Spectrum Pharmaceuticals Inc. (SPPI) Sees Strong Trading Volume
Spectrum Pharmaceuticals Inc. (NASDAQ:SPPI) shares saw an uptick in trading volume on Friday . 2,597,255 shares were traded during 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.
A number of brokerages have recently commented on SPPI. Zacks Investment Research raised Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a research report on Tuesday, June 28th. Jefferies Group reaffirmed a “hold” rating and issued a $6.00 price target (up from $5.00) on shares of Spectrum Pharmaceuticals in a report on Monday, May 9th. Finally, FBR & Co reaffirmed a “buy” rating on shares of Spectrum Pharmaceuticals in a report on Wednesday, August 10th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $8.75.
The stock’s 50-day moving average price is $6.55 and its 200 day moving average price is $6.37. The firm’s market capitalization is $405.28 million.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its quarterly earnings results on Tuesday, August 9th. The biotechnology company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.24. During the same period in the previous year, the business posted ($0.01) earnings per share. The business earned $33.90 million during the quarter, compared to analyst estimates of $30.88 million. The firm’s quarterly revenue was down 24.6% on a year-over-year basis. On average, analysts anticipate that Spectrum Pharmaceuticals Inc. will post ($1.11) EPS for the current fiscal year.
An institutional investor recently raised its position in Spectrum Pharmaceuticals stock. Connor Clark & Lunn Investment Management Ltd. boosted its position in Spectrum Pharmaceuticals Inc. (NASDAQ:SPPI) by 61.3% during the fourth quarter, according to its most recent 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 0.93% of Spectrum Pharmaceuticals worth $3,700,000 as of its most recent filing with the SEC.
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).
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