Spectrum Pharmaceuticals (NASDAQ:SPPI) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday, BidAskClub reports.
Other equities research analysts also recently issued research reports about the company. B. Riley set a $18.00 price objective on Spectrum Pharmaceuticals and gave the company a “buy” rating in a research report on Friday, August 23rd. ValuEngine downgraded Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $23.40.
Spectrum Pharmaceuticals stock traded up $0.24 during mid-day trading on Thursday, hitting $7.51. 376,467 shares of the company were exchanged, compared to its average volume of 950,427. The company has a debt-to-equity ratio of 0.04, a current ratio of 5.37 and a quick ratio of 5.37. The business’s 50 day simple moving average is $8.16 and its two-hundred day simple moving average is $8.52. The company has a market capitalization of $824.97 million, a P/E ratio of -7.43 and a beta of 2.56. Spectrum Pharmaceuticals has a 12-month low of $6.22 and a 12-month high of $15.04.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its quarterly earnings results on Thursday, August 8th. The biotechnology company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.13. The company had revenue of ($1.25) million for the quarter, compared to analysts’ expectations of $0.50 million. The business’s quarterly revenue was down 105.2% on a year-over-year basis. During the same period in the previous year, the business posted ($0.21) EPS. Equities research analysts predict that Spectrum Pharmaceuticals will post -1.21 earnings per share for the current year.
Several large investors have recently made changes to their positions in the company. State of Alaska Department of Revenue grew its position in shares of Spectrum Pharmaceuticals by 139.4% in the third quarter. State of Alaska Department of Revenue now owns 86,695 shares of the biotechnology company’s stock valued at $719,000 after purchasing an additional 50,485 shares during the period. Macquarie Group Ltd. grew its position in shares of Spectrum Pharmaceuticals by 7.1% in the second quarter. Macquarie Group Ltd. now owns 2,950,358 shares of the biotechnology company’s stock valued at $25,403,000 after purchasing an additional 196,320 shares during the period. Primecap Management Co. CA grew its position in shares of Spectrum Pharmaceuticals by 0.6% in the second quarter. Primecap Management Co. CA now owns 11,126,000 shares of the biotechnology company’s stock valued at $95,795,000 after purchasing an additional 67,000 shares during the period. United Services Automobile Association grew its position in shares of Spectrum Pharmaceuticals by 13.3% in the second quarter. United Services Automobile Association now owns 15,778 shares of the biotechnology company’s stock valued at $136,000 after purchasing an additional 1,852 shares during the period. Finally, ClariVest Asset Management LLC grew its position in shares of Spectrum Pharmaceuticals by 47.8% in the second quarter. ClariVest Asset Management LLC now owns 149,282 shares of the biotechnology company’s stock valued at $1,285,000 after purchasing an additional 48,264 shares during the period. 73.25% 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 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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