Spectrum Pharmaceuticals (NASDAQ:SPPI) Lowered to “Sell” at BidaskClub

BidaskClub downgraded shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) from a hold rating to a sell rating in a research note released on Thursday morning, BidAskClub reports.

Other equities research analysts have also recently issued reports about the company. Zacks Investment Research cut Spectrum Pharmaceuticals from a buy rating to a hold rating and set a $3.75 price target on the stock. in a research report on Friday, January 3rd. Guggenheim cut shares of Spectrum Pharmaceuticals from a buy rating to a neutral rating in a research report on Thursday, December 26th. HC Wainwright assumed coverage on shares of Spectrum Pharmaceuticals in a research report on Thursday, December 26th. They issued a buy rating and a $11.00 price objective on the stock. ValuEngine upgraded shares of Spectrum Pharmaceuticals from a hold rating to a buy rating in a research report on Friday, January 3rd. Finally, B. Riley decreased their price objective on shares of Spectrum Pharmaceuticals from $18.00 to $11.00 and set a buy rating on the stock in a research report on Friday, December 27th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $11.63.

Shares of SPPI traded down $0.17 during midday trading on Thursday, hitting $2.69. 3,314,200 shares of the company traded hands, compared to its average volume of 3,184,421. The stock has a 50-day moving average of $5.73 and a 200-day moving average of $7.50. Spectrum Pharmaceuticals has a one year low of $2.69 and a one year high of $12.15. The firm has a market cap of $329.88 million, a P/E ratio of -2.38 and a beta of 2.43.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.23) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.31) by $0.08. During the same period in the prior year, the firm earned ($0.24) EPS. On average, equities research analysts predict that Spectrum Pharmaceuticals will post -1.09 earnings per share for the current fiscal year.

In other Spectrum Pharmaceuticals news, COO Thomas J. Riga sold 11,381 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $3.37, for a total transaction of $38,353.97. Following the transaction, the chief operating officer now directly owns 246,678 shares in the company, valued at $831,304.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Francois Lebel sold 6,963 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $8.16, for a total transaction of $56,818.08. Following the transaction, the insider now owns 113,970 shares in the company, valued at $929,995.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 24,619 shares of company stock worth $116,319. 9.35% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Nisa Investment Advisors LLC grew its position in Spectrum Pharmaceuticals by 1,280.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,900 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 6,400 shares during the last quarter. Fox Run Management L.L.C. bought a new position in Spectrum Pharmaceuticals during the third quarter valued at approximately $106,000. Bank of Montreal Can grew its position in Spectrum Pharmaceuticals by 218.6% during the second quarter. Bank of Montreal Can now owns 13,498 shares of the biotechnology company’s stock valued at $116,000 after acquiring an additional 9,262 shares during the last quarter. United Services Automobile Association grew its position in Spectrum Pharmaceuticals by 13.3% during the second quarter. United Services Automobile Association now owns 15,778 shares of the biotechnology company’s stock valued at $136,000 after acquiring an additional 1,852 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan grew its position in Spectrum Pharmaceuticals by 7.8% during the third quarter. Municipal Employees Retirement System of Michigan now owns 33,860 shares of the biotechnology company’s stock valued at $281,000 after acquiring an additional 2,440 shares during the last quarter. Institutional investors and hedge funds own 73.35% of the company’s stock.

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.

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Analyst Recommendations for Spectrum Pharmaceuticals (NASDAQ:SPPI)

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