Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
According to Zacks, “Spectrum reported encouraging Q2 results, beating estimates for both sales and earnings. The company's progress with its lead pipeline candidate, Rolontis has been quite impressive. The company expects top-line data from a pivotal study and plans to file a BLA in 2018. However, Spectrum’s efforts to gain approval for Qapzola (bladder cancer) in the U.S. suffered a setback with the FDA issuing a complete response letter (CRL) in Nov 2016. Additional issues on the regulatory/development front could affect the stock. Also, low product sales remain a cause of concern. On the flip side, with the company entering into out-licensing agreements for a number of products, it will now be able to focus on Evomela and the development of its pipeline candidates. Spectrum’s shares have outperformed the industry so far this year.”
A number of other research analysts have also issued reports on SPPI. Jefferies Group LLC upped their target price on shares of Spectrum Pharmaceuticals from $8.50 to $9.00 and gave the company a “buy” rating in a report on Wednesday, May 3rd. HC Wainwright set a $10.00 target price on shares of Spectrum Pharmaceuticals and gave the company a “buy” rating in a report on Saturday, May 6th. ValuEngine upgraded shares of Spectrum Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Thursday, May 11th. Finally, BidaskClub lowered shares of Spectrum Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $10.80.
Spectrum Pharmaceuticals (SPPI) opened at 9.45 on Friday. Spectrum Pharmaceuticals has a 52 week low of $3.21 and a 52 week high of $9.70. The firm’s 50-day moving average is $8.04 and its 200-day moving average is $6.73. The stock’s market capitalization is $742.54 million.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its earnings results on Thursday, August 3rd. The biotechnology company reported ($0.26) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.27) by $0.01. The company had revenue of $34.30 million for the quarter, compared to analyst estimates of $30.50 million. Spectrum Pharmaceuticals had a negative net margin of 59.33% and a negative return on equity of 30.95%. The firm’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.35) EPS. On average, equities research analysts predict that Spectrum Pharmaceuticals will post ($1.03) EPS for the current fiscal year.
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Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Spectrum Pharmaceuticals by 1.2% in the second quarter. Vanguard Group Inc. now owns 7,292,704 shares of the biotechnology company’s stock valued at $54,331,000 after buying an additional 83,981 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Spectrum Pharmaceuticals by 6.9% in the second quarter. Renaissance Technologies LLC now owns 6,071,817 shares of the biotechnology company’s stock valued at $45,235,000 after buying an additional 392,017 shares during the last quarter. State Street Corp raised its position in shares of Spectrum Pharmaceuticals by 28.3% in the second quarter. State Street Corp now owns 3,020,563 shares of the biotechnology company’s stock valued at $22,507,000 after buying an additional 666,605 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Spectrum Pharmaceuticals by 21.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,674,679 shares of the biotechnology company’s stock valued at $19,926,000 after buying an additional 463,434 shares during the last quarter. Finally, Macquarie Group Ltd. raised its position in shares of Spectrum Pharmaceuticals by 9.4% in the second quarter. Macquarie Group Ltd. now owns 2,247,493 shares of the biotechnology company’s stock valued at $16,744,000 after buying an additional 193,883 shares during the last quarter. Institutional investors and hedge funds own 62.68% of the company’s stock.
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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