Spectrum Pharmaceuticals (SPPI) Shares Down 6.2% After Insider Selling

Spectrum Pharmaceuticals (NASDAQ:SPPI) shares traded down 6.2% on Friday following insider selling activity. The company traded as low as $18.75 and last traded at $19.22. 2,000,645 shares traded hands during mid-day trading, an increase of 36% from the average session volume of 1,470,712 shares. The stock had previously closed at $20.49.

Specifically, CEO Joseph W. Turgeon sold 3,100 shares of Spectrum Pharmaceuticals stock in a transaction on Thursday, March 22nd. The stock was sold at an average price of $18.17, for a total transaction of $56,327.00. Following the completion of the transaction, the chief executive officer now owns 332,884 shares of the company’s stock, valued at approximately $6,048,502.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Rajesh C. Md Shrotriya sold 30,000 shares of Spectrum Pharmaceuticals stock in a transaction on Friday, April 13th. The stock was sold at an average price of $19.93, for a total value of $597,900.00. Following the transaction, the director now directly owns 200,652 shares of the company’s stock, valued at approximately $3,998,994.36. The disclosure for this sale can be found here. Insiders have sold a total of 308,554 shares of company stock valued at $5,279,772 in the last ninety days. Corporate insiders own 13.33% of the company’s stock.

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Several research analysts have recently issued reports on the company. BidaskClub raised Spectrum Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, January 26th. HC Wainwright lifted their price target on Spectrum Pharmaceuticals to $33.00 and gave the stock a “buy” rating in a research note on Monday, February 5th. Zacks Investment Research raised Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, January 12th. B. Riley assumed coverage on Spectrum Pharmaceuticals in a research note on Monday, December 18th. They set a “buy” rating and a $26.00 price target for the company. Finally, TheStreet downgraded Spectrum Pharmaceuticals from a “c-” rating to a “d+” rating in a research note on Friday, March 16th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. Spectrum Pharmaceuticals currently has a consensus rating of “Buy” and a consensus target price of $25.20.

The company has a market cap of $2,117.98, a price-to-earnings ratio of -17.96 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 for the quarter, missing the 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 firm had revenue of $28.57 million during the quarter, compared to analyst estimates of $33.18 million. During the same period in the previous year, the firm posted ($0.10) EPS. The company’s revenue for the quarter was down 18.9% compared to the same quarter last year. equities research analysts anticipate that Spectrum Pharmaceuticals will post -1.14 EPS for the current year.

A number of hedge funds have recently made changes to their positions in SPPI. BlackRock Inc. raised its stake in Spectrum Pharmaceuticals by 33.5% in 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. Bogle Investment Management L P DE raised its stake in 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 valued at $12,125,000 after purchasing an additional 408,724 shares during the last quarter. Ashford Capital Management Inc. acquired a new position in Spectrum Pharmaceuticals in the 4th quarter valued at about $6,872,000. TIAA CREF Investment Management LLC raised its stake in Spectrum Pharmaceuticals by 84.9% in the 4th quarter. TIAA CREF Investment Management LLC now owns 408,284 shares of the biotechnology company’s stock valued at $7,737,000 after purchasing an additional 187,453 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in Spectrum Pharmaceuticals by 23.5% in the 3rd quarter. Wells Fargo & Company MN now owns 949,290 shares of the biotechnology company’s stock valued at $13,357,000 after purchasing an additional 180,632 shares during the last quarter. 77.32% of the stock is owned by hedge funds and other institutional investors.

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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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