Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) Sees Significant Decline in Short Interest

Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) saw a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 8,450,000 shares, a decrease of 8.7% from the September 30th total of 9,260,000 shares. Based on an average daily volume of 779,300 shares, the short-interest ratio is currently 10.8 days. Approximately 8.7% of the company’s stock are sold short.

In other Spectrum Pharmaceuticals news, insider Francois Lebel sold 6,963 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $8.16, for a total value of $56,818.08. Following the transaction, the insider now directly owns 113,970 shares in the company, valued at $929,995.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 9.35% of the company’s stock.

A number of institutional investors have recently bought and sold shares of SPPI. Renaissance Technologies LLC increased its position in Spectrum Pharmaceuticals by 61.1% during the 2nd quarter. Renaissance Technologies LLC now owns 2,726,317 shares of the biotechnology company’s stock worth $23,474,000 after purchasing an additional 1,034,135 shares in the last quarter. Nuveen Asset Management LLC purchased a new stake in Spectrum Pharmaceuticals during the 2nd quarter worth about $6,732,000. BlackRock Inc. increased its position in Spectrum Pharmaceuticals by 4.6% during the 2nd quarter. BlackRock Inc. now owns 17,538,995 shares of the biotechnology company’s stock worth $151,009,000 after purchasing an additional 778,654 shares in the last quarter. Morgan Stanley increased its position in Spectrum Pharmaceuticals by 195.9% during the 2nd quarter. Morgan Stanley now owns 955,000 shares of the biotechnology company’s stock worth $8,223,000 after purchasing an additional 632,303 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in Spectrum Pharmaceuticals by 5.1% during the 2nd quarter. Vanguard Group Inc. now owns 11,972,641 shares of the biotechnology company’s stock worth $103,085,000 after purchasing an additional 579,500 shares in the last quarter. Hedge funds and other institutional investors own 73.43% of the company’s stock.

Several brokerages have commented on SPPI. Zacks Investment Research upgraded shares of Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating and set a $8.50 price target on the stock in a research note on Thursday, October 17th. HC Wainwright reiterated a “buy” rating on shares of Spectrum Pharmaceuticals in a research note on Friday, October 25th. BidaskClub lowered shares of Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Thursday, October 10th. B. Riley set a $18.00 price target on shares of Spectrum Pharmaceuticals and gave the company a “buy” rating in a research note on Friday, August 23rd. Finally, ValuEngine downgraded Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company’s stock. Spectrum Pharmaceuticals has a consensus rating of “Buy” and an average target price of $20.92.

Shares of SPPI stock traded up $0.27 during trading hours on Friday, hitting $8.30. The stock had a trading volume of 1,129,900 shares, compared to its average volume of 733,386. Spectrum Pharmaceuticals has a twelve month low of $6.22 and a twelve month high of $14.65. The firm has a market capitalization of $907.18 million, a PE ratio of -8.22 and a beta of 2.57. The stock’s 50 day moving average is $8.04 and its 200 day moving average is $8.15.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.08. During the same period in the previous year, the firm posted ($0.24) earnings per share. On average, research analysts expect that Spectrum Pharmaceuticals will post -1.09 EPS 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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