Zacks Investment Research upgraded shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) from a sell rating to a hold rating in a research note published on Friday morning.
According to Zacks, “A BLA is expected to be filed in 2018 for the Spectrum's’s lead pipeline candidate, Rolontis. A potential approval will help the company compete better. However, Spectrum’s efforts to gain approval for Qapzola (bladder cancer) in the United States suffered a setback with the FDA issuing a CRL in November 2016. Additional regulatory/development setbacks could affect the stock. However, out-licensing agreements for a number of products will allow Spectrum to focus on Evomela and the development of its pipeline candidates. Spectrum’s shares have significantly outperformed the industry in past one year. However, Spectrum's low product sales remain a cause of concern. Moreover, gaining market share is challenging for Spectrum as it competes with several companies with greater financial strength. Estimates have remained stable ahead of the Q4 earnings results.”
A number of other equities research analysts also recently commented on the company. Guggenheim initiated coverage on Spectrum Pharmaceuticals in a research report on Monday, October 23rd. They set a buy rating and a $32.00 price objective for the company. Jefferies Group increased their price objective on Spectrum Pharmaceuticals to $25.00 and gave the company a buy rating in a research report on Friday, October 20th. HC Wainwright reiterated a buy rating and set a $29.00 price objective on shares of Spectrum Pharmaceuticals in a research report on Monday, December 18th. Finally, B. Riley initiated coverage on Spectrum Pharmaceuticals in a research report on Monday, December 18th. They set a buy rating and a $26.00 price objective for the company. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $22.17.
Shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) traded up $0.12 during trading hours on Friday, hitting $19.42. The stock had a trading volume of 557,500 shares, compared to its average volume of 1,240,000. Spectrum Pharmaceuticals has a one year low of $4.31 and a one year high of $21.95. The firm has a market cap of $1,950.00, a P/E ratio of -19.42 and a beta of 1.63. The company has a debt-to-equity ratio of 0.33, a current ratio of 5.04 and a quick ratio of 4.89.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its quarterly earnings data on Thursday, November 2nd. The biotechnology company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.06). Spectrum Pharmaceuticals had a negative net margin of 58.94% and a negative return on equity of 29.73%. The company had revenue of $36.40 million for the quarter, compared to analyst estimates of $33.27 million. During the same quarter last year, the company posted ($0.07) EPS. Spectrum Pharmaceuticals’s revenue was up 9.0% on a year-over-year basis. research analysts expect that Spectrum Pharmaceuticals will post -1.06 earnings per share for the current fiscal year.
Large investors have recently made changes to their positions in the business. Piedmont Investment Advisors LLC acquired a new stake in Spectrum Pharmaceuticals during the 2nd quarter valued at $114,000. Jane Street Group LLC acquired a new stake in Spectrum Pharmaceuticals during the 3rd quarter valued at $152,000. BNP Paribas Arbitrage SA raised its stake in Spectrum Pharmaceuticals by 87.5% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 21,347 shares of the biotechnology company’s stock valued at $159,000 after purchasing an additional 9,960 shares during the period. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in Spectrum Pharmaceuticals during the 3rd quarter valued at $177,000. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in Spectrum Pharmaceuticals during the 3rd quarter valued at $192,000. 71.87% of the stock is currently owned by institutional investors.
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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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