Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) has been assigned a $9.00 target price by equities researchers at Jefferies Group LLC in a research note issued on Friday. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Jefferies Group LLC’s price target indicates a potential downside of 3.85% from the stock’s previous close.

Other analysts also recently issued reports about the company. HC Wainwright set a $10.00 target price on Spectrum Pharmaceuticals and gave the stock a “buy” rating in a research report on Saturday, May 6th. ValuEngine upgraded Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, August 17th. Zacks Investment Research upgraded Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Tuesday, June 6th. Finally, BidaskClub downgraded Spectrum Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Spectrum Pharmaceuticals has a consensus rating of “Buy” and a consensus target price of $10.80.

Shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) opened at 9.36 on Friday. The stock’s 50 day moving average is $8.35 and its 200 day moving average is $6.92. The firm’s market capitalization is $735.47 million. Spectrum Pharmaceuticals has a 52-week low of $3.21 and a 52-week high of $9.70.

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

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Hedge funds have recently added to or reduced their stakes in the stock. Texas Permanent School Fund increased its stake in Spectrum Pharmaceuticals by 0.5% in the first quarter. Texas Permanent School Fund now owns 51,326 shares of the biotechnology company’s stock valued at $334,000 after buying an additional 267 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in Spectrum Pharmaceuticals by 2.8% in the first quarter. Louisiana State Employees Retirement System now owns 28,900 shares of the biotechnology company’s stock valued at $188,000 after buying an additional 800 shares during the last quarter. Bank of Montreal Can increased its stake in Spectrum Pharmaceuticals by 0.7% in the second quarter. Bank of Montreal Can now owns 113,035 shares of the biotechnology company’s stock valued at $843,000 after buying an additional 827 shares during the last quarter. Municipal Employees Retirement System of Michigan increased its stake in Spectrum Pharmaceuticals by 5.6% in the second quarter. Municipal Employees Retirement System of Michigan now owns 16,720 shares of the biotechnology company’s stock valued at $125,000 after buying an additional 880 shares during the last quarter. Finally, Arizona State Retirement System increased its stake in Spectrum Pharmaceuticals by 2.5% in the first quarter. Arizona State Retirement System now owns 36,955 shares of the biotechnology company’s stock valued at $240,000 after buying an additional 900 shares during the last quarter. Hedge funds and other institutional investors own 62.68% of the company’s stock.

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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