Spectrum Pharmaceuticals (NASDAQ:SPPI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday.
According to Zacks, “A BLA is expected to be filed in 2018 for the Spectrum's’s lead pipeline candidate, Rolontis. A potential approval will help the company compete better. However, Spectrum’s efforts to gain approval for Qapzola (bladder cancer) in the United States suffered a setback with the FDA issuing a CRL in November 2016. Additional regulatory/development setbacks could affect the stock. However, out-licensing agreements for a number of products will allow Spectrum to focus on Evomela and the development of its pipeline candidates. Spectrum’s shares have significantly outperformed the industry in past one year. However, Spectrum's low product sales remain a cause of concern. Moreover, gaining market share is challenging for Spectrum as it competes with several companies with greater financial strength. Estimates have remained stable ahead of the Q4 earnings results.”
Several other research firms have also issued reports on SPPI. Jefferies Group increased their price target on shares of Spectrum Pharmaceuticals from $9.00 to $13.00 and gave the stock a “buy” rating in a research report on Monday, September 25th. HC Wainwright reiterated a “buy” rating and set a $14.00 price target on shares of Spectrum Pharmaceuticals in a research report on Thursday, September 14th. Guggenheim initiated coverage on shares of Spectrum Pharmaceuticals in a research report on Monday, October 23rd. They set a “buy” rating and a $32.00 price target on the stock. Finally, B. Riley initiated coverage on shares of Spectrum Pharmaceuticals in a research report on Monday, December 18th. They set a “buy” rating and a $26.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Spectrum Pharmaceuticals presently has an average rating of “Buy” and an average price target of $22.17.
Spectrum Pharmaceuticals (NASDAQ:SPPI) opened at $19.42 on Friday. Spectrum Pharmaceuticals has a 52-week low of $4.31 and a 52-week high of $21.95. The stock has a market cap of $1,950.00, a P/E ratio of -19.42 and a beta of 1.63. The company has a current ratio of 5.04, a quick ratio of 4.89 and a debt-to-equity ratio of 0.33.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its quarterly earnings results on Thursday, November 2nd. The biotechnology company reported ($0.22) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.16) by ($0.06). The firm had revenue of $36.40 million for the quarter, compared to analyst estimates of $33.27 million. Spectrum Pharmaceuticals had a negative return on equity of 29.73% and a negative net margin of 58.94%. The business’s revenue was up 9.0% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.07) EPS. sell-side analysts expect that Spectrum Pharmaceuticals will post -1.06 earnings per share for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Fisher Asset Management LLC acquired a new stake in shares of Spectrum Pharmaceuticals during the 3rd quarter worth approximately $2,521,000. SG Americas Securities LLC lifted its stake in Spectrum Pharmaceuticals by 153.3% in the 3rd quarter. SG Americas Securities LLC now owns 45,871 shares of the biotechnology company’s stock valued at $645,000 after purchasing an additional 27,763 shares during the last quarter. Prudential Financial Inc. lifted its stake in Spectrum Pharmaceuticals by 7.5% in the 3rd quarter. Prudential Financial Inc. now owns 125,141 shares of the biotechnology company’s stock valued at $1,761,000 after purchasing an additional 8,745 shares during the last quarter. Wells Fargo & Company MN lifted its stake in Spectrum Pharmaceuticals by 25.1% in the 2nd quarter. Wells Fargo & Company MN now owns 768,658 shares of the biotechnology company’s stock valued at $5,727,000 after purchasing an additional 154,048 shares during the last quarter. Finally, WINTON GROUP Ltd bought a new position in Spectrum Pharmaceuticals in the 3rd quarter valued at approximately $3,263,000. Institutional investors and hedge funds own 71.87% of the company’s stock.
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Spectrum Pharmaceuticals Company Profile
Spectrum Pharmaceuticals, Inc is a biotechnology company. The Company operates through developing and commercializing oncology and hematology drug products segment. It has a product portfolio consisting of both commercial stage and development stage products that address various cancer types. The Company has six approved oncology/hematology products that target different types of cancer, including non-Hodgkin’s lymphoma (NHL), advanced metastatic colorectal cancer (mCRC), acute lymphoblastic leukemia (ALL) and multiple myeloma (MM).
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