Bank of New York Mellon Corp Lowers Holdings in Spectrum Pharmaceuticals, Inc. (SPPI)

Bank of New York Mellon Corp reduced its holdings in Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) by 0.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,154,661 shares of the biotechnology company’s stock after selling 1,424 shares during the period. Bank of New York Mellon Corp owned approximately 1.08% of Spectrum Pharmaceuticals worth $10,103,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of the business. Vanguard Group Inc increased its holdings in shares of Spectrum Pharmaceuticals by 6.2% in the 3rd quarter. Vanguard Group Inc now owns 10,910,048 shares of the biotechnology company’s stock worth $183,289,000 after buying an additional 639,075 shares during the last quarter. Fox Run Management L.L.C. bought a new position in shares of Spectrum Pharmaceuticals in the 4th quarter valued at about $108,000. Man Group plc bought a new position in shares of Spectrum Pharmaceuticals in the 3rd quarter valued at about $3,152,000. Ashford Capital Management Inc. grew its position in Spectrum Pharmaceuticals by 26.3% in the third quarter. Ashford Capital Management Inc. now owns 537,644 shares of the biotechnology company’s stock worth $9,032,000 after acquiring an additional 111,942 shares in the last quarter. Finally, Exane Derivatives purchased a new position in Spectrum Pharmaceuticals in the fourth quarter worth about $26,000. 77.85% of the stock is owned by institutional investors and hedge funds.

SPPI has been the topic of several analyst reports. Jefferies Financial Group reissued a “buy” rating and set a $21.00 price objective on shares of Spectrum Pharmaceuticals in a research note on Friday, March 15th. B. Riley lowered their price objective on Spectrum Pharmaceuticals to $21.00 and set a “buy” rating for the company in a research note on Thursday, December 20th. BidaskClub upgraded Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Tuesday, January 15th. HC Wainwright reissued a “buy” rating and set a $40.00 target price on shares of Spectrum Pharmaceuticals in a research report on Thursday, January 10th. Finally, ValuEngine raised Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Saturday, January 5th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $24.20.

In other Spectrum Pharmaceuticals news, SVP Keith M. Mcgahan sold 2,496 shares of the company’s stock in a transaction on Thursday, February 7th. The stock was sold at an average price of $11.03, for a total value of $27,530.88. Following the transaction, the senior vice president now owns 103,577 shares of the company’s stock, valued at approximately $1,142,454.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joseph W. Turgeon sold 36,311 shares of the stock in a transaction on Friday, January 11th. The stock was sold at an average price of $10.87, for a total value of $394,700.57. Following the completion of the sale, the chief executive officer now owns 449,943 shares in the company, valued at approximately $4,890,880.41. The disclosure for this sale can be found here. Insiders sold a total of 160,792 shares of company stock worth $1,710,995 over the last three months. 9.35% of the stock is currently owned by corporate insiders.

Shares of SPPI opened at $11.26 on Friday. The firm has a market capitalization of $1.22 billion, a PE ratio of -11.15 and a beta of 2.70. Spectrum Pharmaceuticals, Inc. has a twelve month low of $6.22 and a twelve month high of $25.29.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its quarterly earnings results on Thursday, February 28th. The biotechnology company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.12). The firm had revenue of $29.40 million for the quarter, compared to analysts’ expectations of $26.60 million. Spectrum Pharmaceuticals had a negative return on equity of 31.79% and a negative net margin of 109.76%. As a group, sell-side analysts expect that Spectrum Pharmaceuticals, Inc. will post -1.63 EPS for the current year.

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Spectrum Pharmaceuticals Company Profile

Spectrum Pharmaceuticals, Inc develops and commercializes oncology and hematology drug products. The company markets six drug products, including FUSILEV for patients with metastatic colorectal cancer and rescue after high-dose methotrexate therapy in osteosarcoma, and to diminish toxicity and counteract the effects of impaired methotrexate elimination and of inadvertent overdosage of folic acid antagonists; FOLOTYN, a folate analogue metabolic inhibitor for peripheral T-cell lymphoma (PTCL); ZEVALIN injection for patients with B-cell non-Hodgkin's lymphoma; MARQIBO, a sphingomyelin/cholesterol liposome-encapsulated formulation for adult patients with Philadelphia chromosome-negative acute lymphoblastic leukemia; BELEODAQ injection for PTCL; and EVOMELA for use as a conditioning treatment prior to autologous stem cell transplant in multiple myeloma patients.

Further Reading: What is a back-end load?

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

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