BidaskClub Downgrades Spectrum Pharmaceuticals (SPPI) to Strong Sell
BidaskClub lowered shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) from a sell rating to a strong sell rating in a research report released on Saturday.
A number of other equities research analysts have also recently issued reports on SPPI. HC Wainwright reiterated a buy rating and issued a $33.00 price objective on shares of Spectrum Pharmaceuticals in a report on Friday, June 29th. Zacks Investment Research lowered shares of Spectrum Pharmaceuticals from a buy rating to a hold rating in a research report on Thursday, July 5th. TheStreet raised shares of Spectrum Pharmaceuticals from a d+ rating to a c rating in a research report on Monday, August 20th. Finally, B. Riley boosted their target price on shares of Spectrum Pharmaceuticals from $26.00 to $35.00 and gave the stock a buy rating in a research report on Friday, August 31st. One research analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $30.40.
Shares of NASDAQ:SPPI opened at $20.41 on Friday. The firm has a market capitalization of $2.07 billion, a P/E ratio of -19.07 and a beta of 1.86. Spectrum Pharmaceuticals has a 1 year low of $9.03 and a 1 year high of $25.29.
A number of institutional investors have recently added to or reduced their stakes in SPPI. Wells Fargo & Company MN lifted its position in Spectrum Pharmaceuticals by 5.4% during the 1st quarter. Wells Fargo & Company MN now owns 1,026,792 shares of the biotechnology company’s stock worth $16,521,000 after acquiring an additional 52,980 shares during the last quarter. Rhumbline Advisers lifted its position in Spectrum Pharmaceuticals by 3.1% during the 1st quarter. Rhumbline Advisers now owns 217,072 shares of the biotechnology company’s stock worth $3,493,000 after acquiring an additional 6,430 shares during the last quarter. SG Americas Securities LLC acquired a new position in Spectrum Pharmaceuticals during the 1st quarter worth $103,000. DekaBank Deutsche Girozentrale acquired a new position in Spectrum Pharmaceuticals during the 1st quarter worth $1,137,000. Finally, Mackay Shields LLC acquired a new position in Spectrum Pharmaceuticals during the 1st quarter worth $549,000. 82.73% of the stock is owned by hedge funds and other institutional investors.
Spectrum Pharmaceuticals Company Profile
Spectrum Pharmaceuticals, Inc develops and commercializes oncology and hematology drug products. The company markets six drug products, including FUSILEV for patients with metastatic colorectal cancer and rescue after high-dose methotrexate therapy in osteosarcoma, and to diminish toxicity and counteract the effects of impaired methotrexate elimination and of inadvertent overdosage of folic acid antagonists; FOLOTYN, a folate analogue metabolic inhibitor for peripheral T-cell lymphoma (PTCL); ZEVALIN injection for patients with B-cell non-Hodgkin's lymphoma; MARQIBO, a sphingomyelin/cholesterol liposome-encapsulated formulation for adult patients with Philadelphia chromosome-negative acute lymphoblastic leukemia; BELEODAQ injection for PTCL; and EVOMELA for use as a conditioning treatment prior to autologous stem cell transplant in multiple myeloma patients.
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