Zacks Investment Research upgraded shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) from a hold rating to a buy rating in a report issued on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $8.50 price objective on the biotechnology company’s stock.
According to Zacks, “Spectrum Pharma is progressing well with its lead pipeline candidate, Rolontis and a regulatory application for the same is expected to be filed soon. An approval will boost the prospects of the company. Development of poziotinib is progressing well, including in a phase II pivotal study in second-line lung cancer. Moreover, the sale of its marketed products is helping Spectrum to focus on and support the development of its pipeline candidates. However, Spectrum faced regulatory setbacks including withdrawal of regulatory application for Rolontis seeking approval for neutropenia in the United States. Additional regulatory/development setbacks, especially related to Rolontis, could affect the stock. Loss estimates have narrowed ahead of Q3 earnings. The company has a mixed record of earnings surprises in the recent quarters.”
Other equities analysts also recently issued research reports about the stock. ValuEngine downgraded shares of Spectrum Pharmaceuticals from a buy rating to a hold rating in a report on Monday, September 30th. B. Riley set a $18.00 price objective on shares of Spectrum Pharmaceuticals and gave the stock a buy rating in a report on Friday, August 23rd. Finally, BidaskClub downgraded shares of Spectrum Pharmaceuticals from a hold rating to a sell rating in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. The company currently has an average rating of Buy and an average price target of $20.92.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its quarterly earnings results on Thursday, August 8th. The biotechnology company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.13. The company had revenue of ($1.25) million for the quarter, compared to analyst estimates of $0.50 million. During the same period in the previous year, the business posted ($0.21) EPS. The firm’s quarterly revenue was down 105.2% compared to the same quarter last year. On average, analysts forecast that Spectrum Pharmaceuticals will post -1.21 EPS for the current year.
Institutional investors have recently added to or reduced their stakes in the business. TRUE Private Wealth Advisors acquired a new position in Spectrum Pharmaceuticals in the second quarter worth $34,000. Quantamental Technologies LLC boosted its holdings 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 purchasing an additional 1,757 shares during the period. Flinton Capital Management LLC boosted its holdings 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 purchasing an additional 1,584 shares during the period. Fox Run Management L.L.C. acquired a new position in Spectrum Pharmaceuticals in the third quarter worth $106,000. Finally, Riverhead Capital Management LLC boosted its holdings 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 purchasing an additional 1,700 shares during the period. 73.31% of the stock is owned by hedge funds and other institutional investors.
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.
Further Reading: What is a Call Option?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Spectrum Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spectrum Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.