Spectrum Pharmaceuticals (NASDAQ:SPPI) Upgraded by BidaskClub to Hold

BidaskClub upgraded shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) from a sell rating to a hold rating in a research note published on Thursday, BidAskClub reports.

Several other research firms have also issued reports on SPPI. B. Riley set a $18.00 price objective on shares of Spectrum Pharmaceuticals and gave the company a buy rating in a research note on Friday, August 23rd. ValuEngine raised shares of Spectrum Pharmaceuticals from a hold rating to a buy rating in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Spectrum Pharmaceuticals currently has an average rating of Buy and an average price target of $23.40.

Shares of SPPI stock traded down $0.29 on Thursday, hitting $8.87. The company’s stock had a trading volume of 79,703 shares, compared to its average volume of 616,918. The company has a debt-to-equity ratio of 0.04, a current ratio of 5.37 and a quick ratio of 5.37. Spectrum Pharmaceuticals has a fifty-two week low of $6.22 and a fifty-two week high of $21.80. The firm’s fifty day moving average price is $7.66 and its 200-day moving average price is $8.80. The stock has a market capitalization of $1.00 billion, a price-to-earnings ratio of -8.77 and a beta of 2.54.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its quarterly earnings data on Thursday, August 8th. The biotechnology company reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.13. Spectrum Pharmaceuticals had a negative net margin of 109.76% and a negative return on equity of 41.95%. The business had revenue of ($1.25) million during the quarter, compared to analyst estimates of $0.50 million. During the same quarter in the previous year, the business earned ($0.21) EPS. Spectrum Pharmaceuticals’s quarterly revenue was down 105.2% compared to the same quarter last year. Analysts predict that Spectrum Pharmaceuticals will post -1.21 EPS for the current fiscal year.

In other Spectrum Pharmaceuticals news, insider Keith M. Mcgahan sold 3,535 shares of the business’s stock in a transaction on Wednesday, June 19th. The shares were sold at an average price of $8.49, for a total transaction of $30,012.15. Following the completion of the transaction, the insider now owns 135,756 shares of the company’s stock, valued at approximately $1,152,568.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William Ashton sold 6,667 shares of the business’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $8.57, for a total transaction of $57,136.19. Following the transaction, the director now directly owns 8,333 shares of the company’s stock, valued at approximately $71,413.81. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,496 shares of company stock valued at $89,433. Company insiders own 9.35% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Piedmont Investment Advisors Inc. raised its position in shares of Spectrum Pharmaceuticals by 7.5% during the first quarter. Piedmont Investment Advisors Inc. now owns 25,962 shares of the biotechnology company’s stock valued at $278,000 after buying an additional 1,806 shares during the last quarter. CWM Advisors LLC raised its position in shares of Spectrum Pharmaceuticals by 28.6% during the second quarter. CWM Advisors LLC now owns 20,605 shares of the biotechnology company’s stock valued at $177,000 after buying an additional 4,580 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Spectrum Pharmaceuticals by 520.4% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 177,125 shares of the biotechnology company’s stock valued at $1,525,000 after buying an additional 148,575 shares during the last quarter. South Dakota Investment Council raised its position in shares of Spectrum Pharmaceuticals by 11.4% during the first quarter. South Dakota Investment Council now owns 28,411 shares of the biotechnology company’s stock valued at $304,000 after buying an additional 2,911 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. raised its position in shares of Spectrum Pharmaceuticals by 2.2% during the second quarter. Candriam Luxembourg S.C.A. now owns 1,067,400 shares of the biotechnology company’s stock valued at $9,150,000 after buying an additional 22,500 shares during the last quarter. 73.25% of the stock is owned by institutional investors and hedge funds.

About Spectrum Pharmaceuticals

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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