ValuEngine Upgrades Spectrum Pharmaceuticals (SPPI) to “Buy”

ValuEngine upgraded shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) from a hold rating to a buy rating in a research note issued to investors on Saturday.

A number of other equities analysts have also issued reports on SPPI. Zacks Investment Research reaffirmed a hold rating on shares of Spectrum Pharmaceuticals in a research report on Friday, November 16th. BidaskClub raised Spectrum Pharmaceuticals from a strong sell rating to a sell rating in a research report on Saturday, November 3rd. TheStreet lowered Spectrum Pharmaceuticals from a c rating to a d+ rating in a research report on Wednesday, September 26th. B. Riley upped their price target on Spectrum Pharmaceuticals from $26.00 to $35.00 and gave the company a buy rating in a research report on Friday, August 31st. Finally, HC Wainwright upped their price target on Spectrum Pharmaceuticals to $40.00 and gave the company a buy rating in a research report on Thursday, September 6th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has an average rating of Buy and an average target price of $29.67.

Shares of SPPI opened at $13.07 on Friday. Spectrum Pharmaceuticals has a 52-week low of $11.52 and a 52-week high of $25.29. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of -12.21 and a beta of 2.18.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its earnings results on Thursday, November 8th. The biotechnology company reported ($0.17) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.27) by $0.10. Spectrum Pharmaceuticals had a negative return on equity of 27.72% and a negative net margin of 91.56%. The company had revenue of $25.27 million for the quarter, compared to analyst estimates of $25.73 million. During the same period in the prior year, the company posted ($0.11) EPS. Spectrum Pharmaceuticals’s quarterly revenue was down 30.6% on a year-over-year basis. Equities research analysts anticipate that Spectrum Pharmaceuticals will post -0.9 earnings per share for the current year.

In related news, Director Gilles Gagnon sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 9th. The stock was sold at an average price of $15.33, for a total transaction of $153,300.00. Following the sale, the director now directly owns 72,500 shares of the company’s stock, valued at approximately $1,111,425. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Anthony E. Maida III sold 7,250 shares of the company’s stock in a transaction that occurred on Thursday, November 8th. The shares were sold at an average price of $13.07, for a total value of $94,757.50. Following the sale, the director now directly owns 40,238 shares in the company, valued at $525,910.66. The disclosure for this sale can be found here. Corporate insiders own 9.35% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Piedmont Investment Advisors LLC increased its position in Spectrum Pharmaceuticals by 13.2% in the second quarter. Piedmont Investment Advisors LLC now owns 21,916 shares of the biotechnology company’s stock worth $459,000 after buying an additional 2,552 shares during the period. Meeder Asset Management Inc. increased its position in Spectrum Pharmaceuticals by 134.3% in the second quarter. Meeder Asset Management Inc. now owns 5,448 shares of the biotechnology company’s stock worth $114,000 after buying an additional 3,123 shares during the period. Amalgamated Bank increased its position in Spectrum Pharmaceuticals by 28.6% in the second quarter. Amalgamated Bank now owns 15,785 shares of the biotechnology company’s stock worth $331,000 after buying an additional 3,508 shares during the period. Metropolitan Life Insurance Co. NY increased its position in Spectrum Pharmaceuticals by 14.8% in the second quarter. Metropolitan Life Insurance Co. NY now owns 32,369 shares of the biotechnology company’s stock worth $678,000 after buying an additional 4,181 shares during the period. Finally, Moody Aldrich Partners LLC increased its position in Spectrum Pharmaceuticals by 6.7% in the third quarter. Moody Aldrich Partners LLC now owns 70,935 shares of the biotechnology company’s stock worth $1,192,000 after buying an additional 4,437 shares during the period. 82.14% 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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