ClariVest Asset Management LLC lowered its position in Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) by 13.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 101,018 shares of the biotechnology company’s stock after selling 16,310 shares during the quarter. ClariVest Asset Management LLC’s holdings in Spectrum Pharmaceuticals were worth $1,081,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently modified their holdings of the company. Oregon Public Employees Retirement Fund purchased a new stake in Spectrum Pharmaceuticals in the fourth quarter worth approximately $39,000. First Mercantile Trust Co. boosted its stake in Spectrum Pharmaceuticals by 69.1% in the fourth quarter. First Mercantile Trust Co. now owns 4,795 shares of the biotechnology company’s stock worth $42,000 after buying an additional 1,960 shares in the last quarter. LS Investment Advisors LLC boosted its stake in Spectrum Pharmaceuticals by 100.6% in the fourth quarter. LS Investment Advisors LLC now owns 6,460 shares of the biotechnology company’s stock worth $57,000 after buying an additional 3,239 shares in the last quarter. Exane Derivatives boosted its stake in Spectrum Pharmaceuticals by 145.9% in the first quarter. Exane Derivatives now owns 7,440 shares of the biotechnology company’s stock worth $80,000 after buying an additional 4,414 shares in the last quarter. Finally, Quantamental Technologies LLC boosted its stake in shares of Spectrum Pharmaceuticals by 243.9% during the first quarter. Quantamental Technologies LLC now owns 7,806 shares of the biotechnology company’s stock valued at $83,000 after purchasing an additional 5,536 shares during the period. 71.79% of the stock is owned by institutional investors and hedge funds.
NASDAQ:SPPI opened at $7.45 on Friday. The company has a market cap of $834.12 million, a PE ratio of -7.38 and a beta of 2.61. Spectrum Pharmaceuticals, Inc. has a fifty-two week low of $6.22 and a fifty-two week high of $25.29.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). Spectrum Pharmaceuticals had a negative net margin of 109.76% and a negative return on equity of 37.72%. During the same period in the previous year, the business posted ($0.15) EPS. As a group, sell-side analysts forecast that Spectrum Pharmaceuticals, Inc. will post -1.42 EPS for the current year.
SPPI has been the subject of a number of analyst reports. BidaskClub raised Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Tuesday, May 14th. Guggenheim initiated coverage on Spectrum Pharmaceuticals in a research note on Monday, May 13th. They set a “buy” rating and a $19.00 price objective for the company. ValuEngine lowered Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Saturday, June 1st. Jefferies Financial Group reissued a “buy” rating and set a $21.00 price objective on shares of Spectrum Pharmaceuticals in a research note on Friday, March 15th. Finally, Zacks Investment Research raised Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $24.00.
In related news, CEO Joseph W. Turgeon sold 22,702 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $8.53, for a total transaction of $193,648.06. Following the completion of the transaction, the chief executive officer now owns 449,217 shares in the company, valued at $3,831,821.01. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Stuart Mitchell Krassner sold 42,456 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $7.99, for a total value of $339,223.44. Following the transaction, the director now owns 73,015 shares of the company’s stock, valued at approximately $583,389.85. The disclosure for this sale can be found here. In the last three months, insiders have sold 161,765 shares of company stock valued at $1,481,259. Insiders own 9.35% of the company’s stock.
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Spectrum Pharmaceuticals Company Profile
Spectrum Pharmaceuticals, Inc develops and commercializes oncology and hematology drug products. The company offers KHAPZORY, a novel folate analog and the pharmacologically active levo-isomer of d, and 1-leucovorin; FOLOTYN, a folate analogue metabolic inhibitor for peripheral T-cell lymphoma (PTCL); ZEVALIN injection to treat non-Hodgkin's lymphoma; MARQIBO for adult patients with Philadelphia chromosome-negative acute lymphoblastic leukemia; BELEODAQ, a histone deacytelase, or HDAC, inhibitor for the treatment of patients with relapsed or refractory PTCL; and EVOMELA for use as a conditioning treatment prior to autologous stem cell transplant in multiple myeloma patients.
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