Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) Shares Purchased by Renaissance Technologies LLC

Renaissance Technologies LLC increased its stake in shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) by 61.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,726,317 shares of the biotechnology company’s stock after acquiring an additional 1,034,135 shares during the quarter. Renaissance Technologies LLC owned about 2.44% of Spectrum Pharmaceuticals worth $23,474,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. grew its position in Spectrum Pharmaceuticals by 520.4% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 177,125 shares of the biotechnology company’s stock worth $1,525,000 after purchasing an additional 148,575 shares during the last quarter. CWM Advisors LLC grew its stake in Spectrum Pharmaceuticals by 28.6% during the second quarter. CWM Advisors LLC now owns 20,605 shares of the biotechnology company’s stock worth $177,000 after buying an additional 4,580 shares during the period. Piedmont Investment Advisors Inc. grew its stake in Spectrum Pharmaceuticals by 7.5% during the first quarter. Piedmont Investment Advisors Inc. now owns 25,962 shares of the biotechnology company’s stock worth $278,000 after buying an additional 1,806 shares during the period. Candriam Luxembourg S.C.A. grew its stake in Spectrum Pharmaceuticals by 2.2% during the second quarter. Candriam Luxembourg S.C.A. now owns 1,067,400 shares of the biotechnology company’s stock worth $9,150,000 after buying an additional 22,500 shares during the period. Finally, Arizona State Retirement System boosted its stake in shares of Spectrum Pharmaceuticals by 1.4% in the second quarter. Arizona State Retirement System now owns 164,995 shares of the biotechnology company’s stock valued at $1,421,000 after purchasing an additional 2,251 shares during the period. Hedge funds and other institutional investors own 73.25% of the company’s stock.

In related news, Director William Ashton sold 6,667 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $8.57, for a total transaction of $57,136.19. Following the completion of the transaction, the director now directly owns 8,333 shares in the company, valued at $71,413.81. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Keith M. Mcgahan sold 3,535 shares of the business’s stock in a transaction dated Wednesday, June 19th. The stock was sold at an average price of $8.49, for a total value of $30,012.15. Following the transaction, the insider now owns 135,756 shares of the company’s stock, valued at $1,152,568.44. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,496 shares of company stock valued at $89,433. 4.17% of the stock is owned by corporate insiders.

SPPI traded up $0.37 during midday trading on Monday, hitting $9.23. 18,853 shares of the company’s stock traded hands, compared to its average volume of 680,527. The company has a market cap of $999.94 million, a PE ratio of -9.18 and a beta of 2.54. The stock’s fifty day simple moving average is $7.68 and its 200-day simple moving average is $8.79. The company has a debt-to-equity ratio of 0.04, a current ratio of 5.37 and a quick ratio of 5.37. Spectrum Pharmaceuticals, Inc. has a one year low of $6.22 and a one year high of $21.80.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its quarterly earnings data on Thursday, August 8th. The biotechnology company reported ($0.23) EPS for the quarter, topping the Zacks’ 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 firm had revenue of ($1.25) million during the quarter, compared to analyst estimates of $0.50 million. During the same period last year, the company earned ($0.21) earnings per share. The company’s revenue was down 105.2% on a year-over-year basis. On average, research analysts expect that Spectrum Pharmaceuticals, Inc. will post -1.21 EPS for the current year.

Several research analysts have recently weighed in on the stock. ValuEngine upgraded shares of Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. BidaskClub raised shares of Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Thursday. Finally, B. Riley set a $18.00 price target on shares of Spectrum Pharmaceuticals and gave the company a “buy” rating in a report on Friday, August 23rd. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $23.40.

Spectrum Pharmaceuticals Company Profile

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.

Further Reading: Return on Investment (ROI)

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Institutional Ownership by Quarter for Spectrum Pharmaceuticals (NASDAQ:SPPI)

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