Spectrum Pharmaceuticals (NASDAQ:SPPI) Upgraded to “Buy” at ValuEngine

ValuEngine upgraded shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) from a hold rating to a buy rating in a research report report published on Saturday morning, ValuEngine reports.

SPPI has been the subject of several other research reports. Guggenheim initiated coverage on Spectrum Pharmaceuticals in a research report on Monday, May 13th. They issued a buy rating and a $19.00 target price for the company. B. Riley initiated coverage on Spectrum Pharmaceuticals in a research report on Thursday, July 11th. They issued a buy rating and a $18.00 target price for the company. BidaskClub raised Spectrum Pharmaceuticals from a strong sell rating to a sell rating in a research report on Wednesday, July 31st. Finally, Zacks Investment Research raised Spectrum Pharmaceuticals from a sell rating to a hold rating in a research report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of Buy and an average price target of $23.40.

Shares of NASDAQ SPPI opened at $7.93 on Friday. Spectrum Pharmaceuticals has a 1-year low of $6.22 and a 1-year high of $25.29. The stock has a 50-day moving average of $7.96. The stock has a market capitalization of $895.71 million, a P/E ratio of -7.85 and a beta of 2.57.



Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its earnings results on Thursday, August 8th. The biotechnology company reported ($0.23) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.36) by $0.13. Spectrum Pharmaceuticals had a negative return on equity of 40.97% and a negative net margin of 109.76%. The company had revenue of ($1.25) million during the quarter, compared to the consensus estimate of $0.50 million. During the same quarter in the prior year, the business earned ($0.21) earnings per share. The company’s revenue was down 105.2% compared to the same quarter last year. On average, equities research analysts anticipate that Spectrum Pharmaceuticals will post -1.42 earnings per share for the current year.

In related news, CEO Joseph W. Turgeon sold 22,702 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $8.53, for a total value of $193,648.06. Following the transaction, the chief executive officer now owns 449,217 shares in the company, valued at $3,831,821.01. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director William Ashton sold 6,667 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $8.57, for a total value of $57,136.19. Following the completion of the transaction, the director now owns 8,333 shares in the company, valued at approximately $71,413.81. The disclosure for this sale can be found here. In the last quarter, insiders sold 98,965 shares of company stock worth $807,576. Insiders own 4.17% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. TRUE Private Wealth Advisors acquired a new stake in Spectrum Pharmaceuticals during the second quarter valued at approximately $34,000. Exane Derivatives raised its stake in Spectrum Pharmaceuticals by 145.9% during the first quarter. Exane Derivatives now owns 7,440 shares of the biotechnology company’s stock valued at $80,000 after buying an additional 4,414 shares in the last quarter. Quantamental Technologies LLC raised its stake in Spectrum Pharmaceuticals by 22.5% during the second quarter. Quantamental Technologies LLC now owns 9,563 shares of the biotechnology company’s stock valued at $82,000 after buying an additional 1,757 shares in the last quarter. Two Sigma Investments LP acquired a new stake in Spectrum Pharmaceuticals during the fourth quarter valued at approximately $91,000. Finally, Flinton Capital Management LLC raised its stake in Spectrum Pharmaceuticals by 15.3% during the second quarter. Flinton Capital Management LLC now owns 11,968 shares of the biotechnology company’s stock valued at $103,000 after buying an additional 1,584 shares in the last quarter. Institutional investors and hedge funds own 71.73% 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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Analyst Recommendations for Spectrum Pharmaceuticals (NASDAQ:SPPI)

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