Quantamental Technologies LLC increased its position in shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) by 22.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,563 shares of the biotechnology company’s stock after purchasing an additional 1,757 shares during the period. Quantamental Technologies LLC’s holdings in Spectrum Pharmaceuticals were worth $82,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its position in shares of Spectrum Pharmaceuticals by 6.2% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 636,173 shares of the biotechnology company’s stock valued at $5,478,000 after purchasing an additional 37,173 shares during the period. Trexquant Investment LP bought a new stake in Spectrum Pharmaceuticals in the 2nd quarter valued at $126,000. Bank of Montreal Can increased its holdings in Spectrum Pharmaceuticals by 218.6% in the 2nd quarter. Bank of Montreal Can now owns 13,498 shares of the biotechnology company’s stock valued at $116,000 after acquiring an additional 9,262 shares during the last quarter. Panagora Asset Management Inc. increased its holdings in Spectrum Pharmaceuticals by 7.3% in the 2nd quarter. Panagora Asset Management Inc. now owns 575,866 shares of the biotechnology company’s stock valued at $4,958,000 after acquiring an additional 39,348 shares during the last quarter. Finally, Prudential Financial Inc. increased its holdings in Spectrum Pharmaceuticals by 23.6% in the 2nd quarter. Prudential Financial Inc. now owns 209,593 shares of the biotechnology company’s stock valued at $1,805,000 after acquiring an additional 40,070 shares during the last quarter. Hedge funds and other institutional investors own 73.25% of the company’s stock.
In other news, insider Keith M. Mcgahan sold 3,535 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 135,756 shares in the company, valued at approximately $1,152,568.44. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director William Ashton sold 6,667 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $8.57, for a total transaction of $57,136.19. Following the completion of the sale, the director now owns 8,333 shares of the company’s stock, valued at approximately $71,413.81. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,496 shares of company stock valued at $89,433. Company insiders own 4.17% of the company’s stock.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its quarterly earnings data on Thursday, August 8th. The biotechnology company reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.13. The company had revenue of ($1.25) million during the quarter, compared to analysts’ expectations of $0.50 million. Spectrum Pharmaceuticals had a negative net margin of 109.76% and a negative return on equity of 41.95%. The firm’s quarterly revenue was down 105.2% on a year-over-year basis. During the same period in the previous year, the company earned ($0.21) EPS. As a group, equities research analysts anticipate that Spectrum Pharmaceuticals, Inc. will post -1.21 EPS for the current year.
A number of equities analysts have commented on the stock. B. Riley set a $18.00 price objective on shares of Spectrum Pharmaceuticals and gave the stock a “buy” rating in a research note on Friday, August 23rd. ValuEngine raised shares of Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, BidaskClub raised shares of Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $23.40.
Spectrum Pharmaceuticals 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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