Two Sigma Investments LP lessened its stake in Spectrum Pharmaceuticals (NASDAQ:SPPI) by 86.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 63,452 shares of the biotechnology company’s stock after selling 398,214 shares during the period. Two Sigma Investments LP’s holdings in Spectrum Pharmaceuticals were worth $1,202,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Jane Street Group LLC bought a new stake in shares of Spectrum Pharmaceuticals in the third quarter worth $152,000. State of Alaska Department of Revenue increased its stake in Spectrum Pharmaceuticals by 22.5% during the fourth quarter. State of Alaska Department of Revenue now owns 18,078 shares of the biotechnology company’s stock valued at $342,000 after purchasing an additional 3,320 shares during the last quarter. Leucadia National Corp bought a new stake in Spectrum Pharmaceuticals during the fourth quarter valued at $359,000. Virginia Retirement Systems ET AL bought a new stake in Spectrum Pharmaceuticals during the third quarter valued at $393,000. Finally, Municipal Employees Retirement System of Michigan increased its stake 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 valued at $403,000 after purchasing an additional 11,900 shares during the last quarter. Institutional investors and hedge funds own 77.32% of the company’s stock.
Several analysts have weighed in on SPPI shares. BidaskClub lowered shares of Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, February 22nd. TheStreet lowered shares of Spectrum Pharmaceuticals from a “c-” rating to a “d+” rating in a research note on Friday, March 16th. ValuEngine upgraded shares of Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Zacks Investment Research lowered shares of Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Tuesday, January 2nd. Finally, HC Wainwright reiterated a “buy” rating and set a $29.00 target price on shares of Spectrum Pharmaceuticals in a research note on Monday, December 18th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company’s stock. Spectrum Pharmaceuticals currently has a consensus rating of “Buy” and an average target price of $25.20.
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 consensus estimate of ($0.25) by ($0.04). The business had revenue of $28.57 million for the quarter, compared to the consensus estimate of $33.18 million. Spectrum Pharmaceuticals had a negative net margin of 70.66% and a negative return on equity of 30.68%. The firm’s revenue for the quarter was down 18.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.10) EPS. equities research analysts forecast that Spectrum Pharmaceuticals will post -1.14 EPS for the current year.
In other news, Director Rajesh C. Md Shrotriya sold 30,000 shares of the company’s stock in a transaction dated Wednesday, April 4th. The shares were sold at an average price of $15.01, for a total transaction of $450,300.00. Following the completion of the transaction, the director now owns 200,652 shares in the company, valued at $3,011,786.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kurt A. Gustafson sold 2,640 shares of the company’s stock in a transaction dated Thursday, March 22nd. The stock was sold at an average price of $18.13, for a total transaction of $47,863.20. Following the transaction, the chief financial officer now owns 192,843 shares of the company’s stock, valued at approximately $3,496,243.59. The disclosure for this sale can be found here. Insiders have sold 232,568 shares of company stock valued at $3,832,959 in the last 90 days. Insiders own 13.33% of the company’s stock.
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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