Spectrum Pharmaceuticals Inc. (SPPI) Trading 2% Higher
Spectrum Pharmaceuticals Inc. (NASDAQ:SPPI) shares traded up 2% on Monday . The company traded as high as $6.15 and last traded at $6.03, with a volume of 339,313 shares changing hands. The stock had previously closed at $5.91.
A number of research analysts have weighed in on the stock. Zacks Investment Research lowered shares of Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, May 12th. FBR & Co reaffirmed a “buy” rating on shares of Spectrum Pharmaceuticals in a research note on Thursday, July 14th. Finally, Jefferies Group reaffirmed a “hold” rating and issued a $6.00 price objective (up from $5.00) on shares of Spectrum Pharmaceuticals in a research note on Monday, May 9th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $8.75.
The firm’s 50-day moving average price is $6.52 and its 200-day moving average price is $6.42. The stock’s market cap is $410.08 million.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its earnings results on Tuesday, August 9th. The biotechnology company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.24. The firm earned $33.90 million during the quarter, compared to analysts’ expectations of $30.88 million. The firm’s quarterly revenue was down 24.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.01) earnings per share. On average, equities research analysts predict 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. increased its position in shares of 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 institutional investor 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 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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