Spectrum Pharmaceuticals (SPPI) Downgraded to “Hold” at ValuEngine

ValuEngine lowered shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) from a buy rating to a hold rating in a report issued on Thursday.

A number of other research firms have also weighed in on SPPI. BidaskClub raised Spectrum Pharmaceuticals from a sell rating to a hold rating in a research note on Wednesday, August 29th. TheStreet raised Spectrum Pharmaceuticals from a d+ rating to a c rating in a research note on Monday, August 20th. B. Riley boosted their price objective on Spectrum Pharmaceuticals from $26.00 to $35.00 and gave the stock a buy rating in a research note on Friday, August 31st. Zacks Investment Research lowered Spectrum Pharmaceuticals from a buy rating to a hold rating in a research note on Thursday, July 5th. Finally, HC Wainwright boosted their price objective on Spectrum Pharmaceuticals to $40.00 and gave the stock a buy rating in a research note on Thursday, September 6th. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $31.67.

Shares of SPPI traded up $0.30 during trading hours on Thursday, hitting $13.03. 1,584,200 shares of the stock were exchanged, compared to its average volume of 1,485,312. Spectrum Pharmaceuticals has a 12-month low of $11.52 and a 12-month high of $25.29. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of -12.18 and a beta of 1.87.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its quarterly earnings results on Thursday, August 9th. The biotechnology company reported ($0.21) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.23) by $0.02. Spectrum Pharmaceuticals had a negative return on equity of 27.71% and a negative net margin of 41.24%. The firm had revenue of $24.17 million during the quarter, compared to analysts’ expectations of $27.58 million. During the same period in the previous year, the business earned ($0.11) earnings per share. The firm’s revenue for the quarter was down 29.5% on a year-over-year basis. Sell-side analysts predict that Spectrum Pharmaceuticals will post -0.97 EPS for the current year.

In other Spectrum Pharmaceuticals news, Director Gilles Gagnon sold 10,000 shares of the business’s stock in a transaction on Tuesday, October 9th. The stock was sold at an average price of $15.33, for a total transaction of $153,300.00. Following the transaction, the director now owns 72,500 shares of the company’s stock, valued at $1,111,425. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 9.35% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Piedmont Investment Advisors LLC boosted its stake in Spectrum Pharmaceuticals by 13.2% during the second quarter. Piedmont Investment Advisors LLC now owns 21,916 shares of the biotechnology company’s stock worth $459,000 after buying an additional 2,552 shares during the last quarter. Meeder Asset Management Inc. boosted its stake in Spectrum Pharmaceuticals by 134.3% during the second quarter. Meeder Asset Management Inc. now owns 5,448 shares of the biotechnology company’s stock worth $114,000 after buying an additional 3,123 shares during the last quarter. Amalgamated Bank boosted its stake in Spectrum Pharmaceuticals by 28.6% during the second quarter. Amalgamated Bank now owns 15,785 shares of the biotechnology company’s stock worth $331,000 after buying an additional 3,508 shares during the last quarter. Metropolitan Life Insurance Co. NY boosted its stake in Spectrum Pharmaceuticals by 14.8% during the second quarter. Metropolitan Life Insurance Co. NY now owns 32,369 shares of the biotechnology company’s stock worth $678,000 after buying an additional 4,181 shares during the last quarter. Finally, Moody Aldrich Partners LLC lifted its stake in shares of Spectrum Pharmaceuticals by 6.7% in the 3rd quarter. Moody Aldrich Partners LLC now owns 70,935 shares of the biotechnology company’s stock valued at $1,192,000 after purchasing an additional 4,437 shares during the last quarter. 83.20% of the stock is currently owned by institutional investors.

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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