Spectrum Pharmaceuticals (NASDAQ:SPPI) Stock Rating Reaffirmed by JMP Securities

JMP Securities restated their buy rating on shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) in a research report report published on Monday morning, PriceTargets.com reports. JMP Securities currently has a $4.00 target price on the biotechnology company’s stock.

Other analysts also recently issued reports about the stock. B. Riley lowered their price target on shares of Spectrum Pharmaceuticals from $8.00 to $6.00 and set a buy rating for the company in a research note on Wednesday, August 18th. Zacks Investment Research downgraded shares of Spectrum Pharmaceuticals from a hold rating to a sell rating in a research note on Wednesday, September 1st.

Spectrum Pharmaceuticals stock opened at $2.40 on Monday. The stock has a market cap of $393.77 million, a P/E ratio of -1.95 and a beta of 2.14. The company’s 50 day moving average price is $2.61 and its two-hundred day moving average price is $3.16. Spectrum Pharmaceuticals has a 52 week low of $2.14 and a 52 week high of $5.24.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its quarterly earnings data on Thursday, August 12th. The biotechnology company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). As a group, sell-side analysts expect that Spectrum Pharmaceuticals will post -1.13 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPPI. Royal Bank of Canada increased its stake in shares of Spectrum Pharmaceuticals by 76.4% in the second quarter. Royal Bank of Canada now owns 10,592 shares of the biotechnology company’s stock worth $40,000 after purchasing an additional 4,587 shares in the last quarter. Quilter Plc purchased a new position in Spectrum Pharmaceuticals during the second quarter valued at $44,000. Vantage Consulting Group Inc grew its stake in Spectrum Pharmaceuticals by 150.5% during the first quarter. Vantage Consulting Group Inc now owns 11,686 shares of the biotechnology company’s stock valued at $38,000 after acquiring an additional 7,020 shares in the last quarter. HighTower Advisors LLC purchased a new position in shares of Spectrum Pharmaceuticals in the 1st quarter worth $38,000. Finally, Continuum Advisory LLC purchased a new position in shares of Spectrum Pharmaceuticals in the 2nd quarter worth $66,000. Institutional investors and hedge funds own 69.78% of the company’s stock.

About Spectrum Pharmaceuticals

Spectrum Pharmaceuticals, Inc is a biotechnology company, which engages in the acquisition, development and commercialization of pipeline of late-stage clinical and commercial products. It operates through the following brands: FOLOTYN, ZEVALIN, MARQIBO, BELEODAQ and EVOMELA. The company was founded in December 1987 and is headquartered in Henderson, NV.

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