Spectrum Pharmaceuticals, Inc. (SPPI) Stake Lessened by Ameriprise Financial Inc.

Ameriprise Financial Inc. decreased its position in Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) by 0.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 376,275 shares of the biotechnology company’s stock after selling 110 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.48% of Spectrum Pharmaceuticals worth $2,807,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SPPI. Parametric Portfolio Associates LLC grew its stake in shares of Spectrum Pharmaceuticals by 16.6% in the 1st quarter. Parametric Portfolio Associates LLC now owns 132,064 shares of the biotechnology company’s stock worth $858,000 after acquiring an additional 18,760 shares in the last quarter. Mason Street Advisors LLC grew its stake in shares of Spectrum Pharmaceuticals by 8.4% in the 1st quarter. Mason Street Advisors LLC now owns 16,577 shares of the biotechnology company’s stock worth $108,000 after acquiring an additional 1,279 shares in the last quarter. Prudential Financial Inc. grew its stake in shares of Spectrum Pharmaceuticals by 101.5% in the 1st quarter. Prudential Financial Inc. now owns 379,496 shares of the biotechnology company’s stock worth $2,467,000 after acquiring an additional 191,180 shares in the last quarter. Arizona State Retirement System grew its stake in shares of Spectrum Pharmaceuticals by 2.5% in the 1st quarter. Arizona State Retirement System now owns 36,955 shares of the biotechnology company’s stock worth $240,000 after acquiring an additional 900 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of Spectrum Pharmaceuticals by 4.6% in the 1st quarter. Principal Financial Group Inc. now owns 553,451 shares of the biotechnology company’s stock worth $3,598,000 after acquiring an additional 24,245 shares in the last quarter. Hedge funds and other institutional investors own 66.41% of the company’s stock.

Several analysts have recently issued reports on SPPI shares. Zacks Investment Research upgraded shares of Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a research note on Wednesday, August 9th. Jefferies Group LLC upped their target price on shares of Spectrum Pharmaceuticals from $9.00 to $13.00 and gave the stock a “buy” rating in a research note on Monday, September 25th. Guggenheim started coverage on shares of Spectrum Pharmaceuticals in a research note on Monday, October 23rd. They issued a “buy” rating for the company. HC Wainwright reiterated a “buy” rating and issued a $14.00 target price on shares of Spectrum Pharmaceuticals in a research note on Thursday, September 14th. Finally, ValuEngine upgraded shares of Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Thursday, August 17th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $15.00.

Shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) opened at 19.42 on Monday. The company’s market cap is $1.53 billion. Spectrum Pharmaceuticals, Inc. has a 1-year low of $3.21 and a 1-year high of $21.95. The stock has a 50 day moving average of $13.71 and a 200 day moving average of $9.06.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its quarterly earnings results on Thursday, August 3rd. The biotechnology company reported ($0.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.01. The firm had revenue of $34.30 million during the quarter, compared to analyst estimates of $30.50 million. Spectrum Pharmaceuticals had a negative return on equity of 30.95% and a negative net margin of 59.33%. Spectrum Pharmaceuticals’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.35) EPS. On average, equities analysts forecast that Spectrum Pharmaceuticals, Inc. will post ($1.04) EPS for the current year.

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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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Institutional Ownership by Quarter for Spectrum Pharmaceuticals (NASDAQ:SPPI)

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