Spectrum Pharmaceuticals’ (SPPI) Buy Rating Reaffirmed at HC Wainwright

Spectrum Pharmaceuticals (NASDAQ:SPPI)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a research note issued to investors on Friday. They currently have a $33.00 target price on the biotechnology company’s stock. HC Wainwright’s target price points to a potential upside of 57.44% from the company’s current price.

A number of other research firms have also recently commented on SPPI. TheStreet cut shares of Spectrum Pharmaceuticals from a “c-” rating to a “d+” rating in a research report on Friday, March 16th. Zacks Investment Research cut shares of Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Monday, April 16th. BidaskClub raised shares of Spectrum Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Friday, May 11th. Finally, ValuEngine raised shares of Spectrum Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 2nd. One analyst has rated the stock with a sell rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Spectrum Pharmaceuticals presently has an average rating of “Buy” and a consensus price target of $27.20.

NASDAQ SPPI traded down $0.18 during trading hours on Friday, reaching $20.96. The company had a trading volume of 1,625,334 shares, compared to its average volume of 1,541,899. Spectrum Pharmaceuticals has a 1-year low of $7.12 and a 1-year high of $23.50. The stock has a market capitalization of $2.17 billion, a P/E ratio of -19.59 and a beta of 2.02.

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

In other news, Director Rajesh C. Md Shrotriya sold 60,000 shares of the stock in a transaction dated Monday, April 2nd. The shares were sold at an average price of $15.90, for a total transaction of $954,000.00. Following the sale, the director now owns 200,652 shares of the company’s stock, valued at $3,190,366.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph W. Turgeon sold 11,565 shares of the company’s stock in a transaction that occurred on Tuesday, April 17th. The stock was sold at an average price of $19.00, for a total transaction of $219,735.00. Following the sale, the chief executive officer now owns 316,509 shares in the company, valued at $6,013,671. The disclosure for this sale can be found here. Insiders have sold 742,051 shares of company stock worth $12,930,753 in the last three months. Corporate insiders own 9.35% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in SPPI. SG Americas Securities LLC purchased a new stake in shares of Spectrum Pharmaceuticals during the first quarter worth approximately $103,000. Flinton Capital Management LLC increased its stake in shares of Spectrum Pharmaceuticals by 111.0% during the fourth quarter. Flinton Capital Management LLC now owns 7,088 shares of the biotechnology company’s stock worth $134,000 after buying an additional 3,728 shares during the period. Commonwealth Equity Services LLC purchased a new stake in shares of Spectrum Pharmaceuticals during the first quarter worth approximately $184,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Spectrum Pharmaceuticals during the first quarter worth approximately $184,000. Finally, Meadow Creek Investment Management LLC increased its stake in shares of Spectrum Pharmaceuticals by 111.0% during the fourth quarter. Meadow Creek Investment Management LLC now owns 9,746 shares of the biotechnology company’s stock worth $185,000 after buying an additional 5,126 shares during the period. Hedge funds and other institutional investors own 77.15% of the company’s stock.

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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