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.
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.
Read More: Guidelines for Successful Channel Trading
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.