Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) has earned an average recommendation of “Buy” from the nine ratings firms that are covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $23.40.
A number of brokerages have commented on SPPI. ValuEngine upgraded Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Tuesday. BidaskClub upgraded Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Thursday. Finally, B. Riley set a $18.00 target price on Spectrum Pharmaceuticals and gave the company a “buy” rating in a report on Friday, August 23rd.
Shares of SPPI stock traded down $0.08 during trading hours on Friday, reaching $9.08. 26,429 shares of the company’s stock were exchanged, compared to its average volume of 616,918. The company has a market cap of $1.00 billion, a P/E ratio of -9.02 and a beta of 2.54. The company’s 50 day moving average is $7.66 and its two-hundred day moving average is $8.80. Spectrum Pharmaceuticals has a 1 year low of $6.22 and a 1 year high of $21.80. The company has a debt-to-equity ratio of 0.04, a current ratio of 5.37 and a quick ratio of 5.37.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its earnings results on Thursday, August 8th. The biotechnology company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.13. The business had revenue of ($1.25) million during the quarter, compared to the consensus estimate of $0.50 million. Spectrum Pharmaceuticals had a negative return on equity of 41.95% and a negative net margin of 109.76%. The company’s revenue for the quarter was down 105.2% on a year-over-year basis. During the same period in the prior year, the business posted ($0.21) EPS. As a group, analysts predict that Spectrum Pharmaceuticals will post -1.21 EPS for the current fiscal year.
In other news, insider Keith M. Mcgahan sold 3,535 shares of the firm’s stock in a transaction on Wednesday, June 19th. The stock was sold at an average price of $8.49, for a total transaction of $30,012.15. Following the sale, the insider now owns 135,756 shares in the company, valued at $1,152,568.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William Ashton sold 6,667 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $8.57, for a total value of $57,136.19. Following the sale, the director now owns 8,333 shares in the company, valued at approximately $71,413.81. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,496 shares of company stock worth $89,433. 9.35% of the stock is owned by insiders.
Several hedge funds have recently bought and sold shares of SPPI. BlackRock Inc. raised its position in Spectrum Pharmaceuticals by 4.6% in the second quarter. BlackRock Inc. now owns 17,538,995 shares of the biotechnology company’s stock valued at $151,009,000 after purchasing an additional 778,654 shares during the period. Vanguard Group Inc. raised its position in shares of Spectrum Pharmaceuticals by 5.1% during the second quarter. Vanguard Group Inc. now owns 11,972,641 shares of the biotechnology company’s stock valued at $103,085,000 after buying an additional 579,500 shares during the last quarter. Primecap Management Co. CA raised its position in shares of Spectrum Pharmaceuticals by 0.6% during the second quarter. Primecap Management Co. CA now owns 11,126,000 shares of the biotechnology company’s stock valued at $95,795,000 after buying an additional 67,000 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Spectrum Pharmaceuticals by 61.1% during the second quarter. Renaissance Technologies LLC now owns 2,726,317 shares of the biotechnology company’s stock valued at $23,474,000 after buying an additional 1,034,135 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of Spectrum Pharmaceuticals by 2.1% during the second quarter. Northern Trust Corp now owns 1,290,560 shares of the biotechnology company’s stock valued at $11,112,000 after buying an additional 26,251 shares during the last quarter. Institutional investors and hedge funds own 73.25% of the company’s stock.
About Spectrum Pharmaceuticals
Spectrum Pharmaceuticals, Inc develops and commercializes oncology and hematology drug products. The company offers KHAPZORY, a novel folate analog and the pharmacologically active levo-isomer of d, and 1-leucovorin; FOLOTYN, a folate analogue metabolic inhibitor for peripheral T-cell lymphoma (PTCL); ZEVALIN injection to treat non-Hodgkin's lymphoma; MARQIBO for adult patients with Philadelphia chromosome-negative acute lymphoblastic leukemia; BELEODAQ, a histone deacytelase, or HDAC, inhibitor for the treatment of patients with relapsed or refractory PTCL; and EVOMELA for use as a conditioning treatment prior to autologous stem cell transplant in multiple myeloma patients.
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