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.
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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