Teachers Retirement System of The State of Kentucky Acquires 9,800 Shares of Spectrum Pharmaceuticals (SPPI)

Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) by 72.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 23,300 shares of the biotechnology company’s stock after purchasing an additional 9,800 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Spectrum Pharmaceuticals were worth $442,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in SPPI. Jane Street Group LLC bought a new stake in Spectrum Pharmaceuticals in the 3rd quarter worth $152,000. Los Angeles Capital Management & Equity Research Inc. bought a new stake in Spectrum Pharmaceuticals in the 3rd quarter worth $177,000. Campbell & CO Investment Adviser LLC bought a new stake in Spectrum Pharmaceuticals in the 3rd quarter worth $192,000. Crossmark Global Holdings Inc. bought a new stake in Spectrum Pharmaceuticals in the 3rd quarter worth $212,000. Finally, State of Alaska Department of Revenue grew its holdings in Spectrum Pharmaceuticals by 22.5% in the 4th quarter. State of Alaska Department of Revenue now owns 18,078 shares of the biotechnology company’s stock worth $342,000 after acquiring an additional 3,320 shares during the last quarter. 77.32% of the stock is currently owned by institutional investors.

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In related news, CFO Kurt A. Gustafson sold 2,640 shares of Spectrum Pharmaceuticals stock in a transaction dated Thursday, March 22nd. The shares were sold at an average price of $18.13, for a total transaction of $47,863.20. Following the completion of the transaction, the chief financial officer now directly owns 192,843 shares of the company’s stock, valued at approximately $3,496,243.59. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Stuart Mitchell Krassner sold 4,200 shares of Spectrum Pharmaceuticals stock in a transaction dated Wednesday, March 21st. The shares were sold at an average price of $18.64, for a total transaction of $78,288.00. Following the transaction, the director now directly owns 83,257 shares of the company’s stock, valued at $1,551,910.48. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,940 shares of company stock valued at $182,478. Corporate insiders own 13.33% of the company’s stock.

SPPI has been the subject of several research analyst reports. Zacks Investment Research raised shares of Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Friday, January 12th. BidaskClub cut shares of Spectrum Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 3rd. HC Wainwright reaffirmed a “buy” rating and issued a $29.00 target price on shares of Spectrum Pharmaceuticals in a research report on Monday, December 18th. TheStreet cut shares of Spectrum Pharmaceuticals from a “c-” rating to a “d+” rating in a research report on Friday, March 16th. Finally, B. Riley initiated coverage on shares of Spectrum Pharmaceuticals in a research report on Monday, December 18th. They issued a “buy” rating and a $26.00 target price for the company. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Spectrum Pharmaceuticals has a consensus rating of “Buy” and a consensus price target of $25.20.

Shares of Spectrum Pharmaceuticals stock opened at $17.27 on Friday. Spectrum Pharmaceuticals has a 12-month low of $5.47 and a 12-month high of $23.50.

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

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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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