Joseph W. Turgeon Sells 3,100 Shares of Spectrum Pharmaceuticals (SPPI) Stock

Spectrum Pharmaceuticals (NASDAQ:SPPI) CEO Joseph W. Turgeon sold 3,100 shares of Spectrum Pharmaceuticals stock in a transaction dated Thursday, March 22nd. The stock was 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 sale was disclosed in a document filed with the SEC, which is available at this link.

Shares of Spectrum Pharmaceuticals (SPPI) traded down $0.23 on Friday, reaching $17.28. The company had a trading volume of 880,541 shares, compared to its average volume of 1,180,455. The stock has a market cap of $1,886.87, a PE ratio of -16.30 and a beta of 1.59. Spectrum Pharmaceuticals has a 1 year low of $5.47 and a 1 year high of $23.50.

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Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its earnings results on Tuesday, March 6th. The biotechnology company reported ($0.29) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by ($0.04). Spectrum Pharmaceuticals had a negative net margin of 70.66% and a negative return on equity of 30.68%. The business had revenue of $28.57 million for the quarter, compared to analysts’ expectations of $33.18 million. During the same period last year, the firm earned ($0.10) EPS. The company’s revenue was down 18.9% compared to the same quarter last year. analysts expect that Spectrum Pharmaceuticals will post -1.14 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue grew its stake in Spectrum Pharmaceuticals by 22.5% during the 4th quarter. State of Alaska Department of Revenue now owns 18,078 shares of the biotechnology company’s stock valued at $342,000 after acquiring an additional 3,320 shares in the last quarter. Flinton Capital Management LLC grew its stake in Spectrum Pharmaceuticals by 111.0% during the 4th quarter. Flinton Capital Management LLC now owns 7,088 shares of the biotechnology company’s stock valued at $134,000 after acquiring an additional 3,728 shares in the last quarter. American International Group Inc. grew its stake in Spectrum Pharmaceuticals by 7.0% during the 3rd quarter. American International Group Inc. now owns 61,452 shares of the biotechnology company’s stock valued at $865,000 after acquiring an additional 4,046 shares in the last quarter. Meadow Creek Investment Management LLC grew its stake in Spectrum Pharmaceuticals by 111.0% during the 4th quarter. Meadow Creek Investment Management LLC now owns 9,746 shares of the biotechnology company’s stock valued at $185,000 after acquiring an additional 5,126 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan grew its stake in Spectrum Pharmaceuticals by 19.7% during the 4th quarter. Municipal Employees Retirement System of Michigan now owns 34,270 shares of the biotechnology company’s stock valued at $649,000 after acquiring an additional 5,650 shares in the last quarter. 77.32% of the stock is currently owned by institutional investors.

SPPI has been the topic of a number of analyst reports. BidaskClub cut Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, February 22nd. TheStreet cut Spectrum Pharmaceuticals from a “c-” rating to a “d+” rating in a research note on Friday, March 16th. Zacks Investment Research cut Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Tuesday, January 2nd. HC Wainwright reissued a “buy” rating and issued a $29.00 price target on shares of Spectrum Pharmaceuticals in a research note on Monday, December 18th. Finally, B. Riley initiated coverage on Spectrum Pharmaceuticals in a research note on Monday, December 18th. They issued a “buy” rating and a $26.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $25.20.

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Spectrum Pharmaceuticals Company 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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