Spectrum Pharmaceuticals (SPPI) Stock Price Up 12.1%

Spectrum Pharmaceuticals (NASDAQ:SPPI)’s share price rose 12.1% during mid-day trading on Thursday . The stock traded as high as $21.50 and last traded at $20.00. Approximately 4,181,800 shares changed hands during mid-day trading, an increase of 195% from the average daily volume of 1,418,267 shares. The stock had previously closed at $17.84.

SPPI has been the topic of several recent research reports. BidaskClub upgraded Spectrum Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, January 26th. Zacks Investment Research cut Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Monday, April 16th. HC Wainwright raised their price target on Spectrum Pharmaceuticals to $33.00 and gave the company a “buy” rating in a report on Monday, February 5th. TheStreet cut Spectrum Pharmaceuticals from a “c-” rating to a “d+” rating in a report on Friday, March 16th. Finally, ValuEngine upgraded Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. One analyst has rated the stock with a sell rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Spectrum Pharmaceuticals currently has an average rating of “Buy” and a consensus target price of $27.20.

The firm has a market cap of $1.82 billion, a PE ratio of -18.69 and a beta of 1.99.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its earnings results on Thursday, May 3rd. The biotechnology company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.35) by $0.19. Spectrum Pharmaceuticals had a negative return on equity of 29.47% and a negative net margin of 64.39%. The firm had revenue of $30.50 million for the quarter, compared to analyst estimates of $25.68 million. During the same quarter in the prior year, the firm posted ($0.14) earnings per share. The company’s quarterly revenue was up 4.8% on a year-over-year basis. equities analysts expect that Spectrum Pharmaceuticals will post -0.91 earnings per share for the current year.

In other Spectrum Pharmaceuticals news, Director Rajesh C. Md Shrotriya sold 30,000 shares of the stock in a transaction dated Wednesday, April 11th. The stock was sold at an average price of $20.30, for a total value of $609,000.00. Following the transaction, the director now owns 200,652 shares of the company’s stock, valued at $4,073,235.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Joseph W. Turgeon sold 3,100 shares of the stock in a transaction dated Thursday, March 22nd. The shares were sold at an average price of $18.17, for a total value of $56,327.00. Following the completion of the transaction, the chief executive officer now directly owns 332,884 shares in the company, valued at approximately $6,048,502.28. The disclosure for this sale can be found here. Insiders sold 861,323 shares of company stock worth $14,924,773 in the last three months. Insiders own 9.35% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Fisher Asset Management LLC raised its position in shares of Spectrum Pharmaceuticals by 11.7% during the fourth quarter. Fisher Asset Management LLC now owns 200,252 shares of the biotechnology company’s stock worth $3,795,000 after purchasing an additional 21,043 shares during the period. BlackRock Inc. raised its position in shares of Spectrum Pharmaceuticals by 33.5% during the fourth quarter. BlackRock Inc. now owns 15,989,930 shares of the biotechnology company’s stock worth $303,008,000 after purchasing an additional 4,012,596 shares during the period. Candriam Luxembourg S.C.A. acquired a new stake in shares of Spectrum Pharmaceuticals during the fourth quarter worth about $2,975,000. Louisiana State Employees Retirement System raised its position in shares of Spectrum Pharmaceuticals by 26.6% during the fourth quarter. Louisiana State Employees Retirement System now owns 39,000 shares of the biotechnology company’s stock worth $739,000 after purchasing an additional 8,200 shares during the period. Finally, Bogle Investment Management L P DE raised its position in shares of Spectrum Pharmaceuticals by 176.8% during the fourth quarter. Bogle Investment Management L P DE now owns 639,856 shares of the biotechnology company’s stock worth $12,125,000 after purchasing an additional 408,724 shares during the period. 76.68% of the stock is currently owned by hedge funds and other institutional investors.

About Spectrum Pharmaceuticals

Spectrum Pharmaceuticals, Inc develops and commercializes oncology and hematology drug products. The company markets six drug products, including FUSILEV for patients with metastatic colorectal cancer and rescue after high-dose methotrexate therapy in osteosarcoma, and to diminish toxicity and counteract the effects of impaired methotrexate elimination and of inadvertent overdosage of folic acid antagonists; FOLOTYN, a folate analogue metabolic inhibitor for peripheral T-cell lymphoma (PTCL); ZEVALIN injection for patients with B-cell non-Hodgkin's lymphoma; MARQIBO, a sphingomyelin/cholesterol liposome-encapsulated formulation for adult patients with Philadelphia chromosome-negative acute lymphoblastic leukemia; BELEODAQ injection for PTCL; and EVOMELA for use as a conditioning treatment prior to autologous stem cell transplant in multiple myeloma patients.

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