Spectrum Pharmaceuticals, Inc. (SPPI) Holdings Lifted by Municipal Employees Retirement System of Michigan
Municipal Employees Retirement System of Michigan boosted its holdings in Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) by 71.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,620 shares of the biotechnology company’s stock after purchasing an additional 11,900 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Spectrum Pharmaceuticals were worth $403,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the business. State of Alaska Department of Revenue boosted its position in shares of Spectrum Pharmaceuticals by 77.1% during the 2nd quarter. State of Alaska Department of Revenue now owns 13,918 shares of the biotechnology company’s stock valued at $103,000 after acquiring an additional 6,058 shares during the last quarter. Crossmark Global Holdings Inc. bought a new position in shares of Spectrum Pharmaceuticals during the 3rd quarter valued at approximately $212,000. Piedmont Investment Advisors LLC bought a new position in shares of Spectrum Pharmaceuticals during the 2nd quarter valued at approximately $114,000. First Quadrant L P CA bought a new position in shares of Spectrum Pharmaceuticals during the 3rd quarter valued at approximately $235,000. Finally, BNP Paribas Arbitrage SA boosted its position in shares of Spectrum Pharmaceuticals by 87.5% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 21,347 shares of the biotechnology company’s stock valued at $159,000 after acquiring an additional 9,960 shares during the last quarter. Institutional investors and hedge funds own 71.88% of the company’s stock.
SPPI has been the subject of a number of research reports. HC Wainwright reiterated a “buy” rating and set a $14.00 target price on shares of Spectrum Pharmaceuticals in a research report on Wednesday, August 16th. Guggenheim initiated coverage on Spectrum Pharmaceuticals in a research report on Monday, October 23rd. They set a “buy” rating and a $32.00 target price for the company. Jefferies Group increased their target price on Spectrum Pharmaceuticals to $25.00 and gave the company a “buy” rating in a research report on Friday, October 20th. Zacks Investment Research downgraded Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Friday, August 18th. Finally, ValuEngine upgraded Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, August 17th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company’s stock. Spectrum Pharmaceuticals currently has a consensus rating of “Buy” and an average target price of $21.40.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its quarterly earnings results on Thursday, November 2nd. The biotechnology company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.06). The company had revenue of $36.40 million during 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 quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.07) earnings per share. equities analysts anticipate that Spectrum Pharmaceuticals, Inc. will post -1.03 EPS for the current fiscal year.
Spectrum Pharmaceuticals 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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