Spectrum Pharmaceuticals, Inc. (SPPI) Shares Bought by Vanguard Group Inc.
Vanguard Group Inc. increased its stake in shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) by 13.8% during the first quarter, Holdings Channel reports. The institutional investor owned 7,208,723 shares of the biotechnology company’s stock after buying an additional 874,871 shares during the period. Vanguard Group Inc. owned about 0.09% of Spectrum Pharmaceuticals worth $46,858,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SPPI. Russell Investments Group Ltd. bought a new position in Spectrum Pharmaceuticals during the fourth quarter valued at $196,000. Dimensional Fund Advisors LP boosted its position in Spectrum Pharmaceuticals by 10.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,970,631 shares of the biotechnology company’s stock valued at $8,730,000 after buying an additional 181,018 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in Spectrum Pharmaceuticals by 5.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 37,600 shares of the biotechnology company’s stock valued at $167,000 after buying an additional 1,930 shares in the last quarter. Teachers Advisors LLC boosted its position in Spectrum Pharmaceuticals by 1.4% in the fourth quarter. Teachers Advisors LLC now owns 1,098,002 shares of the biotechnology company’s stock valued at $4,864,000 after buying an additional 15,197 shares in the last quarter. Finally, Macquarie Group Ltd. boosted its position in Spectrum Pharmaceuticals by 4.0% in the fourth quarter. Macquarie Group Ltd. now owns 1,800,669 shares of the biotechnology company’s stock valued at $7,977,000 after buying an additional 69,087 shares in the last quarter. 66.57% of the stock is currently owned by hedge funds and other institutional investors.
Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) traded up 2.29% on Friday, reaching $8.95. 310,681 shares of the company’s stock traded hands. The stock’s market cap is $703.26 million. The company’s 50 day moving average is $7.77 and its 200-day moving average is $6.55. Spectrum Pharmaceuticals, Inc. has a 52-week low of $3.21 and a 52-week high of $9.27.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its earnings results on Thursday, August 3rd. The biotechnology company reported ($0.26) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.27) by $0.01. The firm had revenue of $34.30 million for the quarter, compared to analysts’ expectations of $30.50 million. Spectrum Pharmaceuticals had a negative net margin of 59.33% and a negative return on equity of 30.95%. The company’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the company earned ($0.35) earnings per share. Equities analysts expect that Spectrum Pharmaceuticals, Inc. will post ($1.03) EPS for the current year.
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SPPI has been the topic of several research analyst reports. Jefferies Group LLC increased their price target on shares of Spectrum Pharmaceuticals from $8.50 to $9.00 and gave the company a “buy” rating in a report on Wednesday, May 3rd. HC Wainwright set a $10.00 price target on shares of Spectrum Pharmaceuticals and gave the company a “buy” rating in a report on Saturday, May 6th. ValuEngine raised shares of Spectrum Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Thursday, May 11th. Zacks Investment Research raised shares of Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Tuesday, June 6th. Finally, BidaskClub cut shares of Spectrum Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. One investment analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $10.00.
Spectrum Pharmaceuticals Company Profile
Spectrum Pharmaceuticals, Inc is a biotechnology company. The Company operates through developing and commercializing oncology and hematology drug products segment. It has a product portfolio consisting of both commercial stage and development stage products that address various cancer types. The Company has six approved oncology/hematology products that target different types of cancer, including non-Hodgkin’s lymphoma (NHL), advanced metastatic colorectal cancer (mCRC), acute lymphoblastic leukemia (ALL) and multiple myeloma (MM).
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