Trexquant Investment LP acquired a new position in Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 18,784 shares of the biotechnology company’s stock, valued at approximately $316,000.
A number of other institutional investors and hedge funds have also recently made changes to their positions in SPPI. Northeast Financial Consultants Inc purchased a new stake in Spectrum Pharmaceuticals in the 3rd quarter worth about $168,000. Smith Asset Management Group LP purchased a new stake in Spectrum Pharmaceuticals in the 3rd quarter worth about $199,000. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Spectrum Pharmaceuticals in the 2nd quarter worth about $248,000. B. Riley Financial Inc. purchased a new stake in Spectrum Pharmaceuticals in the 2nd quarter worth about $405,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in Spectrum Pharmaceuticals in the 2nd quarter worth about $415,000. 82.14% of the stock is owned by institutional investors.
In other news, Director Gilles Gagnon sold 10,000 shares of the business’s stock in a transaction dated Tuesday, October 9th. The stock was sold at an average price of $15.33, for a total transaction of $153,300.00. Following the completion of the transaction, the director now owns 72,500 shares of the company’s stock, valued at $1,111,425. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anthony E. Maida III sold 7,250 shares of the business’s stock in a transaction dated Thursday, November 8th. The stock was sold at an average price of $13.07, for a total value of $94,757.50. Following the transaction, the director now directly owns 40,238 shares of the company’s stock, valued at approximately $525,910.66. The disclosure for this sale can be found here. Insiders have sold 24,500 shares of company stock valued at $339,408 in the last three months. 9.35% of the stock is owned by insiders.
SPPI stock opened at $12.36 on Friday. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of -11.55 and a beta of 2.19. Spectrum Pharmaceuticals, Inc. has a twelve month low of $11.52 and a twelve month high of $25.29.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its earnings results on Thursday, November 8th. The biotechnology company reported ($0.17) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.27) by $0.10. The business had revenue of $25.27 million during the quarter, compared to analyst estimates of $25.73 million. Spectrum Pharmaceuticals had a negative return on equity of 27.72% and a negative net margin of 91.56%. The company’s quarterly revenue was down 30.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.11) EPS. As a group, equities research analysts expect that Spectrum Pharmaceuticals, Inc. will post -0.9 earnings per share for the current fiscal year.
SPPI has been the subject of a number of recent analyst reports. TheStreet raised Spectrum Pharmaceuticals from a “d+” rating to a “c” rating in a report on Monday, August 20th. BidaskClub raised Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, August 29th. B. Riley lifted their target price on Spectrum Pharmaceuticals from $26.00 to $35.00 and gave the company a “buy” rating in a report on Friday, August 31st. HC Wainwright lifted their target price on Spectrum Pharmaceuticals to $40.00 and gave the company a “buy” rating in a report on Thursday, September 6th. Finally, Zacks Investment Research lowered Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Monday, October 15th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $29.67.
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About Spectrum Pharmaceuticals
Spectrum Pharmaceuticals, Inc develops and commercializes oncology and hematology drug products. The company markets six drug products, including FUSILEV for patients with metastatic colorectal cancer and rescue after high-dose methotrexate therapy in osteosarcoma, and to diminish toxicity and counteract the effects of impaired methotrexate elimination and of inadvertent overdosage of folic acid antagonists; FOLOTYN, a folate analogue metabolic inhibitor for peripheral T-cell lymphoma (PTCL); ZEVALIN injection for patients with B-cell non-Hodgkin's lymphoma; MARQIBO, a sphingomyelin/cholesterol liposome-encapsulated formulation for adult patients with Philadelphia chromosome-negative acute lymphoblastic leukemia; BELEODAQ injection for PTCL; and EVOMELA for use as a conditioning treatment prior to autologous stem cell transplant in multiple myeloma patients.
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