional 692,582 shares during the last quarter. Sio Capital Management LLC purchased a new stake in shares of Spectrum Pharmaceuticals during the 1st quarter worth approximately $5,922,000. Finally, ArrowMark Colorado Holdings LLC lifted its position in shares of Spectrum Pharmaceuticals by 18.5% during the 1st quarter. ArrowMark Colorado Holdings LLC now owns 3,531,791 shares of the biotechnology company’s stock worth $37,755,000 after buying an additional 551,105 shares during the last quarter. Institutional investors own 71.79% of the company’s stock.
Spectrum Pharmaceuticals Company Profile
Spectrum Pharmaceuticals, Inc develops and commercializes oncology and hematology drug products. The company offers KHAPZORY, a novel folate analog and the pharmacologically active levo-isomer of d, and 1-leucovorin; FOLOTYN, a folate analogue metabolic inhibitor for peripheral T-cell lymphoma (PTCL); ZEVALIN injection to treat non-Hodgkin's lymphoma; MARQIBO for adult patients with Philadelphia chromosome-negative acute lymphoblastic leukemia; BELEODAQ, a histone deacytelase, or HDAC, inhibitor for the treatment of patients with relapsed or refractory PTCL; and EVOMELA for use as a conditioning treatment prior to autologous stem cell transplant in multiple myeloma patients.
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