Primecap Management Co. CA Boosts Holdings in Spectrum Pharmaceuticals, Inc. (SPPI)

Primecap Management Co. CA grew its holdings in Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) by 10.2% in the 3rd quarter, HoldingsChannel reports. The fund owned 11,160,000 shares of the biotechnology company’s stock after buying an additional 1,034,000 shares during the quarter. Primecap Management Co. CA owned about 0.10% of Spectrum Pharmaceuticals worth $187,488,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of SPPI. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Spectrum Pharmaceuticals in the third quarter valued at about $853,000. Panagora Asset Management Inc. increased its stake in shares of Spectrum Pharmaceuticals by 12.0% during the third quarter. Panagora Asset Management Inc. now owns 686,655 shares of the biotechnology company’s stock worth $11,536,000 after acquiring an additional 73,618 shares during the period. Shell Asset Management Co. acquired a new position in shares of Spectrum Pharmaceuticals during the third quarter worth about $312,000. Trexquant Investment LP acquired a new position in shares of Spectrum Pharmaceuticals during the third quarter worth about $316,000. Finally, BlackRock Inc. increased its stake in shares of Spectrum Pharmaceuticals by 7.8% during the third quarter. BlackRock Inc. now owns 17,820,045 shares of the biotechnology company’s stock worth $299,375,000 after acquiring an additional 1,292,819 shares during the period. Institutional investors and hedge funds own 81.08% of the company’s stock.

Shares of Spectrum Pharmaceuticals stock opened at $14.46 on Friday. Spectrum Pharmaceuticals, Inc. has a 52-week low of $11.52 and a 52-week high of $25.29.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its quarterly earnings results on Thursday, November 8th. The biotechnology company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.10. Spectrum Pharmaceuticals had a negative net margin of 91.56% and a negative return on equity of 27.72%. The business had revenue of $25.27 million for the quarter, compared to analyst estimates of $25.73 million. During the same period in the previous year, the business posted ($0.11) earnings per share. The business’s revenue was down 30.6% compared to the same quarter last year. As a group, sell-side analysts expect that Spectrum Pharmaceuticals, Inc. will post -0.9 earnings per share for the current year.

In other Spectrum Pharmaceuticals news, Director Anthony E. Maida III sold 7,250 shares of the company’s stock in a transaction dated Thursday, November 8th. The shares were sold at an average price of $13.07, for a total transaction of $94,757.50. Following the transaction, the director now directly owns 40,238 shares in the company, valued at $525,910.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gilles Gagnon sold 10,000 shares of the company’s stock in a transaction dated Tuesday, October 9th. The stock was sold at an average price of $15.33, for a total transaction of $153,300.00. Following the transaction, the director now owns 72,500 shares in the company, valued at $1,111,425. The disclosure for this sale can be found here. Insiders own 9.35% of the company’s stock.

A number of research analysts have recently issued reports on SPPI shares. B. Riley dropped their price target on shares of Spectrum Pharmaceuticals from $35.00 to $29.00 and set a “buy” rating on the stock in a research note on Monday, November 12th. BidaskClub lowered shares of Spectrum Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 15th. TheStreet upgraded shares of Spectrum Pharmaceuticals from a “d+” rating to a “c” rating in a research note on Monday, August 20th. ValuEngine upgraded shares of Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Zacks Investment Research lowered shares of Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Monday, October 15th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Spectrum Pharmaceuticals has a consensus rating of “Buy” and an average target price of $29.67.

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Spectrum Pharmaceuticals Profile

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

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