Spectrum Pharmaceuticals (NASDAQ:SPPI) Stock Price Crosses Above 200-Day Moving Average of $0.95

Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPIGet Rating) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $0.95 and traded as high as $1.30. Spectrum Pharmaceuticals shares last traded at $1.30, with a volume of 6,803,425 shares changing hands.

Analysts Set New Price Targets

SPPI has been the topic of several research reports. Cantor Fitzgerald reiterated a “neutral” rating on shares of Spectrum Pharmaceuticals in a report on Wednesday, June 8th. HC Wainwright reiterated a “buy” rating and set a $10.00 price objective on shares of Spectrum Pharmaceuticals in a report on Friday, May 27th. JMP Securities restated a “buy” rating and issued a $4.00 target price on shares of Spectrum Pharmaceuticals in a report on Tuesday, June 7th. Finally, StockNews.com upgraded shares of Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $6.00.

Spectrum Pharmaceuticals Stock Up 2.8 %

The stock’s 50-day moving average price is $1.04 and its two-hundred day moving average price is $0.95. The stock has a market capitalization of $243.67 million, a P/E ratio of -1.77 and a beta of 1.86. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.15.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE lifted its stake in shares of Spectrum Pharmaceuticals by 5,166.7% during the 4th quarter. Bank of America Corp DE now owns 6,894,656 shares of the biotechnology company’s stock valued at $8,756,000 after buying an additional 6,763,746 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Spectrum Pharmaceuticals by 253.8% during the 2nd quarter. Millennium Management LLC now owns 2,681,100 shares of the biotechnology company’s stock valued at $2,091,000 after buying an additional 1,923,371 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Spectrum Pharmaceuticals by 69.1% during the 1st quarter. Renaissance Technologies LLC now owns 1,404,039 shares of the biotechnology company’s stock valued at $1,811,000 after buying an additional 573,790 shares in the last quarter. CM Management LLC lifted its stake in shares of Spectrum Pharmaceuticals by 300.0% during the 1st quarter. CM Management LLC now owns 600,000 shares of the biotechnology company’s stock valued at $774,000 after buying an additional 450,000 shares in the last quarter. Finally, Sargent Investment Group LLC lifted its stake in shares of Spectrum Pharmaceuticals by 2,739.7% during the 1st quarter. Sargent Investment Group LLC now owns 414,600 shares of the biotechnology company’s stock valued at $535,000 after buying an additional 400,000 shares in the last quarter. 31.10% of the stock is owned by institutional investors.

About Spectrum Pharmaceuticals

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

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