ValuEngine Downgrades Spectrum Pharmaceuticals (NASDAQ:SPPI) to Hold
A number of other equities research analysts have also recently commented on SPPI. B. Riley set a $18.00 price target on Spectrum Pharmaceuticals and gave the company a buy rating in a report on Friday, August 23rd. Zacks Investment Research raised Spectrum Pharmaceuticals from a hold rating to a buy rating and set a $8.50 price target on the stock in a report on Thursday, October 17th. BidaskClub cut Spectrum Pharmaceuticals from a hold rating to a sell rating in a report on Thursday, October 10th. Finally, HC Wainwright reissued a buy rating on shares of Spectrum Pharmaceuticals in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $20.92.
Spectrum Pharmaceuticals stock traded up $0.02 during trading on Thursday, reaching $8.32. The company had a trading volume of 582,100 shares, compared to its average volume of 866,648. Spectrum Pharmaceuticals has a 52 week low of $6.22 and a 52 week high of $14.65. The firm’s 50-day simple moving average is $8.04 and its 200 day simple moving average is $8.15. The firm has a market capitalization of $907.18 million, a price-to-earnings ratio of -8.24 and a beta of 2.57.
In other news, insider Francois Lebel sold 6,963 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $8.16, for a total transaction of $56,818.08. Following the completion of the transaction, the insider now owns 113,970 shares in the company, valued at $929,995.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 4.17% of the company’s stock.
Several institutional investors have recently modified their holdings of SPPI. TRUE Private Wealth Advisors purchased a new position in shares of Spectrum Pharmaceuticals during the second quarter valued at about $34,000. Quantamental Technologies LLC grew its position in Spectrum Pharmaceuticals by 22.5% in the second quarter. Quantamental Technologies LLC now owns 9,563 shares of the biotechnology company’s stock worth $82,000 after acquiring an additional 1,757 shares in the last quarter. Flinton Capital Management LLC grew its position in Spectrum Pharmaceuticals by 15.3% in the second quarter. Flinton Capital Management LLC now owns 11,968 shares of the biotechnology company’s stock worth $103,000 after acquiring an additional 1,584 shares in the last quarter. Fox Run Management L.L.C. purchased a new position in Spectrum Pharmaceuticals in the third quarter worth about $106,000. Finally, Riverhead Capital Management LLC grew its position in Spectrum Pharmaceuticals by 14.8% in the second quarter. Riverhead Capital Management LLC now owns 13,200 shares of the biotechnology company’s stock worth $114,000 after acquiring an additional 1,700 shares in the last quarter. Hedge funds and other institutional investors own 73.30% 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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