Spectrum Pharmaceuticals (SPPI) Shares Up 9.9%

Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI)’s share price shot up 9.9% during trading on Monday . The stock traded as high as $21.00 and last traded at $20.92. 1,675,953 shares were traded during trading, an increase of 82% from the average session volume of 919,314 shares. The stock had previously closed at $19.03.

Several equities research analysts have issued reports on the company. Guggenheim assumed coverage on Spectrum Pharmaceuticals in a report on Monday, October 23rd. They set a “buy” rating and a $32.00 price objective on the stock. Zacks Investment Research upgraded Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Friday, January 12th. HC Wainwright restated a “buy” rating and set a $29.00 price objective (up from $20.00) on shares of Spectrum Pharmaceuticals in a report on Wednesday, October 18th. Jefferies Group lifted their price objective on Spectrum Pharmaceuticals to $25.00 and gave the stock a “buy” rating in a report on Friday, October 20th. Finally, B. Riley assumed coverage on Spectrum Pharmaceuticals in a report on Monday, December 18th. They set a “buy” rating and a $26.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Spectrum Pharmaceuticals currently has an average rating of “Buy” and an average target price of $22.17.

The company has a debt-to-equity ratio of 0.33, a current ratio of 5.04 and a quick ratio of 4.89. The firm has a market cap of $2,040.00, a price-to-earnings ratio of -20.92 and a beta of 1.63.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its quarterly earnings data on Thursday, November 2nd. The biotechnology company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.06). Spectrum Pharmaceuticals had a negative return on equity of 29.73% and a negative net margin of 58.94%. The business had revenue of $36.40 million for the quarter, compared to analysts’ expectations of $33.27 million. During the same quarter in the prior year, the firm earned ($0.07) earnings per share. Spectrum Pharmaceuticals’s revenue for the quarter was up 9.0% compared to the same quarter last year. equities research analysts expect that Spectrum Pharmaceuticals, Inc. will post -1.06 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Piedmont Investment Advisors LLC bought a new stake in shares of Spectrum Pharmaceuticals in the 2nd quarter valued at approximately $114,000. Jane Street Group LLC bought a new stake in shares of Spectrum Pharmaceuticals in the 3rd quarter valued at approximately $152,000. BNP Paribas Arbitrage SA increased its holdings in shares of Spectrum Pharmaceuticals by 87.5% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 21,347 shares of the biotechnology company’s stock valued at $159,000 after acquiring an additional 9,960 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of Spectrum Pharmaceuticals in the 3rd quarter valued at approximately $177,000. Finally, Campbell & CO Investment Adviser LLC bought a new stake in shares of Spectrum Pharmaceuticals in the 3rd quarter valued at approximately $192,000. Institutional investors and hedge funds own 71.84% of the company’s stock.

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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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