Spectrum Pharmaceuticals, Inc. (SPPI) Price Target Raised to $18.00

Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) had its target price raised by Jefferies Group LLC from $13.00 to $18.00 in a research note published on Monday. The brokerage currently has a buy rating on the biotechnology company’s stock. Jefferies Group also issued estimates for Spectrum Pharmaceuticals’ Q3 2017 earnings at ($0.19) EPS, Q4 2017 earnings at ($0.22) EPS, FY2017 earnings at ($0.96) EPS, FY2018 earnings at ($0.76) EPS, FY2020 earnings at $0.28 EPS and FY2021 earnings at $1.16 EPS.

Several other research firms have also recently commented on SPPI. Zacks Investment Research upgraded Spectrum Pharmaceuticals from a hold rating to a buy rating and set a $10.00 price target for the company in a report on Wednesday, August 9th. HC Wainwright restated a buy rating and issued a $14.00 price target on shares of Spectrum Pharmaceuticals in a report on Thursday, September 14th. ValuEngine upgraded Spectrum Pharmaceuticals from a sell rating to a hold rating in a report on Thursday, August 17th. Finally, BidaskClub cut Spectrum Pharmaceuticals from a strong-buy rating to a buy rating in a report on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. Spectrum Pharmaceuticals currently has a consensus rating of Buy and an average price target of $14.75.

Spectrum Pharmaceuticals (SPPI) opened at 13.67 on Monday. The firm has a 50-day moving average of $11.15 and a 200-day moving average of $8.13. Spectrum Pharmaceuticals has a 52-week low of $3.21 and a 52-week high of $15.32. The firm’s market cap is $1.07 billion.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its quarterly earnings data on Thursday, August 3rd. The biotechnology company reported ($0.26) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.01. The firm had revenue of $34.30 million during the quarter, compared to analysts’ expectations of $30.50 million. Spectrum Pharmaceuticals had a negative return on equity of 30.95% and a negative net margin of 59.33%. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter last year, the business posted ($0.35) EPS. Equities analysts anticipate that Spectrum Pharmaceuticals will post ($1.06) EPS for the current year.

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A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Spectrum Pharmaceuticals by 1.2% in the 2nd 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 period. Renaissance Technologies LLC grew its holdings in Spectrum Pharmaceuticals by 6.9% in the 2nd 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 period. State Street Corp grew its holdings in Spectrum Pharmaceuticals by 28.3% in the 2nd 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 period. Dimensional Fund Advisors LP grew its holdings in Spectrum Pharmaceuticals by 21.0% in the 2nd 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 period. Finally, Macquarie Group Ltd. grew its holdings in Spectrum Pharmaceuticals by 9.4% in the 2nd 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 period. Institutional investors own 66.09% 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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