Spectrum Pharmaceuticals’ (SPPI) Buy Rating Reiterated at HC Wainwright

Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI)‘s stock had its “buy” rating restated by research analysts at HC Wainwright in a research report issued on Wednesday, MarketBeat Ratings reports.

A number of other equities analysts have also recently issued reports on the stock. Jefferies Group LLC set a $9.00 price objective on shares of Spectrum Pharmaceuticals and gave the company a “buy” rating in a research report on Friday, August 25th. Zacks Investment Research upgraded shares of Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. BidaskClub cut shares of Spectrum Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Finally, ValuEngine upgraded shares of Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, August 17th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $15.00.

Spectrum Pharmaceuticals (SPPI) traded up 4.08% during mid-day trading on Wednesday, reaching $19.37. The company had a trading volume of 3,853,713 shares. Spectrum Pharmaceuticals has a 12-month low of $3.21 and a 12-month high of $21.95. The firm has a 50-day moving average price of $12.49 and a 200 day moving average price of $8.60. The firm’s market capitalization is $1.52 billion.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its quarterly earnings results on Thursday, August 3rd. The biotechnology company reported ($0.26) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.01. The business had revenue of $34.30 million during the quarter, compared to the consensus estimate of $30.50 million. Spectrum Pharmaceuticals had a negative net margin of 59.33% and a negative return on equity of 30.95%. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.35) earnings per share. Analysts expect that Spectrum Pharmaceuticals will post ($1.06) EPS for the current year.

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Hedge funds have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue increased its position in shares of Spectrum Pharmaceuticals by 77.1% in the second quarter. State of Alaska Department of Revenue now owns 13,918 shares of the biotechnology company’s stock valued at $103,000 after acquiring an additional 6,058 shares during the period. Piedmont Investment Advisors LLC purchased a new position in shares of Spectrum Pharmaceuticals in the second quarter valued at about $114,000. Mason Street Advisors LLC increased its position in shares of Spectrum Pharmaceuticals by 8.4% in the first quarter. Mason Street Advisors LLC now owns 16,577 shares of the biotechnology company’s stock valued at $108,000 after acquiring an additional 1,279 shares during the period. Municipal Employees Retirement System of Michigan increased its position in shares of Spectrum Pharmaceuticals by 5.6% in the second quarter. Municipal Employees Retirement System of Michigan now owns 16,720 shares of the biotechnology company’s stock valued at $125,000 after acquiring an additional 880 shares during the period. Finally, Pillar Pacific Capital Management LLC purchased a new position in shares of Spectrum Pharmaceuticals in the second quarter valued at about $138,000. Hedge funds and other institutional investors own 66.09% of the company’s stock.

About Spectrum Pharmaceuticals

Spectrum Pharmaceuticals, Inc is a biotechnology company. The Company operates through developing and commercializing oncology and hematology drug products segment. It has a product portfolio consisting of both commercial stage and development stage products that address various cancer types. The Company has six approved oncology/hematology products that target different types of cancer, including non-Hodgkin’s lymphoma (NHL), advanced metastatic colorectal cancer (mCRC), acute lymphoblastic leukemia (ALL) and multiple myeloma (MM).

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