JMP Securities Begins Coverage on Spectrum Pharmaceuticals (NASDAQ:SPPI)

JMP Securities initiated coverage on shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) in a report issued on Thursday, Benzinga reports. The firm issued an outperform rating and a $12.00 price target on the biotechnology company’s stock.

Several other brokerages have also recently weighed in on SPPI. Cantor Fitzgerald upped their price target on Spectrum Pharmaceuticals from $4.00 to $7.00 and gave the company a neutral rating in a research report on Tuesday, July 28th. Zacks Investment Research lowered shares of Spectrum Pharmaceuticals from a buy rating to a hold rating in a report on Saturday, July 11th. B. Riley reissued a buy rating and issued a $8.00 price target on shares of Spectrum Pharmaceuticals in a report on Thursday, July 2nd. BidaskClub upgraded shares of Spectrum Pharmaceuticals from a hold rating to a buy rating in a research report on Wednesday, September 2nd. Finally, HC Wainwright reiterated a buy rating and issued a $13.00 price objective on shares of Spectrum Pharmaceuticals in a research report on Tuesday, August 11th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $8.35.

Spectrum Pharmaceuticals stock opened at $4.90 on Thursday. The firm has a 50 day simple moving average of $3.85 and a 200 day simple moving average of $3.14. Spectrum Pharmaceuticals has a 1-year low of $1.74 and a 1-year high of $10.57. The firm has a market capitalization of $714.10 million, a price-to-earnings ratio of -4.02 and a beta of 2.29.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its quarterly earnings results on Monday, August 10th. The biotechnology company reported ($0.28) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.33) by $0.05. Equities research analysts anticipate that Spectrum Pharmaceuticals will post -1.39 earnings per share for the current fiscal year.

In related news, insider Keith M. Mcgahan sold 13,881 shares of the firm’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $3.36, for a total transaction of $46,640.16. Following the transaction, the insider now directly owns 249,313 shares of the company’s stock, valued at approximately $837,691.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Keith M. Mcgahan sold 15,773 shares of Spectrum Pharmaceuticals stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $3.21, for a total transaction of $50,631.33. Following the transaction, the insider now directly owns 262,986 shares in the company, valued at $844,185.06. The disclosure for this sale can be found here. 5.04% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in SPPI. BNP Paribas Arbitrage SA grew its holdings in shares of Spectrum Pharmaceuticals by 105.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 65,093 shares of the biotechnology company’s stock worth $152,000 after acquiring an additional 33,375 shares during the period. AXA purchased a new stake in Spectrum Pharmaceuticals in the first quarter worth $588,000. Macquarie Group Ltd. raised its holdings in Spectrum Pharmaceuticals by 7.7% in the second quarter. Macquarie Group Ltd. now owns 3,231,404 shares of the biotechnology company’s stock worth $10,922,000 after purchasing an additional 231,840 shares in the last quarter. State Street Corp lifted its position in Spectrum Pharmaceuticals by 8.5% during the first quarter. State Street Corp now owns 5,252,365 shares of the biotechnology company’s stock valued at $12,238,000 after buying an additional 410,364 shares during the period. Finally, Quantitative Investment Management LLC bought a new stake in shares of Spectrum Pharmaceuticals during the 1st quarter valued at $350,000. 49.73% of the stock is owned by 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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