Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) Given Average Recommendation of “Buy” by Analysts
Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) has received an average rating of “Buy” from the nine research firms that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $23.40.
A number of brokerages have recently commented on SPPI. ValuEngine raised Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Saturday, August 10th. Guggenheim began coverage on Spectrum Pharmaceuticals in a research report on Monday, May 13th. They issued a “buy” rating and a $19.00 price objective for the company. B. Riley began coverage on Spectrum Pharmaceuticals in a research report on Thursday, July 11th. They issued a “buy” rating and a $18.00 price objective for the company. Zacks Investment Research raised Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Finally, BidaskClub raised Spectrum Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Wednesday, July 31st.
Spectrum Pharmaceuticals stock traded up $0.35 during mid-day trading on Wednesday, hitting $8.36. 19,879 shares of the company were exchanged, compared to its average volume of 743,701. The company has a debt-to-equity ratio of 0.04, a current ratio of 5.37 and a quick ratio of 4.84. The business’s 50 day simple moving average is $7.92 and its two-hundred day simple moving average is $9.25. The company has a market capitalization of $837.39 million, a P/E ratio of -8.17 and a beta of 2.57. Spectrum Pharmaceuticals has a 12-month low of $6.22 and a 12-month high of $25.29.
In related news, Director Stuart Mitchell Krassner sold 5,071 shares of Spectrum Pharmaceuticals stock in a transaction on Friday, May 24th. The stock was sold at an average price of $7.94, for a total value of $40,263.74. Following the transaction, the director now owns 73,015 shares in the company, valued at $579,739.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Keith M. Mcgahan sold 3,535 shares of Spectrum Pharmaceuticals stock in a transaction on Wednesday, June 19th. The shares were sold at an average price of $8.49, for a total value of $30,012.15. Following the completion of the transaction, the insider now owns 135,756 shares in the company, valued at approximately $1,152,568.44. The disclosure for this sale can be found here. Insiders sold 76,263 shares of company stock worth $613,928 in the last quarter. 4.17% of the stock is owned by insiders.
A number of institutional investors have recently modified their holdings of SPPI. Norges Bank acquired a new position in shares of Spectrum Pharmaceuticals during the fourth quarter worth about $16,985,000. Renaissance Technologies LLC lifted its stake in shares of Spectrum Pharmaceuticals by 61.1% during the second quarter. Renaissance Technologies LLC now owns 2,726,317 shares of the biotechnology company’s stock worth $23,474,000 after purchasing an additional 1,034,135 shares in the last quarter. Nuveen Asset Management LLC acquired a new position in shares of Spectrum Pharmaceuticals during the second quarter worth about $6,732,000. BlackRock Inc. lifted its stake in shares of Spectrum Pharmaceuticals by 4.6% during the second quarter. BlackRock Inc. now owns 17,538,995 shares of the biotechnology company’s stock worth $151,009,000 after purchasing an additional 778,654 shares in the last quarter. Finally, Morgan Stanley lifted its stake in shares of Spectrum Pharmaceuticals by 195.9% during the second quarter. Morgan Stanley now owns 955,000 shares of the biotechnology company’s stock worth $8,223,000 after purchasing an additional 632,303 shares in the last quarter. Hedge funds and other institutional investors own 73.58% of the company’s stock.
Spectrum Pharmaceuticals Company Profile
Spectrum Pharmaceuticals, Inc develops and commercializes oncology and hematology drug products. The company offers KHAPZORY, a novel folate analog and the pharmacologically active levo-isomer of d, and 1-leucovorin; FOLOTYN, a folate analogue metabolic inhibitor for peripheral T-cell lymphoma (PTCL); ZEVALIN injection to treat non-Hodgkin's lymphoma; MARQIBO for adult patients with Philadelphia chromosome-negative acute lymphoblastic leukemia; BELEODAQ, a histone deacytelase, or HDAC, inhibitor for the treatment of patients with relapsed or refractory PTCL; and EVOMELA for use as a conditioning treatment prior to autologous stem cell transplant in multiple myeloma patients.
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