Alliancebernstein L.P. grew its position in Spectrum Pharmaceuticals (NASDAQ:SPPI) by 60.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 133,375 shares of the biotechnology company’s stock after buying an additional 50,200 shares during the quarter. Alliancebernstein L.P.’s holdings in Spectrum Pharmaceuticals were worth $2,527,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the business. BlackRock Inc. lifted its holdings in shares of Spectrum Pharmaceuticals by 33.5% in the 4th quarter. BlackRock Inc. now owns 15,989,930 shares of the biotechnology company’s stock worth $303,008,000 after buying an additional 4,012,596 shares during the period. Bank of New York Mellon Corp raised 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 acquiring an additional 129,556 shares in the last quarter. Wells Fargo & Company MN raised 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 acquiring an additional 24,522 shares in the last quarter. Geode Capital Management LLC raised 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 acquiring an additional 157,130 shares in the last quarter. Finally, Bogle Investment Management L P DE raised its position in shares of Spectrum Pharmaceuticals by 176.8% in the 4th quarter. Bogle Investment Management L P DE now owns 639,856 shares of the biotechnology company’s stock worth $12,125,000 after acquiring an additional 408,724 shares in the last quarter. Institutional investors and hedge funds own 77.32% of the company’s stock.
In related news, Director Rajesh C. Md Shrotriya sold 30,000 shares of the company’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 transaction, the director now directly owns 200,652 shares of the company’s stock, valued at approximately $3,011,786.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Stuart Mitchell Krassner sold 4,200 shares of the company’s stock in a transaction dated Wednesday, March 21st. The shares were sold at an average price of $18.64, for a total value of $78,288.00. Following the transaction, the director now directly owns 83,257 shares in the company, valued at $1,551,910.48. The disclosure for this sale can be found here. Insiders have sold a total of 232,568 shares of company stock worth $3,832,959 over the last ninety days. 13.33% of the stock is currently owned by corporate insiders.
SPPI has been the subject of several recent research reports. B. Riley initiated coverage on Spectrum Pharmaceuticals in a research report on Monday, December 18th. They issued a “buy” rating and a $26.00 price target for the company. HC Wainwright reissued a “buy” rating and issued a $29.00 price target on shares of Spectrum Pharmaceuticals in a research report on Monday, December 18th. Zacks Investment Research lowered Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Tuesday, January 2nd. BidaskClub raised Spectrum Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Friday, January 26th. Finally, TheStreet lowered Spectrum Pharmaceuticals from a “c-” rating to a “d+” rating in a research report on Friday, March 16th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $25.20.
Shares of NASDAQ:SPPI opened at $14.31 on Friday. Spectrum Pharmaceuticals has a 1 year low of $5.47 and a 1 year high of $23.50. The stock has a market cap of $1,637.27, a P/E ratio of -13.37 and a beta of 1.98.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its earnings results on Tuesday, March 6th. The biotechnology company reported ($0.29) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by ($0.04). Spectrum Pharmaceuticals had a negative net margin of 70.66% and a negative return on equity of 30.68%. The business had revenue of $28.57 million for the quarter, compared to analyst estimates of $33.18 million. During the same period in the prior year, the company earned ($0.10) earnings per share. The company’s quarterly revenue was down 18.9% on a year-over-year basis. equities analysts predict that Spectrum Pharmaceuticals will post -1.14 earnings per share for the current fiscal year.
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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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