Spectrum Pharmaceuticals (NASDAQ:SPPI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.
According to Zacks, “Spectrum Pharma is expected to file a BLA for its lead pipeline candidate, Rolontis in 2018. A potential approval will boost the prospect of the company. However, Spectrum has faced regulatory setbacks in the past including a CRL for Qapzola (bladder cancer) in the United States. Additional regulatory/development setbacks could affect the stock. However, out-licensing agreements for a number of products will allow Spectrum to focus on the development of its pipeline candidates. Spectrum’s shares have outperformed the industry in past one year. However, Spectrum's low product sales remain a cause of concern. Moreover, gaining market share is challenging for Spectrum as it competes with several companies with greater financial strength.”
Several other equities analysts also recently weighed in on the company. TheStreet downgraded Spectrum Pharmaceuticals from a “c-” rating to a “d+” rating in a research report on Friday, March 16th. ValuEngine upgraded Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. BidaskClub downgraded Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Wednesday, April 4th. Finally, HC Wainwright reiterated a “buy” rating and set a $33.00 target price on shares of Spectrum Pharmaceuticals in a research report on Friday, June 29th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $27.20.
Shares of Spectrum Pharmaceuticals traded up $0.21, reaching $21.53, on Thursday, MarketBeat.com reports. The stock had a trading volume of 49,048 shares, compared to its average volume of 2,029,994. The company has a market cap of $2.22 billion, a P/E ratio of -20.03 and a beta of 1.98. Spectrum Pharmaceuticals has a 1 year low of $7.12 and a 1 year high of $23.50.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its quarterly earnings results on Thursday, May 3rd. The biotechnology company reported ($0.16) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.35) by $0.19. The firm had revenue of $30.50 million for the quarter, compared to the consensus estimate 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 revenue for the quarter was up 4.8% on a year-over-year basis. During the same period last year, the business posted ($0.14) EPS. sell-side analysts expect that Spectrum Pharmaceuticals will post -0.91 earnings per share for the current year.
In related news, CEO Joseph W. Turgeon sold 11,565 shares of Spectrum Pharmaceuticals stock in a transaction 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 transaction, the chief executive officer now directly owns 316,509 shares in the company, valued at $6,013,671. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rajesh C. Md Shrotriya sold 30,000 shares of Spectrum Pharmaceuticals stock in a transaction on Wednesday, April 11th. The shares were sold at an average price of $20.30, for a total value of $609,000.00. Following the transaction, the director now owns 200,652 shares in the company, valued at $4,073,235.60. The disclosure for this sale can be found here. Insiders have sold 650,103 shares of company stock worth $11,496,103 over the last quarter. 9.35% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in SPPI. BlackRock Inc. lifted its position in shares of Spectrum Pharmaceuticals by 33.5% in the fourth quarter. BlackRock Inc. now owns 15,989,930 shares of the biotechnology company’s stock valued at $303,008,000 after acquiring an additional 4,012,596 shares in the last quarter. Ashford Capital Management Inc. purchased a new position in shares of Spectrum Pharmaceuticals in the fourth quarter valued at about $6,872,000. Millennium Management LLC purchased a new position in shares of Spectrum Pharmaceuticals in the first quarter valued at about $3,707,000. TIAA CREF Investment Management LLC lifted its position in shares of Spectrum Pharmaceuticals by 84.9% in the fourth quarter. TIAA CREF Investment Management LLC now owns 408,284 shares of the biotechnology company’s stock valued at $7,737,000 after acquiring an additional 187,453 shares in the last quarter. Finally, UBS Group AG lifted its position in shares of Spectrum Pharmaceuticals by 238.7% in the first quarter. UBS Group AG now owns 260,308 shares of the biotechnology company’s stock valued at $4,188,000 after acquiring an additional 183,447 shares in the last quarter. Institutional investors and hedge funds 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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