California State Teachers Retirement System lowered its position in Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) by 9.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 124,603 shares of the biotechnology company’s stock after selling 13,362 shares during the period. California State Teachers Retirement System owned about 0.12% of Spectrum Pharmaceuticals worth $1,753,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Fisher Asset Management LLC bought a new stake in shares of Spectrum Pharmaceuticals in the third quarter worth $2,521,000. SG Americas Securities LLC grew its holdings in shares of Spectrum Pharmaceuticals by 153.3% in the third quarter. SG Americas Securities LLC now owns 45,871 shares of the biotechnology company’s stock worth $645,000 after acquiring an additional 27,763 shares during the period. Prudential Financial Inc. grew its holdings in shares of Spectrum Pharmaceuticals by 7.5% in 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 during the period. Wells Fargo & Company MN grew its holdings in shares of Spectrum Pharmaceuticals by 25.1% in the second quarter. Wells Fargo & Company MN now owns 768,658 shares of the biotechnology company’s stock worth $5,727,000 after acquiring an additional 154,048 shares during the period. Finally, WINTON GROUP Ltd bought a new stake in shares of Spectrum Pharmaceuticals in the third quarter worth $3,263,000. 71.87% of the stock is owned by institutional investors.
Shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) opened at $19.03 on Friday. Spectrum Pharmaceuticals, Inc. has a fifty-two week low of $4.31 and a fifty-two week high of $21.95. The company has a current ratio of 5.04, a quick ratio of 4.89 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $1,920.00, a PE ratio of -19.03 and a beta of 1.63.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its quarterly earnings results on Thursday, November 2nd. The biotechnology company reported ($0.22) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.16) by ($0.06). Spectrum Pharmaceuticals had a negative net margin of 58.94% and a negative return on equity of 29.73%. The company had revenue of $36.40 million for the quarter, compared to the consensus estimate of $33.27 million. During the same period in the prior year, the firm posted ($0.07) EPS. The business’s revenue for the quarter was up 9.0% on a year-over-year basis. equities research analysts expect that Spectrum Pharmaceuticals, Inc. will post -1.06 EPS for the current fiscal year.
Several analysts recently commented on the company. Zacks Investment Research raised Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Friday, January 12th. HC Wainwright reaffirmed a “buy” rating and issued a $29.00 price objective on shares of Spectrum Pharmaceuticals in a report on Monday, December 18th. B. Riley initiated coverage on Spectrum Pharmaceuticals in a report on Monday, December 18th. They set a “buy” rating and a $26.00 price target for the company. Guggenheim initiated coverage on Spectrum Pharmaceuticals in a report on Monday, October 23rd. They set a “buy” rating and a $32.00 price target for the company. Finally, Jefferies Group boosted their price target on Spectrum Pharmaceuticals to $25.00 and gave the company a “buy” rating in a report on Friday, October 20th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $22.17.
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About Spectrum Pharmaceuticals
Spectrum Pharmaceuticals, Inc is a biotechnology company. The Company operates through developing and commercializing oncology and hematology drug products segment. It has a product portfolio consisting of both commercial stage and development stage products that address various cancer types. The Company has six approved oncology/hematology products that target different types of cancer, including non-Hodgkin’s lymphoma (NHL), advanced metastatic colorectal cancer (mCRC), acute lymphoblastic leukemia (ALL) and multiple myeloma (MM).
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