Stock Traders Purchase Large Volume of Spectrum Pharmaceuticals Call Options (SPPI)

Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) was the target of some unusual options trading on Tuesday. Stock traders acquired 3,461 call options on the stock. This is an increase of 1,588% compared to the average volume of 205 call options.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue lifted its position in Spectrum Pharmaceuticals by 77.1% during the 2nd quarter. State of Alaska Department of Revenue now owns 13,918 shares of the biotechnology company’s stock worth $103,000 after acquiring an additional 6,058 shares in the last quarter. Piedmont Investment Advisors LLC acquired a new position in Spectrum Pharmaceuticals during the 2nd quarter worth approximately $114,000. Municipal Employees Retirement System of Michigan lifted its position in Spectrum Pharmaceuticals by 5.6% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 16,720 shares of the biotechnology company’s stock worth $125,000 after acquiring an additional 880 shares in the last quarter. Jane Street Group LLC acquired a new position in Spectrum Pharmaceuticals during the 3rd quarter worth approximately $152,000. Finally, BNP Paribas Arbitrage SA lifted its position in Spectrum Pharmaceuticals by 87.5% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 21,347 shares of the biotechnology company’s stock worth $159,000 after acquiring an additional 9,960 shares in the last quarter. 71.88% of the stock is currently owned by institutional investors and hedge funds.

Spectrum Pharmaceuticals (SPPI) opened at $19.00 on Friday. Spectrum Pharmaceuticals has a 52 week low of $3.95 and a 52 week high of $21.95. The company has a debt-to-equity ratio of 0.33, a quick ratio of 4.89 and a current ratio of 5.04.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its quarterly earnings data on Thursday, November 2nd. The biotechnology company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.06). The firm had revenue of $36.40 million during the quarter, compared to analyst estimates of $33.27 million. Spectrum Pharmaceuticals had a negative net margin of 58.94% and a negative return on equity of 29.73%. The business’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.07) earnings per share. sell-side analysts anticipate that Spectrum Pharmaceuticals will post -1.03 EPS for the current year.

Several equities analysts have recently weighed in on the company. HC Wainwright reaffirmed a “buy” rating on shares of Spectrum Pharmaceuticals in a research note on Friday, November 3rd. Guggenheim assumed coverage on Spectrum Pharmaceuticals in a research note on Monday, October 23rd. They issued a “buy” rating and a $32.00 price objective on the stock. Jefferies Group lifted their price objective on Spectrum Pharmaceuticals to $25.00 and gave the company a “buy” rating in a research note on Friday, October 20th. Zacks Investment Research lowered Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Wednesday, October 4th. Finally, ValuEngine raised Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Thursday, August 17th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $21.40.

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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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