Spectrum Pharmaceuticals (NASDAQ:SPPI) Earns Hold Rating from Analysts at StockNews.com

Analysts at StockNews.com began coverage on shares of Spectrum Pharmaceuticals (NASDAQ:SPPI – Get Rating) in a report issued on Sunday. The firm set a “hold” rating on the biotechnology company’s stock.

A number of other equities research analysts have also weighed in on the company. Cantor Fitzgerald lowered their price objective on Spectrum Pharmaceuticals from $3.00 to $0.75 and set a “neutral” rating on the stock in a report on Friday, February 3rd. HC Wainwright downgraded shares of Spectrum Pharmaceuticals from a “buy” rating to a “neutral” rating in a research report on Wednesday, April 26th. JMP Securities downgraded shares of Spectrum Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 26th. Finally, Jefferies Financial Group downgraded shares of Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Monday, May 15th. Six equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $2.44.

Spectrum Pharmaceuticals Trading Up 2.1 %

Shares of SPPI opened at $1.24 on Friday. Spectrum Pharmaceuticals has a twelve month low of $0.32 and a twelve month high of $1.57. The stock’s 50 day moving average is $0.87 and its two-hundred day moving average is $0.68. The firm has a market capitalization of $253.50 million, a PE ratio of -3.43 and a beta of 2.23.

Spectrum Pharmaceuticals (NASDAQ:SPPI – Get Rating) last announced its quarterly earnings data on Wednesday, March 22nd. The biotechnology company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.03. The business had revenue of $10.11 million during the quarter, compared to analysts’ expectations of $9.60 million. On average, sell-side analysts predict that Spectrum Pharmaceuticals will post -0.15 EPS for the current year.

Insider Buying and Selling

In related news, CEO Thomas J. Riga sold 37,009 shares of Spectrum Pharmaceuticals stock in a transaction that occurred on Wednesday, February 22nd. The stock was sold at an average price of $0.77, for a total transaction of $28,496.93. Following the completion of the transaction, the chief executive officer now directly owns 1,839,639 shares in the company, valued at approximately $1,416,522.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 82,885 shares of company stock worth $65,396 in the last ninety days. Insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. CM Management LLC raised its holdings in Spectrum Pharmaceuticals by 33.3% in the 3rd quarter. CM Management LLC now owns 800,000 shares of the biotechnology company’s stock valued at $344,000 after acquiring an additional 200,000 shares during the last quarter. Caas Capital Management LP acquired a new position in Spectrum Pharmaceuticals in the 3rd quarter valued at $123,000. AQR Capital Management LLC raised its holdings in Spectrum Pharmaceuticals by 368.0% in the 2nd quarter. AQR Capital Management LLC now owns 161,832 shares of the biotechnology company’s stock valued at $126,000 after acquiring an additional 127,252 shares during the last quarter. Jane Street Group LLC raised its holdings in Spectrum Pharmaceuticals by 5,314.3% in the 4th quarter. Jane Street Group LLC now owns 249,141 shares of the biotechnology company’s stock valued at $92,000 after acquiring an additional 253,919 shares during the last quarter. Finally, WINTON GROUP Ltd raised its holdings in Spectrum Pharmaceuticals by 14.4% in the 1st quarter. WINTON GROUP Ltd now owns 109,140 shares of the biotechnology company’s stock valued at $82,000 after acquiring an additional 13,746 shares during the last quarter. 27.95% of the stock is currently owned by institutional investors and hedge funds.

Spectrum Pharmaceuticals Company Profile

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Spectrum Pharmaceuticals, Inc is a biotechnology company, which engages in the acquisition, development and commercialization of a pipeline of novel and targeted oncology therapies. Its product pipeline includes: Eflapegrastim, Poziotinib, and IGN002. The company was founded in December 1987 and is headquartered in Boston, MA.