Joseph W. Turgeon Sells 162,473 Shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) Stock

Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) CEO Joseph W. Turgeon sold 162,473 shares of the company’s stock in a transaction that occurred on Wednesday, November 18th. The stock was sold at an average price of $4.13, for a total transaction of $671,013.49. Following the sale, the chief executive officer now owns 528,661 shares in the company, valued at $2,183,369.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

SPPI stock opened at $4.32 on Friday. The company has a market capitalization of $630.38 million, a P/E ratio of -3.54 and a beta of 2.22. Spectrum Pharmaceuticals, Inc. has a twelve month low of $1.74 and a twelve month high of $10.57. The business has a 50 day simple moving average of $3.87 and a 200-day simple moving average of $3.59.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its quarterly earnings data on Wednesday, November 4th. The biotechnology company reported ($0.37) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.35) by ($0.02). On average, equities research analysts expect that Spectrum Pharmaceuticals, Inc. will post -1.39 EPS for the current fiscal year.

Hedge funds have recently bought and sold shares of the company. Bank of Montreal Can boosted its holdings in shares of Spectrum Pharmaceuticals by 3,710.9% in the second quarter. Bank of Montreal Can now owns 20,884 shares of the biotechnology company’s stock valued at $69,000 after acquiring an additional 20,336 shares during the period. Nuveen Asset Management LLC boosted its holdings in shares of Spectrum Pharmaceuticals by 20.0% in the second quarter. Nuveen Asset Management LLC now owns 551,185 shares of the biotechnology company’s stock valued at $4,823,000 after acquiring an additional 91,996 shares during the period. Macquarie Group Ltd. boosted its holdings in shares of Spectrum Pharmaceuticals by 7.7% in the second quarter. Macquarie Group Ltd. now owns 3,231,404 shares of the biotechnology company’s stock valued at $10,922,000 after acquiring an additional 231,840 shares during the period. State of Alaska Department of Revenue lifted its holdings in shares of Spectrum Pharmaceuticals by 29.2% during the third quarter. State of Alaska Department of Revenue now owns 136,333 shares of the biotechnology company’s stock worth $556,000 after purchasing an additional 30,840 shares during the period. Finally, State Street Corp lifted its holdings in shares of Spectrum Pharmaceuticals by 8.5% during the first quarter. State Street Corp now owns 5,252,365 shares of the biotechnology company’s stock worth $12,238,000 after purchasing an additional 410,364 shares during the period. 49.73% of the stock is owned by institutional investors and hedge funds.

SPPI has been the subject of a number of research analyst reports. BidaskClub downgraded Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Friday, September 25th. Cantor Fitzgerald upped their price target on Spectrum Pharmaceuticals from $4.00 to $7.00 and gave the company a “neutral” rating in a report on Tuesday, July 28th. HC Wainwright lowered their price target on Spectrum Pharmaceuticals from $13.00 to $12.00 and set a “buy” rating for the company in a report on Monday, October 26th. Finally, JMP Securities initiated coverage on Spectrum Pharmaceuticals in a report on Thursday, September 17th. They issued an “outperform” rating and a $12.00 price target for the company. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Spectrum Pharmaceuticals currently has an average rating of “Buy” and a consensus target price of $8.15.

About Spectrum Pharmaceuticals

Spectrum Pharmaceuticals, Inc, a biopharma company, develops and commercializes oncology and hematology drug products. The company is developing ROLONTIS, a novel long-acting granulocyte colony-stimulating for chemotherapy-induced neutropenia; Poziotinib, a novel irreversible tyrosine kinase inhibitor for non-small cell lung cancer tumors with various mutations; and Anti-CD20-IFNá, an antibody-interferon fusion molecule directed against CD20 that is in Phase I development for the treatment of relapsed or refractory non-Hodgkin's lymphoma patients, including diffuse large B-cell lymphoma.

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