Spectrum Pharmaceuticals (NASDAQ:SPPI) was downgraded by research analysts at ValuEngine from a “buy” rating to a “hold” rating in a note issued to investors on Saturday, June 1st, ValuEngine reports.
Other equities analysts also recently issued research reports about the company. Guggenheim initiated coverage on Spectrum Pharmaceuticals in a research report on Monday, May 13th. They set a “buy” rating and a $19.00 price objective on the stock. Jefferies Financial Group reissued a “buy” rating and set a $21.00 target price on shares of Spectrum Pharmaceuticals in a research note on Friday, March 15th. BidaskClub raised Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Tuesday, May 14th. Zacks Investment Research raised Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, May 1st. Finally, Cantor Fitzgerald began coverage on Spectrum Pharmaceuticals in a research note on Thursday, February 7th. They set an “overweight” rating and a $19.00 target price for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. Spectrum Pharmaceuticals has a consensus rating of “Buy” and an average target price of $24.00.
Spectrum Pharmaceuticals stock traded down $0.08 during trading on Friday, reaching $8.34. 582,263 shares of the company were exchanged, compared to its average volume of 951,466. Spectrum Pharmaceuticals has a 52-week low of $6.22 and a 52-week high of $25.29. The firm has a market capitalization of $915.86 million, a P/E ratio of -8.26 and a beta of 2.61. The firm’s 50 day moving average price is $8.19.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($0.27) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.23) by ($0.04). Spectrum Pharmaceuticals had a negative return on equity of 37.72% and a negative net margin of 109.76%. During the same period in the previous year, the company posted ($0.15) EPS. On average, sell-side analysts expect that Spectrum Pharmaceuticals will post -1.42 EPS for the current year.
In other Spectrum Pharmaceuticals news, Director Stuart Mitchell Krassner sold 42,456 shares of Spectrum Pharmaceuticals stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $7.99, for a total transaction of $339,223.44. Following the completion of the sale, the director now directly owns 73,015 shares of the company’s stock, valued at approximately $583,389.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Keith M. Mcgahan sold 3,535 shares of Spectrum Pharmaceuticals stock in a transaction dated Wednesday, June 19th. The stock was sold at an average price of $8.49, for a total value of $30,012.15. Following the sale, the insider now directly owns 135,756 shares of the company’s stock, valued at $1,152,568.44. The disclosure for this sale can be found here. Insiders sold 157,355 shares of company stock valued at $1,427,208 over the last ninety days. Insiders own 4.17% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Macquarie Group Ltd. lifted its holdings in shares of Spectrum Pharmaceuticals by 89.1% in the 4th quarter. Macquarie Group Ltd. now owns 2,376,558 shares of the biotechnology company’s stock valued at $20,795,000 after purchasing an additional 1,119,715 shares during the last quarter. Norges Bank purchased a new stake in shares of Spectrum Pharmaceuticals in the 4th quarter valued at about $16,985,000. Geode Capital Management LLC lifted its holdings in shares of Spectrum Pharmaceuticals by 12.7% in the 4th quarter. Geode Capital Management LLC now owns 1,156,119 shares of the biotechnology company’s stock valued at $10,116,000 after purchasing an additional 130,715 shares during the last quarter. Candriam Luxembourg S.C.A. lifted its holdings in shares of Spectrum Pharmaceuticals by 6.6% in the 1st quarter. Candriam Luxembourg S.C.A. now owns 1,044,900 shares of the biotechnology company’s stock valued at $11,170,000 after purchasing an additional 65,075 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Spectrum Pharmaceuticals by 35.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,000,245 shares of the biotechnology company’s stock valued at $8,753,000 after purchasing an additional 263,961 shares during the last quarter. 71.78% of the stock is owned by institutional investors and hedge funds.
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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