Spectrum Pharmaceuticals (NASDAQ:SPPI) Upgraded to “Hold” by BidaskClub

BidaskClub upgraded shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) from a sell rating to a hold rating in a research note issued to investors on Wednesday, BidAskClub reports.

SPPI has been the subject of a number of other research reports. ValuEngine upgraded Spectrum Pharmaceuticals from a hold rating to a buy rating in a research note on Saturday, August 10th. B. Riley began coverage on Spectrum Pharmaceuticals in a research note on Thursday, July 11th. They issued a buy rating and a $18.00 target price for the company. Zacks Investment Research upgraded Spectrum Pharmaceuticals from a sell rating to a hold rating in a research note on Wednesday, May 1st. Finally, Guggenheim began coverage on Spectrum Pharmaceuticals in a research note on Monday, May 13th. They issued a buy rating and a $19.00 target price for the company. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $23.40.

SPPI opened at $7.76 on Wednesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 5.37 and a current ratio of 5.37. The business has a 50 day moving average of $7.85 and a 200-day moving average of $9.17. Spectrum Pharmaceuticals has a 52 week low of $6.22 and a 52 week high of $25.29.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its earnings results on Thursday, August 8th. The biotechnology company reported ($0.23) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.36) by $0.13. The company had revenue of ($1.25) million during the quarter, compared to analysts’ expectations of $0.50 million. Spectrum Pharmaceuticals had a negative return on equity of 41.95% and a negative net margin of 109.76%. The firm’s revenue for the quarter was down 105.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.21) EPS. As a group, analysts expect that Spectrum Pharmaceuticals will post -1.21 EPS for the current year.

In other Spectrum Pharmaceuticals news, Director William Ashton sold 6,667 shares of Spectrum Pharmaceuticals stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $8.57, for a total transaction of $57,136.19. Following the completion of the transaction, the director now owns 8,333 shares in the company, valued at $71,413.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Keith M. Mcgahan sold 3,535 shares of Spectrum Pharmaceuticals stock in a transaction on Wednesday, June 19th. The shares were sold at an average price of $8.49, for a total value of $30,012.15. Following the transaction, the insider now owns 135,756 shares of the company’s stock, valued at approximately $1,152,568.44. The disclosure for this sale can be found here. In the last 90 days, insiders sold 71,192 shares of company stock valued at $573,664. 9.35% of the stock is currently owned by company insiders.

A number of large investors have recently made changes to their positions in the business. Louisiana State Employees Retirement System raised its stake in Spectrum Pharmaceuticals by 3.3% during the first quarter. Louisiana State Employees Retirement System now owns 39,400 shares of the biotechnology company’s stock valued at $421,000 after buying an additional 1,241 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Spectrum Pharmaceuticals by 4.0% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 36,208 shares of the biotechnology company’s stock valued at $387,000 after buying an additional 1,381 shares during the last quarter. New York State Teachers Retirement System raised its stake in Spectrum Pharmaceuticals by 1.1% during the first quarter. New York State Teachers Retirement System now owns 138,700 shares of the biotechnology company’s stock valued at $1,483,000 after buying an additional 1,536 shares during the last quarter. State of Alaska Department of Revenue raised its stake in Spectrum Pharmaceuticals by 4.6% during the first quarter. State of Alaska Department of Revenue now owns 35,523 shares of the biotechnology company’s stock valued at $379,000 after buying an additional 1,565 shares during the last quarter. Finally, Flinton Capital Management LLC raised its stake in Spectrum Pharmaceuticals by 15.3% during the second quarter. Flinton Capital Management LLC now owns 11,968 shares of the biotechnology company’s stock valued at $103,000 after buying an additional 1,584 shares during the last quarter. Institutional investors and hedge funds own 73.58% of the company’s stock.

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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Analyst Recommendations for Spectrum Pharmaceuticals (NASDAQ:SPPI)

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