Spectrum Pharmaceuticals (SPPI) Director Sells $78,288.00 in Stock

Spectrum Pharmaceuticals (NASDAQ:SPPI) Director Stuart Mitchell Krassner sold 4,200 shares of the stock in a transaction on Wednesday, March 21st. The stock was sold at an average price of $18.64, for a total transaction of $78,288.00. Following the transaction, the director now owns 83,257 shares of the company’s stock, valued at approximately $1,551,910.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) opened at $17.27 on Monday. 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 posted its quarterly earnings results on Tuesday, March 6th. The biotechnology company reported ($0.29) earnings per share (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 firm had revenue of $28.57 million for the quarter, compared to the consensus estimate of $33.18 million. During the same period last year, the company posted ($0.10) earnings per share. The business’s revenue was down 18.9% compared to the same quarter last year. sell-side analysts predict that Spectrum Pharmaceuticals will post -1.14 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of SPPI. Crossmark Global Holdings Inc. bought a new stake in Spectrum Pharmaceuticals during the third quarter worth $212,000. Prudential Financial Inc. raised its position in Spectrum Pharmaceuticals by 7.5% during the third quarter. Prudential Financial Inc. now owns 125,141 shares of the biotechnology company’s stock worth $1,761,000 after acquiring an additional 8,745 shares in the last quarter. Principal Financial Group Inc. raised its position in Spectrum Pharmaceuticals by 6.0% during the third quarter. Principal Financial Group Inc. now owns 586,141 shares of the biotechnology company’s stock worth $8,247,000 after acquiring an additional 33,273 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in Spectrum Pharmaceuticals by 87.2% during the third quarter. BNP Paribas Arbitrage SA now owns 39,970 shares of the biotechnology company’s stock worth $562,000 after acquiring an additional 18,623 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan raised its position in Spectrum Pharmaceuticals by 71.2% during the third quarter. Municipal Employees Retirement System of Michigan now owns 28,620 shares of the biotechnology company’s stock worth $403,000 after acquiring an additional 11,900 shares in the last quarter. 77.32% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages recently commented on SPPI. TheStreet cut shares of Spectrum Pharmaceuticals from a “c-” rating to a “d+” rating in a report on Friday, March 16th. BidaskClub cut shares of Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Thursday, February 22nd. HC Wainwright increased their target price on shares of Spectrum Pharmaceuticals to $33.00 and gave the stock a “buy” rating in a report on Monday, February 5th. Zacks Investment Research upgraded shares of Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Friday, January 12th. Finally, B. Riley began coverage on shares of Spectrum Pharmaceuticals in a report on Monday, December 18th. They set a “buy” rating and a $26.00 target price for the company. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target 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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