ValuEngine Upgrades Spectrum Pharmaceuticals, Inc. (SPPI) to Sell

ValuEngine upgraded shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) from a strong sell rating to a sell rating in a report released on Thursday, May 11th.

SPPI has been the topic of several other research reports. FBR & Co restated a buy rating on shares of Spectrum Pharmaceuticals in a report on Saturday, April 1st. HC Wainwright set a $10.00 price objective on Spectrum Pharmaceuticals and gave the company a buy rating in a report on Saturday, May 6th. Jefferies Group LLC increased their price objective on Spectrum Pharmaceuticals from $8.50 to $9.00 and gave the company a buy rating in a report on Wednesday, May 3rd. Finally, Zacks Investment Research downgraded Spectrum Pharmaceuticals from a hold rating to a sell rating in a report on Wednesday, January 11th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. Spectrum Pharmaceuticals has an average rating of Buy and a consensus target price of $8.90.

Shares of Spectrum Pharmaceuticals (NASDAQ SPPI) opened at 6.50 on Thursday. The company’s market cap is $510.40 million. The stock’s 50 day moving average is $6.23 and its 200-day moving average is $5.69. Spectrum Pharmaceuticals has a one year low of $3.21 and a one year high of $8.00.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its quarterly earnings results on Tuesday, May 2nd. The biotechnology company reported ($0.18) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.02. Spectrum Pharmaceuticals had a negative return on equity of 24.06% and a negative net margin of 62.39%. The company had revenue of $29.10 million for the quarter, compared to the consensus estimate of $32.23 million. Equities research analysts expect that Spectrum Pharmaceuticals will post ($1.08) earnings per share for the current year.

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A number of hedge funds have recently bought and sold shares of SPPI. BlackRock Fund Advisors boosted its stake in Spectrum Pharmaceuticals by 24.1% in the third quarter. BlackRock Fund Advisors now owns 7,417,828 shares of the biotechnology company’s stock worth $34,641,000 after buying an additional 1,439,851 shares during the last quarter. Vanguard Group Inc. boosted its stake in Spectrum Pharmaceuticals by 13.8% in the first quarter. Vanguard Group Inc. now owns 7,208,723 shares of the biotechnology company’s stock worth $46,858,000 after buying an additional 874,871 shares during the last quarter. State Street Corp boosted its stake in Spectrum Pharmaceuticals by 45.3% in the first quarter. State Street Corp now owns 2,353,958 shares of the biotechnology company’s stock worth $15,305,000 after buying an additional 733,651 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Spectrum Pharmaceuticals by 9.7% in the first quarter. Renaissance Technologies LLC now owns 5,679,800 shares of the biotechnology company’s stock worth $36,919,000 after buying an additional 502,488 shares during the last quarter. Finally, Kennedy Capital Management Inc. bought a new stake in Spectrum Pharmaceuticals during the first quarter worth $2,054,000. 67.63% of the stock is owned by institutional investors.

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).

To view ValuEngine’s full report, visit ValuEngine’s official website.

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