Spectrum Pharmaceuticals (NASDAQ:SPPI) Shares Up 6.7%

Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI)’s share price shot up 6.7% during trading on Tuesday . The company traded as high as $7.51 and last traded at $7.51, 926,489 shares were traded during mid-day trading. An increase of 2% from the average session volume of 911,227 shares. The stock had previously closed at $7.04.

A number of research firms have commented on SPPI. ValuEngine downgraded shares of Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday, June 1st. B. Riley started coverage on shares of Spectrum Pharmaceuticals in a report on Thursday, July 11th. They set a “buy” rating and a $18.00 price target for the company. Zacks Investment Research raised shares of Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Guggenheim started coverage on shares of Spectrum Pharmaceuticals in a report on Monday, May 13th. They set a “buy” rating and a $19.00 price target for the company. Finally, BidaskClub raised shares of Spectrum Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $23.40.

The stock has a market capitalization of $801.63 million, a P/E ratio of -7.44 and a beta of 2.57. The firm’s fifty day simple moving average is $8.04.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued 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 quarter in the prior year, the firm earned ($0.15) EPS. Analysts expect that Spectrum Pharmaceuticals, Inc. will post -1.42 earnings per share for the current year.

In related news, Director Stuart Mitchell Krassner sold 42,456 shares of Spectrum Pharmaceuticals stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $7.99, for a total transaction of $339,223.44. Following the sale, the director now directly owns 73,015 shares in the company, valued at $583,389.85. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Keith M. Mcgahan sold 3,535 shares of Spectrum Pharmaceuticals stock in a transaction dated Wednesday, June 19th. The shares were sold at an average price of $8.49, for a total transaction of $30,012.15. Following the sale, the insider now owns 135,756 shares in the company, valued at $1,152,568.44. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 101,517 shares of company stock worth $830,393. Company insiders own 4.17% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Piedmont Investment Advisors Inc. raised its position in Spectrum Pharmaceuticals by 7.5% in the first quarter. Piedmont Investment Advisors Inc. now owns 25,962 shares of the biotechnology company’s stock worth $278,000 after acquiring an additional 1,806 shares in the last quarter. CWM Advisors LLC raised its position in Spectrum Pharmaceuticals by 28.6% in the second quarter. CWM Advisors LLC now owns 20,605 shares of the biotechnology company’s stock worth $177,000 after acquiring an additional 4,580 shares in the last quarter. Norges Bank bought a new stake in Spectrum Pharmaceuticals in the fourth quarter worth about $16,985,000. Dimensional Fund Advisors LP raised its position in Spectrum Pharmaceuticals by 35.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,000,245 shares of the biotechnology company’s stock worth $8,753,000 after acquiring an additional 263,961 shares in the last quarter. Finally, Millennium Management LLC raised its position in Spectrum Pharmaceuticals by 188.4% in the fourth quarter. Millennium Management LLC now owns 174,058 shares of the biotechnology company’s stock worth $1,523,000 after acquiring an additional 371,041 shares in the last quarter. Hedge funds and other institutional investors own 71.64% of the company’s stock.

About Spectrum Pharmaceuticals (NASDAQ:SPPI)

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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