Shares of Spectrum Pharmaceuticals Inc. (NASDAQ:SPPI) dropped 2% during trading on Tuesday . The stock traded as low as $5.88 and last traded at $5.91, with a volume of 260,487 shares changing hands. The stock had previously closed at $6.03.

SPPI has been the subject of several analyst reports. Jefferies Group reissued a “hold” rating and set a $6.00 price target (up from $5.00) on shares of Spectrum Pharmaceuticals in a research report on Monday, May 9th. Zacks Investment Research lowered shares of Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, May 12th. Finally, FBR & Co reissued a “buy” rating on shares of Spectrum Pharmaceuticals in a research report on Thursday, July 14th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $8.75.

The company’s market capitalization is $385.39 million. The company’s 50-day moving average is $6.49 and its 200 day moving average is $6.41.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its quarterly earnings data on Tuesday, August 9th. The biotechnology company reported ($0.05) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.29) by $0.24. The company had revenue of $33.90 million for the quarter, compared to analyst estimates of $30.88 million. During the same period in the prior year, the firm posted ($0.01) earnings per share. The business’s quarterly revenue was down 24.6% compared to the same quarter last year. On average, equities research analysts anticipate that Spectrum Pharmaceuticals Inc. will post ($1.11) earnings per share for the current fiscal year.

A hedge fund recently raised its stake in Spectrum Pharmaceuticals stock. Connor Clark & Lunn Investment Management Ltd. increased its position 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 fund 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).

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