HC Wainwright restated their buy rating on shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) in a report issued on Thursday morning. HC Wainwright currently has a $40.00 target price on the biotechnology company’s stock.
“Our $40 price target is derived from an NPV of Spectrum’s proprietary pipeline, a sum-of-the-parts analysis based on the P/E value of its current commercial business, plus cash. We assume a 20% discount rate for the NPV of the pipeline and a P/S multiple of 3x. We value the pipeline at $12.19 per share (x3= $36.57), the current commercial business at $1.48 per share and YE18 estimated fully diluted net cash at $1.49 per share.”,” the firm’s analyst wrote.
A number of other equities research analysts have also weighed in on the company. ValuEngine raised Spectrum Pharmaceuticals from a hold rating to a buy rating in a report on Saturday, January 5th. BidaskClub raised Spectrum Pharmaceuticals from a sell rating to a hold rating in a report on Thursday, December 27th. B. Riley lowered their price objective on Spectrum Pharmaceuticals to $21.00 and set a buy rating on the stock in a report on Thursday, December 20th. Finally, Zacks Investment Research reaffirmed a hold rating on shares of Spectrum Pharmaceuticals in a report on Friday, November 16th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $27.00.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its quarterly earnings data on Thursday, November 8th. The biotechnology company reported ($0.17) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.27) by $0.10. Spectrum Pharmaceuticals had a negative return on equity of 27.72% and a negative net margin of 91.56%. The company had revenue of $25.27 million for the quarter, compared to analyst estimates of $25.73 million. During the same quarter in the previous year, the company earned ($0.11) EPS. The firm’s revenue for the quarter was down 30.6% compared to the same quarter last year. On average, equities analysts predict that Spectrum Pharmaceuticals will post -0.9 EPS for the current fiscal year.
In other news, Director Anthony E. Maida III sold 7,250 shares of Spectrum Pharmaceuticals stock in a transaction that occurred on Thursday, December 6th. The shares were sold at an average price of $12.60, for a total transaction of $91,350.00. Following the completion of the sale, the director now directly owns 40,238 shares in the company, valued at approximately $506,998.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders have sold 21,750 shares of company stock valued at $258,608. Insiders own 9.35% of the company’s stock.
Several hedge funds have recently bought and sold shares of SPPI. First Trust Advisors LP acquired a new stake in shares of Spectrum Pharmaceuticals during the 2nd quarter valued at approximately $505,000. Bank of New York Mellon Corp lifted its position in shares of Spectrum Pharmaceuticals by 3.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,105,928 shares of the biotechnology company’s stock valued at $23,180,000 after acquiring an additional 34,070 shares during the period. Schwab Charles Investment Management Inc. lifted its position in shares of Spectrum Pharmaceuticals by 18.2% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 565,479 shares of the biotechnology company’s stock valued at $11,853,000 after acquiring an additional 87,075 shares during the period. BlackRock Inc. lifted its position in shares of Spectrum Pharmaceuticals by 9.7% during the 2nd quarter. BlackRock Inc. now owns 16,527,226 shares of the biotechnology company’s stock valued at $346,411,000 after acquiring an additional 1,463,249 shares during the period. Finally, Legal & General Group Plc lifted its position in shares of Spectrum Pharmaceuticals by 9.4% during the 2nd quarter. Legal & General Group Plc now owns 208,469 shares of the biotechnology company’s stock valued at $4,382,000 after acquiring an additional 17,972 shares during the period. Institutional investors own 82.11% of the company’s stock.
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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