California Public Employees Retirement System lifted its position in Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) by 31.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 204,113 shares of the biotechnology company’s stock after buying an additional 48,413 shares during the period. California Public Employees Retirement System owned approximately 0.20% of Spectrum Pharmaceuticals worth $3,868,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas purchased a new position in Spectrum Pharmaceuticals during the fourth quarter valued at $541,000. Comerica Bank lifted its position in Spectrum Pharmaceuticals by 15.3% during the fourth quarter. Comerica Bank now owns 95,135 shares of the biotechnology company’s stock valued at $2,079,000 after purchasing an additional 12,613 shares in the last quarter. Chicago Equity Partners LLC purchased a new position in Spectrum Pharmaceuticals during the fourth quarter valued at $757,000. Fisher Asset Management LLC lifted its position in Spectrum Pharmaceuticals by 11.7% during the fourth quarter. Fisher Asset Management LLC now owns 200,252 shares of the biotechnology company’s stock valued at $3,795,000 after purchasing an additional 21,043 shares in the last quarter. Finally, Texas Permanent School Fund lifted its position in Spectrum Pharmaceuticals by 10.3% during the fourth quarter. Texas Permanent School Fund now owns 61,240 shares of the biotechnology company’s stock valued at $1,160,000 after purchasing an additional 5,719 shares in the last quarter. Hedge funds and other institutional investors own 78.89% of the company’s stock.
Shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) opened at $18.47 on Friday. The company has a market capitalization of $1,887.89, a PE ratio of -17.42 and a beta of 1.59. Spectrum Pharmaceuticals, Inc. has a twelve month low of $5.47 and a twelve month high of $23.50.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its quarterly earnings results on Tuesday, March 6th. The biotechnology company reported ($0.29) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.25) by ($0.04). The business had revenue of $28.57 million for the quarter, compared to the consensus estimate of $33.18 million. Spectrum Pharmaceuticals had a negative net margin of 70.66% and a negative return on equity of 30.68%. Spectrum Pharmaceuticals’s revenue was down 18.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.10) earnings per share. equities analysts anticipate that Spectrum Pharmaceuticals, Inc. will post -1.14 EPS for the current fiscal year.
Several equities analysts recently weighed in on the company. BidaskClub downgraded Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, February 22nd. B. Riley assumed coverage on Spectrum Pharmaceuticals in a research report on Monday, December 18th. They set a “buy” rating and a $26.00 target price on the stock. HC Wainwright lifted their target price on Spectrum Pharmaceuticals to $33.00 and gave the company a “buy” rating in a research report on Monday, February 5th. Finally, Zacks Investment Research upgraded Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Friday, January 12th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $25.20.
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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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