Spectrum Pharmaceuticals, Inc. (SPPI) Sees Large Volume Increase
Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) saw an uptick in trading volume on Friday . 2,632,187 shares traded hands during mid-day trading, an increase of 207% from the previous session’s volume of 858,547 shares.The stock last traded at $10.17 and had previously closed at $10.07.
Several brokerages have recently issued reports on SPPI. HC Wainwright reiterated a “buy” rating and issued a $14.00 price objective on shares of Spectrum Pharmaceuticals in a research note on Thursday. Zacks Investment Research cut Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Friday, August 18th. ValuEngine upgraded Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Thursday, August 17th. Jefferies Group LLC set a $9.00 price objective on Spectrum Pharmaceuticals and gave the company a “buy” rating in a research note on Friday, August 25th. Finally, BidaskClub cut Spectrum Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Two analysts have rated the stock with 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 $10.80.
The firm has a 50 day moving average of $9.28 and a 200-day moving average of $7.35. The firm’s market capitalization is $799.12 million.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its quarterly earnings results on Thursday, August 3rd. The biotechnology company reported ($0.26) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.01. The firm had revenue of $34.30 million during the quarter, compared to the consensus estimate of $30.50 million. Spectrum Pharmaceuticals had a negative return on equity of 30.95% and a negative net margin of 59.33%. Spectrum Pharmaceuticals’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.35) earnings per share. On average, equities analysts forecast that Spectrum Pharmaceuticals, Inc. will post ($1.03) EPS for the current year.
A number of large investors have recently added to or reduced their stakes in the business. Piedmont Investment Advisors LLC bought a new position in Spectrum Pharmaceuticals during the 2nd quarter worth approximately $114,000. State Street Corp lifted its holdings in Spectrum Pharmaceuticals by 28.3% during the 2nd 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 last quarter. Cornerstone Capital Management Holdings LLC. lifted its holdings in Spectrum Pharmaceuticals by 196.5% during the 2nd 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 last quarter. Macquarie Group Ltd. lifted its holdings in Spectrum Pharmaceuticals by 9.4% during the 2nd 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 last quarter. Finally, PDT Partners LLC lifted its holdings in Spectrum Pharmaceuticals by 15.3% during the 2nd 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 last quarter. 66.09% of the stock is currently owned by institutional investors.
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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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