Spectrum Pharmaceuticals (NASDAQ:SPPI) Upgraded to “Hold” by BidaskClub

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BidaskClub upgraded shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) from a sell rating to a hold rating in a report issued on Wednesday, BidAskClub reports.

SPPI has been the subject of a number of other research reports. ValuEngine upgraded Spectrum Pharmaceuticals from a hold rating to a buy rating in a research note on Saturday, August 10th. Zacks Investment Research upgraded Spectrum Pharmaceuticals from a sell rating to a hold rating in a research note on Wednesday, May 1st. Guggenheim initiated coverage on Spectrum Pharmaceuticals in a research note on Monday, May 13th. They issued a buy rating and a $19.00 price objective for the company. Finally, B. Riley initiated coverage on Spectrum Pharmaceuticals in a research note on Thursday, July 11th. They issued a buy rating and a $18.00 price objective for the company. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Spectrum Pharmaceuticals presently has an average rating of Buy and a consensus target price of $23.40.

Shares of Spectrum Pharmaceuticals stock opened at $7.76 on Wednesday. The stock has a fifty day simple moving average of $7.85 and a 200 day simple moving average of $9.17. Spectrum Pharmaceuticals has a 12-month low of $6.22 and a 12-month high of $25.29. The company has a current ratio of 5.37, a quick ratio of 5.37 and a debt-to-equity ratio of 0.04.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its quarterly earnings results on Thursday, August 8th. The biotechnology company reported ($0.23) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.36) by $0.13. Spectrum Pharmaceuticals had a negative return on equity of 41.95% and a negative net margin of 109.76%. The business had revenue of ($1.25) million during the quarter, compared to the consensus estimate of $0.50 million. During the same quarter in the prior year, the company posted ($0.21) earnings per share. Spectrum Pharmaceuticals’s revenue was down 105.2% compared to the same quarter last year. On average, research analysts anticipate that Spectrum Pharmaceuticals will post -1.21 earnings per share for the current year.

In other news, CEO Joseph W. Turgeon sold 18,240 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $7.95, for a total transaction of $145,008.00. Following the transaction, the chief executive officer now owns 430,977 shares of the company’s stock, valued at approximately $3,426,267.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William Ashton sold 6,667 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $8.57, for a total value of $57,136.19. Following the transaction, the director now directly owns 8,333 shares in the company, valued at approximately $71,413.81. The disclosure for this sale can be found here. Insiders sold a total of 71,192 shares of company stock valued at $573,664 in the last 90 days. Corporate insiders own 9.35% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Primecap Management Co. CA increased its position in shares of Spectrum Pharmaceuticals by 0.6% during the 2nd quarter. Primecap Management Co. CA now owns 11,126,000 shares of the biotechnology company’s stock valued at $95,795,000 after purchasing an additional 67,000 shares during the last quarter. United Services Automobile Association increased its position in shares of Spectrum Pharmaceuticals by 13.3% during the 2nd quarter. United Services Automobile Association now owns 15,778 shares of the biotechnology company’s stock valued at $136,000 after purchasing an additional 1,852 shares during the last quarter. ClariVest Asset Management LLC increased its position in shares of Spectrum Pharmaceuticals by 47.8% during the 2nd quarter. ClariVest Asset Management LLC now owns 149,282 shares of the biotechnology company’s stock valued at $1,285,000 after purchasing an additional 48,264 shares during the last quarter. Nuveen Asset Management LLC bought a new position in shares of Spectrum Pharmaceuticals during the 2nd quarter valued at about $6,732,000. Finally, UBS Asset Management Americas Inc. increased its position in shares of Spectrum Pharmaceuticals by 3.2% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 55,195 shares of the biotechnology company’s stock valued at $475,000 after purchasing an additional 1,729 shares during the last quarter. 73.58% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Spectrum Pharmaceuticals (NASDAQ:SPPI)

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