JMP Securities Reiterates Buy Rating for Spectrum Pharmaceuticals (NASDAQ:SPPI)

Spectrum Pharmaceuticals (NASDAQ:SPPI)‘s stock had its “buy” rating reiterated by research analysts at JMP Securities in a note issued to investors on Monday, Analyst Ratings Network reports. They currently have a $4.00 price objective on the biotechnology company’s stock. JMP Securities’ target price suggests a potential upside of 70.94% from the stock’s current price.

Other analysts have also issued reports about the stock. B. Riley reduced their price target on shares of Spectrum Pharmaceuticals from $8.00 to $6.00 and set a “buy” rating for the company in a research report on Wednesday, August 18th. Zacks Investment Research lowered Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Wednesday, September 1st.

SPPI stock opened at $2.34 on Monday. The firm has a market capitalization of $383.93 million, a P/E ratio of -1.90 and a beta of 2.14. Spectrum Pharmaceuticals has a 52-week low of $2.14 and a 52-week high of $5.24. The company’s 50 day simple moving average is $2.65 and its 200-day simple moving average is $3.17.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its earnings results on Thursday, August 12th. The biotechnology company reported ($0.32) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.30) by ($0.02). Equities research analysts predict that Spectrum Pharmaceuticals will post -1.13 EPS for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the company. Vantage Consulting Group Inc increased its position in Spectrum Pharmaceuticals by 150.5% during the first quarter. Vantage Consulting Group Inc now owns 11,686 shares of the biotechnology company’s stock worth $38,000 after buying an additional 7,020 shares during the last quarter. HighTower Advisors LLC bought a new stake in shares of Spectrum Pharmaceuticals during the 1st quarter worth about $38,000. Royal Bank of Canada increased its holdings in shares of Spectrum Pharmaceuticals by 76.4% during the 2nd quarter. Royal Bank of Canada now owns 10,592 shares of the biotechnology company’s stock valued at $40,000 after acquiring an additional 4,587 shares during the last quarter. Quilter Plc bought a new position in shares of Spectrum Pharmaceuticals in the 2nd quarter valued at approximately $44,000. Finally, Continuum Advisory LLC acquired a new stake in Spectrum Pharmaceuticals in the 2nd quarter worth approximately $66,000. Institutional investors and hedge funds own 69.78% of the company’s stock.

About Spectrum Pharmaceuticals

Spectrum Pharmaceuticals, Inc is a biotechnology company, which engages in the acquisition, development and commercialization of pipeline of late-stage clinical and commercial products. It operates through the following brands: FOLOTYN, ZEVALIN, MARQIBO, BELEODAQ and EVOMELA. The company was founded in December 1987 and is headquartered in Henderson, NV.

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