Spectrum Pharmaceuticals Inc. (SPPI) Sees Unusually-High Trading Volume
Shares of Spectrum Pharmaceuticals Inc. (NASDAQ:SPPI) saw unusually-strong trading volume on Friday . Approximately 2,597,255 shares changed hands during mid-day trading, an increase of 104% from the previous session’s volume of 1,275,477 shares.The stock last traded at $5.91 and had previously closed at $5.93.
Several research analysts have recently issued reports on SPPI shares. FBR & Co reaffirmed a “buy” rating on shares of Spectrum Pharmaceuticals in a research note on Wednesday, August 10th. Zacks Investment Research upgraded shares of Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating and set a $7.00 price target on the stock in a research report on Tuesday, June 28th. Finally, Jefferies Group reiterated a “hold” rating and issued a $6.00 price target (up from $5.00) on shares of Spectrum Pharmaceuticals in a research report on Monday, May 9th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $8.75.
The firm’s 50 day moving average price is $6.55 and its 200 day moving average price is $6.37. The stock’s market cap is $405.28 million.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its quarterly earnings results on Tuesday, August 9th. The biotechnology company reported ($0.05) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.29) by $0.24. The company earned $33.90 million during the quarter, compared to analyst estimates of $30.88 million. The firm’s revenue for the quarter was down 24.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.01) EPS. Analysts predict that Spectrum Pharmaceuticals Inc. will post ($1.11) earnings per share for the current fiscal year.
An institutional investor recently raised its position in Spectrum Pharmaceuticals stock. Connor Clark & Lunn Investment Management Ltd. raised its stake in Spectrum Pharmaceuticals Inc. (NASDAQ:SPPI) by 61.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 613,525 shares of the biotechnology company’s stock after buying an additional 233,225 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.93% of Spectrum Pharmaceuticals worth $3,700,000 as of its most recent SEC filing.
Spectrum Pharmaceuticals, Inc is a biotechnology company. The Company operates through developing and commercializing oncology and hematology drug products segment. It has approximately six approved oncology/hematology products that target different types of non-Hodgkin’s lymphoma (NHL), metastatic colorectal cancer, acute lymphoblastic leukemia (ALL) and multiple myeloma (MM).