Spectrum Pharmaceuticals (SPPI) Receives $29.00 Average PT from Brokerages

Spectrum Pharmaceuticals (NASDAQ:SPPI) has been assigned an average recommendation of “Buy” from the eight ratings firms that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $29.00.

SPPI has been the topic of a number of analyst reports. B. Riley initiated coverage on shares of Spectrum Pharmaceuticals in a research note on Monday, December 18th. They set a “buy” rating and a $26.00 target price on the stock. HC Wainwright reiterated a “buy” rating and issued a $29.00 price target on shares of Spectrum Pharmaceuticals in a report on Monday, December 18th. Zacks Investment Research downgraded shares of Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, January 2nd. BidaskClub upgraded shares of Spectrum Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, January 26th. Finally, TheStreet downgraded shares of Spectrum Pharmaceuticals from a “c-” rating to a “d+” rating in a report on Friday, March 16th.

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In other news, Director Rajesh C. Md Shrotriya sold 90,000 shares of the business’s stock in a transaction dated Wednesday, March 28th. The shares were sold at an average price of $16.88, for a total value of $1,519,200.00. Following the sale, the director now directly owns 200,652 shares in the company, valued at approximately $3,387,005.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Rajesh C. Md Shrotriya sold 30,000 shares of the business’s stock in a transaction dated Wednesday, April 4th. The stock was sold at an average price of $15.01, for a total transaction of $450,300.00. Following the completion of the sale, the director now owns 200,652 shares in the company, valued at $3,011,786.52. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 232,568 shares of company stock worth $3,832,959. Insiders own 13.33% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. BlackRock Inc. grew its holdings in Spectrum Pharmaceuticals by 33.5% during the 4th quarter. BlackRock Inc. now owns 15,989,930 shares of the biotechnology company’s stock valued at $303,008,000 after purchasing an additional 4,012,596 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Spectrum Pharmaceuticals by 2.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,857,580 shares of the biotechnology company’s stock worth $35,202,000 after purchasing an additional 42,629 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Spectrum Pharmaceuticals by 14.1% in the 4th quarter. Bank of New York Mellon Corp now owns 1,048,890 shares of the biotechnology company’s stock worth $19,877,000 after purchasing an additional 129,556 shares during the period. Wells Fargo & Company MN lifted its position in shares of Spectrum Pharmaceuticals by 2.6% in the 4th quarter. Wells Fargo & Company MN now owns 973,812 shares of the biotechnology company’s stock worth $18,454,000 after purchasing an additional 24,522 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Spectrum Pharmaceuticals by 24.0% in the 4th quarter. Geode Capital Management LLC now owns 811,847 shares of the biotechnology company’s stock worth $15,384,000 after purchasing an additional 157,130 shares during the period. Hedge funds and other institutional investors own 77.32% of the company’s stock.

Shares of Spectrum Pharmaceuticals stock traded down $0.76 on Friday, hitting $14.31. 1,452,728 shares of the company’s stock were exchanged, compared to its average volume of 1,114,980. The stock has a market capitalization of $1,469.85, a PE ratio of -13.37 and a beta of 1.98. Spectrum Pharmaceuticals has a 1 year low of $5.47 and a 1 year high of $23.50.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its quarterly 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). The business had revenue of $28.57 million for the quarter, compared to analysts’ expectations of $33.18 million. Spectrum Pharmaceuticals had a negative return on equity of 30.68% and a negative net margin of 70.66%. The company’s revenue was down 18.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.10) EPS. equities research analysts expect that Spectrum Pharmaceuticals will post -1.14 EPS for the current fiscal year.

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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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