Spectrum Pharmaceuticals (SPPI) Upgraded to Hold by Zacks Investment Research
Zacks Investment Research upgraded shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) from a sell rating to a hold rating in a report published on Friday morning.
According to Zacks, “A BLA is expected to be filed in 2018 for the Spectrum's’s lead pipeline candidate, Rolontis. A potential approval will help the company compete better. However, Spectrum’s efforts to gain approval for Qapzola (bladder cancer) in the United States suffered a setback with the FDA issuing a CRL in November 2016. Additional regulatory/development setbacks could affect the stock. However, out-licensing agreements for a number of products will allow Spectrum to focus on Evomela and the development of its pipeline candidates. Spectrum’s shares have significantly outperformed the industry in past one year. However, Spectrum's low product sales remain a cause of concern. Moreover, gaining market share is challenging for Spectrum as it competes with several companies with greater financial strength. Estimates have remained stable ahead of the Q4 earnings results.”
SPPI has been the topic of several other research reports. Guggenheim assumed coverage on shares of Spectrum Pharmaceuticals in a report on Monday, October 23rd. They issued a buy rating and a $32.00 target price on the stock. HC Wainwright reissued a buy rating and issued a $29.00 target price (up previously from $20.00) on shares of Spectrum Pharmaceuticals in a report on Wednesday, October 18th. Jefferies Group boosted their target price on shares of Spectrum Pharmaceuticals to $25.00 and gave the stock a buy rating in a report on Friday, October 20th. Finally, B. Riley assumed coverage on shares of Spectrum Pharmaceuticals in a report on Monday, December 18th. They issued a buy rating and a $26.00 target price on the stock. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has a consensus rating of Buy and an average target price of $22.17.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its quarterly earnings results on Thursday, November 2nd. The biotechnology company reported ($0.22) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.16) by ($0.06). The firm had revenue of $36.40 million during the quarter, compared to the consensus estimate of $33.27 million. Spectrum Pharmaceuticals had a negative return on equity of 29.73% and a negative net margin of 58.94%. The business’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.07) earnings per share. sell-side analysts anticipate that Spectrum Pharmaceuticals will post -1.06 EPS for the current year.
Several hedge funds have recently added to or reduced their stakes in the company. Thrivent Financial For Lutherans lifted its holdings in shares of Spectrum Pharmaceuticals by 4.6% in the second quarter. Thrivent Financial For Lutherans now owns 42,680 shares of the biotechnology company’s stock worth $318,000 after buying an additional 1,890 shares in the last quarter. New York State Teachers Retirement System lifted its holdings in shares of Spectrum Pharmaceuticals by 4.6% in the third quarter. New York State Teachers Retirement System now owns 88,795 shares of the biotechnology company’s stock worth $1,249,000 after buying an additional 3,900 shares in the last quarter. American International Group Inc. raised its stake in Spectrum Pharmaceuticals by 7.0% during the third quarter. American International Group Inc. now owns 61,452 shares of the biotechnology company’s stock valued at $865,000 after purchasing an additional 4,046 shares in the last quarter. Ballentine Partners LLC raised its stake in Spectrum Pharmaceuticals by 20.0% during the third quarter. Ballentine Partners LLC now owns 30,000 shares of the biotechnology company’s stock valued at $422,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in Spectrum Pharmaceuticals by 3.8% during the second quarter. Rhumbline Advisers now owns 156,334 shares of the biotechnology company’s stock valued at $1,165,000 after purchasing an additional 5,754 shares in the last quarter. 71.87% of the stock is currently owned by hedge funds and other institutional investors.
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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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