Municipal Employees Retirement System of Michigan purchased a new stake in Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) during the fourth quarter, Holdings Channel reports. The fund purchased 28,590 shares of the biotechnology company’s stock, valued at approximately $250,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Piedmont Investment Advisors Inc. increased its holdings in Spectrum Pharmaceuticals by 5.9% in the 4th quarter. Piedmont Investment Advisors Inc. now owns 24,156 shares of the biotechnology company’s stock valued at $211,000 after acquiring an additional 1,355 shares during the last quarter. New York State Teachers Retirement System increased its holdings in Spectrum Pharmaceuticals by 1.0% in the 4th quarter. New York State Teachers Retirement System now owns 137,164 shares of the biotechnology company’s stock valued at $1,200,000 after acquiring an additional 1,416 shares during the last quarter. State of Alaska Department of Revenue increased its holdings in Spectrum Pharmaceuticals by 4.9% in the 4th quarter. State of Alaska Department of Revenue now owns 33,958 shares of the biotechnology company’s stock valued at $297,000 after acquiring an additional 1,595 shares during the last quarter. Flinton Capital Management LLC increased its holdings in Spectrum Pharmaceuticals by 20.2% in the 4th quarter. Flinton Capital Management LLC now owns 10,384 shares of the biotechnology company’s stock valued at $91,000 after acquiring an additional 1,744 shares during the last quarter. Finally, First Mercantile Trust Co. increased its holdings in Spectrum Pharmaceuticals by 69.1% in the 4th quarter. First Mercantile Trust Co. now owns 4,795 shares of the biotechnology company’s stock valued at $42,000 after acquiring an additional 1,960 shares during the last quarter. Institutional investors own 77.85% of the company’s stock.

In related news, COO Thomas J. Riga sold 16,493 shares of Spectrum Pharmaceuticals stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $10.75, for a total transaction of $177,299.75. Following the completion of the transaction, the chief operating officer now directly owns 260,423 shares of the company’s stock, valued at approximately $2,799,547.25. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Anthony E. Maida III sold 10,738 shares of Spectrum Pharmaceuticals stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $10.67, for a total transaction of $114,574.46. Following the transaction, the director now directly owns 22,250 shares of the company’s stock, valued at $237,407.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 112,788 shares of company stock worth $1,190,968. Insiders own 9.35% of the company’s stock.

Spectrum Pharmaceuticals stock opened at $9.95 on Tuesday. Spectrum Pharmaceuticals, Inc. has a twelve month low of $6.22 and a twelve month high of $25.29. The stock has a market capitalization of $1.15 billion, a PE ratio of -9.85 and a beta of 2.70.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its earnings results on Thursday, February 28th. The biotechnology company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.12). Spectrum Pharmaceuticals had a negative return on equity of 31.79% and a negative net margin of 109.76%. The business had revenue of $29.40 million during the quarter, compared to the consensus estimate of $26.60 million. On average, research analysts anticipate that Spectrum Pharmaceuticals, Inc. will post -1.63 earnings per share for the current year.

A number of analysts have issued reports on the stock. Jefferies Financial Group reiterated a “buy” rating and issued a $21.00 price target on shares of Spectrum Pharmaceuticals in a report on Friday, March 15th. BidaskClub downgraded shares of Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Cantor Fitzgerald began coverage on shares of Spectrum Pharmaceuticals in a report on Thursday, February 7th. They issued an “overweight” rating and a $19.00 target price on the stock. ValuEngine downgraded shares of Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Monday, February 4th. Finally, HC Wainwright restated a “buy” rating and issued a $40.00 target price on shares of Spectrum Pharmaceuticals in a report on Thursday, January 10th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $24.20.

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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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Institutional Ownership by Quarter for Spectrum Pharmaceuticals (NASDAQ:SPPI)

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