Spectrum Pharmaceuticals Inc. (SPPI) Trading Down 2%
Spectrum Pharmaceuticals Inc. (NASDAQ:SPPI) traded down 2% 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.
Several equities research analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, May 12th. Jefferies Group reaffirmed a “hold” rating and issued a $6.00 target price (up previously from $5.00) on shares of Spectrum Pharmaceuticals in a research report on Monday, May 9th. Finally, FBR & Co reaffirmed a “buy” rating on shares of Spectrum Pharmaceuticals in a research report on Thursday, July 14th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $8.75.
The firm’s market capitalization is $410.76 million. The stock’s 50 day moving average price is $6.52 and its 200 day moving average price is $6.42.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its quarterly earnings results on Tuesday, August 9th. The biotechnology company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.24. The business earned $33.90 million during the quarter, compared to analysts’ expectations of $30.88 million. Spectrum Pharmaceuticals’s revenue for the quarter was down 24.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.01) EPS. On average, analysts forecast that Spectrum Pharmaceuticals Inc. will post ($1.11) earnings per share for the current 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 SEC. 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 approximately 0.93% of Spectrum Pharmaceuticals worth $3,700,000 at the end of the most recent quarter.
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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