Shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) have received an average recommendation of “Buy” from the eight brokerages that are currently covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $25.25.

SPPI has been the topic of several recent research reports. BidaskClub raised shares of Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Tuesday, January 15th. HC Wainwright reissued a “buy” rating and issued a $40.00 price objective on shares of Spectrum Pharmaceuticals in a research note on Thursday, January 10th. ValuEngine raised shares of Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Saturday, December 1st. Cantor Fitzgerald began coverage on shares of Spectrum Pharmaceuticals in a research note on Thursday, February 7th. They issued an “overweight” rating and a $19.00 price objective on the stock. Finally, B. Riley decreased their price objective on shares of Spectrum Pharmaceuticals to $21.00 and set a “buy” rating on the stock in a research note on Thursday, December 20th.

Shares of SPPI traded down $0.30 during mid-day trading on Friday, hitting $9.98. 3,719,107 shares of the company’s stock were exchanged, compared to its average volume of 1,143,169. Spectrum Pharmaceuticals has a 52 week low of $6.22 and a 52 week high of $25.29. The stock has a market capitalization of $1.11 billion, a PE ratio of -9.88 and a beta of 2.71.

In other Spectrum Pharmaceuticals news, CEO Joseph W. Turgeon sold 36,311 shares of the business’s stock in a transaction on Friday, January 11th. The shares were sold at an average price of $10.87, for a total transaction of $394,700.57. Following the sale, the chief executive officer now owns 449,943 shares of the company’s stock, valued at $4,890,880.41. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Anthony E. Maida III sold 5,500 shares of the business’s stock in a transaction on Thursday, February 21st. The stock was sold at an average price of $11.63, for a total transaction of $63,965.00. Following the sale, the director now directly owns 38,488 shares in the company, valued at approximately $447,615.44. The disclosure for this sale can be found here. Insiders sold 119,591 shares of company stock worth $1,286,387 over the last three months. 9.35% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Piedmont Investment Advisors Inc. grew its stake in shares of Spectrum Pharmaceuticals by 5.9% during the fourth quarter. Piedmont Investment Advisors Inc. now owns 24,156 shares of the biotechnology company’s stock worth $211,000 after buying an additional 1,355 shares during the last quarter. New York State Teachers Retirement System grew its stake in shares of Spectrum Pharmaceuticals by 1.0% during the fourth quarter. New York State Teachers Retirement System now owns 137,164 shares of the biotechnology company’s stock worth $1,200,000 after buying an additional 1,416 shares during the last quarter. State of Alaska Department of Revenue grew its stake in shares of Spectrum Pharmaceuticals by 4.9% during the fourth quarter. State of Alaska Department of Revenue now owns 33,958 shares of the biotechnology company’s stock worth $297,000 after buying an additional 1,595 shares during the last quarter. Flinton Capital Management LLC grew its stake in shares of Spectrum Pharmaceuticals by 20.2% during the fourth quarter. Flinton Capital Management LLC now owns 10,384 shares of the biotechnology company’s stock worth $91,000 after buying an additional 1,744 shares during the last quarter. Finally, First Mercantile Trust Co. grew its stake in shares of Spectrum Pharmaceuticals by 69.1% during the fourth quarter. First Mercantile Trust Co. now owns 4,795 shares of the biotechnology company’s stock worth $42,000 after buying an additional 1,960 shares during the last quarter. 79.06% of the stock is currently owned by hedge funds and other institutional investors.

About Spectrum Pharmaceuticals

Spectrum Pharmaceuticals, Inc develops and commercializes oncology and hematology drug products. The company markets six drug products, including FUSILEV for patients with metastatic colorectal cancer and rescue after high-dose methotrexate therapy in osteosarcoma, and to diminish toxicity and counteract the effects of impaired methotrexate elimination and of inadvertent overdosage of folic acid antagonists; FOLOTYN, a folate analogue metabolic inhibitor for peripheral T-cell lymphoma (PTCL); ZEVALIN injection for patients with B-cell non-Hodgkin's lymphoma; MARQIBO, a sphingomyelin/cholesterol liposome-encapsulated formulation for adult patients with Philadelphia chromosome-negative acute lymphoblastic leukemia; BELEODAQ injection for PTCL; and EVOMELA for use as a conditioning treatment prior to autologous stem cell transplant in multiple myeloma patients.

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