Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI)‘s stock had its “buy” rating reissued by investment analysts at HC Wainwright in a research report issued on Wednesday, Marketbeat.com reports. They currently have a $14.00 price target on the biotechnology company’s stock. HC Wainwright’s target price indicates a potential upside of 48.15% from the company’s current price.

SPPI has been the topic of several other reports. BidaskClub downgraded shares of Spectrum Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Zacks Investment Research raised shares of Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. Jefferies Group LLC set a $9.00 price objective on shares of Spectrum Pharmaceuticals and gave the company a “buy” rating in a report on Thursday, June 8th. Finally, ValuEngine raised shares of Spectrum Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Thursday, May 11th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $10.80.

Shares of Spectrum Pharmaceuticals (NASDAQ SPPI) opened at 9.45 on Wednesday. The stock’s market cap is $742.54 million. The company has a 50-day moving average of $8.04 and a 200 day moving average of $6.73. Spectrum Pharmaceuticals has a one year low of $3.21 and a one year high of $9.70.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its quarterly earnings data on Thursday, August 3rd. The biotechnology company reported ($0.26) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.01. The business had revenue of $34.30 million for the quarter, compared to the consensus estimate of $30.50 million. Spectrum Pharmaceuticals had a negative net margin of 59.33% and a negative return on equity of 30.95%. The business’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.35) EPS. On average, analysts predict that Spectrum Pharmaceuticals will post ($1.03) earnings per share for the current year.

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Hedge funds have recently made changes to their positions in the company. Piedmont Investment Advisors LLC purchased a new stake in shares of Spectrum Pharmaceuticals during the second quarter worth about $114,000. State Street Corp increased its stake in shares of Spectrum Pharmaceuticals by 28.3% in the second quarter. State Street Corp now owns 3,020,563 shares of the biotechnology company’s stock worth $22,507,000 after buying an additional 666,605 shares during the period. Cornerstone Capital Management Holdings LLC. increased its stake in shares of Spectrum Pharmaceuticals by 196.5% in the second quarter. Cornerstone Capital Management Holdings LLC. now owns 187,697 shares of the biotechnology company’s stock worth $1,397,000 after buying an additional 124,383 shares during the period. Macquarie Group Ltd. increased its stake in shares of Spectrum Pharmaceuticals by 9.4% in the second quarter. Macquarie Group Ltd. now owns 2,247,493 shares of the biotechnology company’s stock worth $16,744,000 after buying an additional 193,883 shares during the period. Finally, PDT Partners LLC increased its stake in shares of Spectrum Pharmaceuticals by 15.3% in the second quarter. PDT Partners LLC now owns 142,000 shares of the biotechnology company’s stock worth $1,058,000 after buying an additional 18,800 shares during the period. 62.68% of the stock is currently owned by hedge funds and other institutional investors.

Spectrum Pharmaceuticals Company Profile

Spectrum Pharmaceuticals, Inc is a biotechnology company. The Company operates through developing and commercializing oncology and hematology drug products segment. It has a product portfolio consisting of both commercial stage and development stage products that address various cancer types. The Company has six approved oncology/hematology products that target different types of cancer, including non-Hodgkin’s lymphoma (NHL), advanced metastatic colorectal cancer (mCRC), acute lymphoblastic leukemia (ALL) and multiple myeloma (MM).

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