Spectrum Pharmaceuticals’ (SPPI) “Buy” Rating Reaffirmed at JMP Securities

JMP Securities restated their buy rating on shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) in a report published on Monday morning, Price Targets.com reports. JMP Securities currently has a $4.00 target price on the biotechnology company’s stock.

Several other research analysts have also recently issued reports on SPPI. B. Riley cut their price objective on Spectrum Pharmaceuticals from $8.00 to $6.00 and set a buy rating for the company in a research report on Wednesday, August 18th. Zacks Investment Research cut Spectrum Pharmaceuticals from a hold rating to a sell rating in a research report on Wednesday, September 1st.

Shares of NASDAQ SPPI opened at $2.32 on Monday. The stock has a fifty day moving average price of $2.67 and a 200 day moving average price of $3.18. Spectrum Pharmaceuticals has a 1-year low of $2.14 and a 1-year high of $5.24. The company has a market cap of $380.65 million, a PE ratio of -1.89 and a beta of 2.14.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its quarterly earnings results on Thursday, August 12th. The biotechnology company reported ($0.32) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.30) by ($0.02). On average, research analysts expect that Spectrum Pharmaceuticals will post -1.13 EPS for the current year.

Several hedge funds have recently made changes to their positions in SPPI. Vantage Consulting Group Inc increased its position in shares of Spectrum Pharmaceuticals by 150.5% in the first quarter. Vantage Consulting Group Inc now owns 11,686 shares of the biotechnology company’s stock valued at $38,000 after buying an additional 7,020 shares in the last quarter. HighTower Advisors LLC purchased a new position in shares of Spectrum Pharmaceuticals in the first quarter valued at $38,000. Royal Bank of Canada increased its position in shares of Spectrum Pharmaceuticals by 76.4% in the second quarter. Royal Bank of Canada now owns 10,592 shares of the biotechnology company’s stock valued at $40,000 after buying an additional 4,587 shares in the last quarter. Quilter Plc purchased a new position in shares of Spectrum Pharmaceuticals in the second quarter valued at $44,000. Finally, Continuum Advisory LLC purchased a new position in shares of Spectrum Pharmaceuticals in the second quarter valued at $66,000. Institutional investors and hedge funds own 69.78% of the company’s stock.

About Spectrum Pharmaceuticals

Spectrum Pharmaceuticals, Inc is a biotechnology company, which engages in the acquisition, development and commercialization of pipeline of late-stage clinical and commercial products. It operates through the following brands: FOLOTYN, ZEVALIN, MARQIBO, BELEODAQ and EVOMELA. The company was founded in December 1987 and is headquartered in Henderson, NV.

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