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.
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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