Spectrum Pharmaceuticals, Inc. (SPPI) Trading Down 5.9%
Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI)’s share price dropped 5.9% during mid-day trading on Friday . The company traded as low as $19.10 and last traded at $19.50. Approximately 2,141,818 shares were traded during mid-day trading, an increase of 97% from the average daily volume of 1,087,181 shares. The stock had previously closed at $20.73.
SPPI has been the subject of a number of recent research reports. HC Wainwright reissued a “buy” rating on shares of Spectrum Pharmaceuticals in a report on Friday, November 3rd. Jefferies Group LLC set a $9.00 target price on Spectrum Pharmaceuticals and gave the stock a “buy” rating in a report on Friday, August 25th. Zacks Investment Research cut Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. 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 given a hold rating and five have assigned a buy rating to the company’s stock. Spectrum Pharmaceuticals presently has a consensus rating of “Buy” and an average price target of $21.40.
The company has a quick ratio of 4.89, a current ratio of 5.04 and a debt-to-equity ratio of 0.33.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its quarterly earnings results on Thursday, November 2nd. The biotechnology company reported ($0.22) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.16) by ($0.06). The business had revenue of $36.40 million for the quarter, compared to the consensus estimate of $33.27 million. Spectrum Pharmaceuticals had a negative return on equity of 29.73% and a negative net margin of 58.94%. The firm’s revenue was up 9.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.07) earnings per share. analysts predict that Spectrum Pharmaceuticals, Inc. will post -1.03 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Spectrum Pharmaceuticals by 1.2% during the 2nd quarter. Vanguard Group Inc. now owns 7,292,704 shares of the biotechnology company’s stock worth $54,331,000 after acquiring an additional 83,981 shares during the last quarter. Renaissance Technologies LLC grew its position in Spectrum Pharmaceuticals by 6.9% during the 2nd quarter. Renaissance Technologies LLC now owns 6,071,817 shares of the biotechnology company’s stock worth $45,235,000 after acquiring an additional 392,017 shares during the last quarter. State Street Corp grew its position 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 acquiring an additional 666,605 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Spectrum Pharmaceuticals by 21.0% during the 2nd 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, Macquarie Group Ltd. grew its position 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 acquiring an additional 193,883 shares during the last quarter. Institutional investors and hedge funds own 56.04% of the company’s stock.
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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