Spectrum Pharmaceuticals (SPPI) Shares Gap Up to $20.00

Spectrum Pharmaceuticals (NASDAQ:SPPI) shares gapped up prior to trading on Friday . The stock had previously closed at $21.06, but opened at $20.00. Spectrum Pharmaceuticals shares last traded at $19.83, with a volume of 835418 shares trading hands.

Several research analysts have weighed in on SPPI shares. BidaskClub upgraded Spectrum Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, January 26th. TheStreet downgraded Spectrum Pharmaceuticals from a “c-” rating to a “d+” rating in a research note on Friday, March 16th. HC Wainwright lifted their target price on Spectrum Pharmaceuticals to $33.00 and gave the company a “buy” rating in a research note on Monday, February 5th. Zacks Investment Research downgraded Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Monday, April 16th. Finally, ValuEngine upgraded Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. One research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $27.20.

The firm has a market cap of $2.08 billion, a P/E ratio of -18.83 and a beta of 1.99.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its quarterly earnings results on Thursday, May 3rd. The biotechnology company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.35) by $0.19. The business had revenue of $30.50 million during the quarter, compared to analysts’ expectations of $25.68 million. Spectrum Pharmaceuticals had a negative return on equity of 29.47% and a negative net margin of 64.39%. The company’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.14) EPS. sell-side analysts predict that Spectrum Pharmaceuticals will post -0.91 EPS for the current fiscal year.

In other news, COO Thomas J. Riga sold 1,948 shares of the firm’s stock in a transaction that occurred on Monday, April 2nd. The stock was sold at an average price of $15.58, for a total value of $30,349.84. Following the completion of the sale, the chief operating officer now directly owns 256,452 shares of the company’s stock, valued at approximately $3,995,522.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kurt A. Gustafson sold 2,640 shares of the firm’s stock in a transaction that occurred on Thursday, March 22nd. The shares were sold at an average price of $18.13, for a total value of $47,863.20. Following the completion of the sale, the chief financial officer now directly owns 192,843 shares of the company’s stock, valued at $3,496,243.59. The disclosure for this sale can be found here. Insiders sold a total of 882,436 shares of company stock valued at $15,324,653 over the last three months. Insiders own 9.35% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of SPPI. SG Americas Securities LLC acquired a new stake in shares of Spectrum Pharmaceuticals in the 1st quarter valued at approximately $103,000. Flinton Capital Management LLC lifted its holdings in shares of Spectrum Pharmaceuticals by 111.0% in the 4th quarter. Flinton Capital Management LLC now owns 7,088 shares of the biotechnology company’s stock valued at $134,000 after buying an additional 3,728 shares during the period. Commonwealth Equity Services LLC acquired a new stake in shares of Spectrum Pharmaceuticals in the 1st quarter valued at approximately $184,000. Meadow Creek Investment Management LLC lifted its holdings in shares of Spectrum Pharmaceuticals by 111.0% in the 4th quarter. Meadow Creek Investment Management LLC now owns 9,746 shares of the biotechnology company’s stock valued at $185,000 after buying an additional 5,126 shares during the period. Finally, Jane Street Group LLC acquired a new stake in shares of Spectrum Pharmaceuticals in the 1st quarter valued at approximately $246,000. 76.68% of the stock is owned by institutional investors and hedge funds.

About Spectrum Pharmaceuticals

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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