Spectrum Pharmaceuticals (NASDAQ:SPPI) Rating Increased to Hold at BidaskClub

Spectrum Pharmaceuticals (NASDAQ:SPPI) was upgraded by equities research analysts at BidaskClub from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, BidAskClub reports.

Several other equities research analysts also recently commented on the company. B. Riley started coverage on Spectrum Pharmaceuticals in a report on Thursday, July 11th. They set a “buy” rating and a $18.00 target price for the company. Zacks Investment Research raised Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Guggenheim started coverage on Spectrum Pharmaceuticals in a report on Monday, May 13th. They set a “buy” rating and a $19.00 target price for the company. Finally, ValuEngine raised Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Saturday, August 10th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $23.40.

Shares of NASDAQ SPPI opened at $8.12 on Wednesday. Spectrum Pharmaceuticals has a 12 month low of $6.22 and a 12 month high of $25.29. The company has a market cap of $932.22 million, a price-to-earnings ratio of -8.04 and a beta of 2.57. The company has a quick ratio of 5.37, a current ratio of 5.37 and a debt-to-equity ratio of 0.04. The business has a fifty day simple moving average of $7.86 and a 200-day simple moving average of $9.19.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its earnings results on Thursday, August 8th. The biotechnology company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.36) by $0.13. Spectrum Pharmaceuticals had a negative return on equity of 41.95% and a negative net margin of 109.76%. The business had revenue of ($1.25) million during the quarter, compared to the consensus estimate of $0.50 million. During the same period in the prior year, the business posted ($0.21) earnings per share. Spectrum Pharmaceuticals’s revenue was down 105.2% compared to the same quarter last year. As a group, sell-side analysts expect that Spectrum Pharmaceuticals will post -1.21 EPS for the current fiscal year.

In related news, Director Stuart Mitchell Krassner sold 42,456 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $7.99, for a total value of $339,223.44. Following the completion of the sale, the director now directly owns 73,015 shares of the company’s stock, valued at approximately $583,389.85. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Keith M. Mcgahan sold 3,535 shares of the stock in a transaction dated Wednesday, June 19th. The stock was sold at an average price of $8.49, for a total value of $30,012.15. Following the completion of the sale, the insider now directly owns 135,756 shares of the company’s stock, valued at $1,152,568.44. The disclosure for this sale can be found here. Over the last three months, insiders sold 71,192 shares of company stock valued at $573,664. Company insiders own 9.35% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its stake in Spectrum Pharmaceuticals by 4.6% in the 2nd quarter. BlackRock Inc. now owns 17,538,995 shares of the biotechnology company’s stock worth $151,009,000 after acquiring an additional 778,654 shares in the last quarter. Vanguard Group Inc. lifted its stake in Spectrum Pharmaceuticals by 5.1% in the 2nd quarter. Vanguard Group Inc. now owns 11,972,641 shares of the biotechnology company’s stock worth $103,085,000 after acquiring an additional 579,500 shares in the last quarter. Primecap Management Co. CA lifted its stake in Spectrum Pharmaceuticals by 0.6% in the 2nd quarter. Primecap Management Co. CA now owns 11,126,000 shares of the biotechnology company’s stock worth $95,795,000 after acquiring an additional 67,000 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Spectrum Pharmaceuticals by 61.1% in the 2nd quarter. Renaissance Technologies LLC now owns 2,726,317 shares of the biotechnology company’s stock worth $23,474,000 after acquiring an additional 1,034,135 shares in the last quarter. Finally, Norges Bank purchased a new stake in Spectrum Pharmaceuticals in the 4th quarter worth about $16,985,000. 73.58% of the stock is owned by hedge funds and other institutional investors.

Spectrum Pharmaceuticals Company Profile

Spectrum Pharmaceuticals, Inc develops and commercializes oncology and hematology drug products. The company offers KHAPZORY, a novel folate analog and the pharmacologically active levo-isomer of d, and 1-leucovorin; FOLOTYN, a folate analogue metabolic inhibitor for peripheral T-cell lymphoma (PTCL); ZEVALIN injection to treat non-Hodgkin's lymphoma; MARQIBO for adult patients with Philadelphia chromosome-negative acute lymphoblastic leukemia; BELEODAQ, a histone deacytelase, or HDAC, inhibitor for the treatment of patients with relapsed or refractory PTCL; and EVOMELA for use as a conditioning treatment prior to autologous stem cell transplant in multiple myeloma patients.

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Analyst Recommendations for Spectrum Pharmaceuticals (NASDAQ:SPPI)

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