Spectrum Pharmaceuticals, Inc. (SPPI) Downgraded by Zacks Investment Research to Sell
Zacks Investment Research lowered shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) from a hold rating to a sell rating in a report issued on Wednesday.
According to Zacks, “Spectrum's low product sales remain a cause of concern. Moreover, gaining market share is challenging for Spectrum as it competes with several companies with greater financial strength. However, the company’s lead pipeline candidate, Rolontis, is progressing well. A BLA is expected in 2018 and a potential approval will help the company compete better. However, Spectrum’s efforts to gain approval for Qapzola (bladder cancer) in the U.S. suffered a setback with the FDA issuing a complete response letter (CRL) in Nov 2016. Additional issues on the regulatory/development front could affect the stock. Also, low product sales remain a cause of concern. On the flip side, with the company entering into out-licensing agreements for a number of products, it will now be able to focus on Evomela and the development of its pipeline candidates. Spectrum’s shares have significantly outperformed the industry so far this year.”
A number of other research firms have also recently weighed in on SPPI. HC Wainwright boosted their price target on Spectrum Pharmaceuticals from $14.00 to $20.00 and gave the stock a buy rating in a report on Wednesday. Jefferies Group LLC boosted their price target on Spectrum Pharmaceuticals from $9.00 to $13.00 and gave the stock a buy rating in a report on Monday, September 25th. ValuEngine raised Spectrum Pharmaceuticals from a sell rating to a hold rating in a report on Thursday, August 17th. Finally, BidaskClub cut Spectrum Pharmaceuticals from a strong-buy rating to a buy rating in a report on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $13.50.
Shares of Spectrum Pharmaceuticals (SPPI) traded down 0.14% during mid-day trading on Wednesday, hitting $14.68. The company had a trading volume of 2,005,143 shares. The firm has a 50-day moving average price of $10.47 and a 200 day moving average price of $7.85. The firm’s market capitalization is $1.15 billion. Spectrum Pharmaceuticals has a 12 month low of $3.21 and a 12 month high of $15.32.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its quarterly earnings data on Thursday, August 3rd. The biotechnology company reported ($0.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.01. The firm had revenue of $34.30 million during the quarter, compared to analysts’ expectations 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 was up 1.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.35) earnings per share. On average, equities research analysts forecast that Spectrum Pharmaceuticals will post ($1.06) earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPPI. Vanguard Group Inc. raised its holdings in shares of Spectrum Pharmaceuticals by 13.8% in the first quarter. Vanguard Group Inc. now owns 7,208,723 shares of the biotechnology company’s stock worth $46,858,000 after acquiring an additional 874,871 shares during the last quarter. State Street Corp raised its holdings in shares of Spectrum Pharmaceuticals by 45.3% in the first quarter. State Street Corp now owns 2,353,958 shares of the biotechnology company’s stock worth $15,305,000 after acquiring an additional 733,651 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Spectrum Pharmaceuticals by 9.7% in the first quarter. Renaissance Technologies LLC now owns 5,679,800 shares of the biotechnology company’s stock worth $36,919,000 after acquiring an additional 502,488 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Spectrum Pharmaceuticals by 21.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,674,679 shares of the biotechnology company’s stock worth $19,926,000 after acquiring an additional 463,434 shares during the last quarter. Finally, Kennedy Capital Management Inc. acquired a new position in shares of Spectrum Pharmaceuticals in the first quarter worth $2,054,000. 66.09% of the stock is owned by institutional investors.
About Spectrum Pharmaceuticals
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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