Prudential Financial Inc. increased its position in Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) by 23.6% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 209,593 shares of the biotechnology company’s stock after acquiring an additional 40,070 shares during the period. Prudential Financial Inc.’s holdings in Spectrum Pharmaceuticals were worth $1,805,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of SPPI. TRUE Private Wealth Advisors acquired a new position in shares of Spectrum Pharmaceuticals in the second quarter valued at approximately $34,000. Everence Capital Management Inc. acquired a new position in shares of Spectrum Pharmaceuticals in the first quarter valued at approximately $163,000. CWM Advisors LLC raised its position in shares of Spectrum Pharmaceuticals by 28.6% in the second quarter. CWM Advisors LLC now owns 20,605 shares of the biotechnology company’s stock valued at $177,000 after buying an additional 4,580 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in shares of Spectrum Pharmaceuticals by 969.6% in the first quarter. BNP Paribas Arbitrage SA now owns 23,115 shares of the biotechnology company’s stock valued at $247,000 after buying an additional 20,954 shares during the last quarter. Finally, Piedmont Investment Advisors Inc. raised its position in shares of Spectrum Pharmaceuticals by 7.5% in the first quarter. Piedmont Investment Advisors Inc. now owns 25,962 shares of the biotechnology company’s stock valued at $278,000 after buying an additional 1,806 shares during the last quarter. 73.25% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently issued reports on SPPI shares. ValuEngine upgraded shares of Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Tuesday, September 10th. BidaskClub upgraded shares of Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Thursday, September 12th. Finally, B. Riley set a $18.00 target price on shares of Spectrum Pharmaceuticals and gave the company a “buy” rating in a report on Friday, August 23rd. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $23.40.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its earnings results on Thursday, August 8th. The biotechnology company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.13. Spectrum Pharmaceuticals had a negative net margin of 109.76% and a negative return on equity of 41.95%. The firm had revenue of ($1.25) million during the quarter, compared to the consensus estimate of $0.50 million. During the same period in the previous year, the firm earned ($0.21) earnings per share. Spectrum Pharmaceuticals’s revenue was down 105.2% compared to the same quarter last year. As a group, research analysts expect that Spectrum Pharmaceuticals, Inc. will post -1.21 earnings per share for the current year.
About Spectrum Pharmaceuticals
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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