Prudential Financial Inc. trimmed its stake in Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) by 43.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 174,861 shares of the biotechnology company’s stock after selling 135,140 shares during the quarter. Prudential Financial Inc.’s holdings in Spectrum Pharmaceuticals were worth $2,938,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in SPPI. Smith Asset Management Group LP purchased a new stake in Spectrum Pharmaceuticals in the third quarter valued at approximately $199,000. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Spectrum Pharmaceuticals in the second quarter valued at approximately $248,000. B. Riley Financial Inc. purchased a new stake in Spectrum Pharmaceuticals in the second quarter valued at approximately $405,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in Spectrum Pharmaceuticals in the second quarter valued at approximately $415,000. Finally, Laurion Capital Management LP purchased a new stake in Spectrum Pharmaceuticals in the second quarter valued at approximately $438,000. Hedge funds and other institutional investors own 82.14% of the company’s stock.

SPPI has been the subject of several research reports. BidaskClub downgraded shares of Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday, September 7th. TheStreet upgraded shares of Spectrum Pharmaceuticals from a “d+” rating to a “c” rating in a research note on Monday, August 20th. B. Riley boosted their price objective on shares of Spectrum Pharmaceuticals from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Friday, August 31st. HC Wainwright boosted their price objective on shares of Spectrum Pharmaceuticals to $40.00 and gave the stock a “buy” rating in a research note on Thursday, September 6th. Finally, Zacks Investment Research reiterated a “hold” rating on shares of Spectrum Pharmaceuticals in a research note on Friday, November 16th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $29.67.

SPPI opened at $11.58 on Friday. Spectrum Pharmaceuticals, Inc. has a 52-week low of $11.37 and a 52-week high of $25.29. The company has a market cap of $1.24 billion, a price-to-earnings ratio of -10.82 and a beta of 2.19.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its quarterly earnings data on Thursday, November 8th. The biotechnology company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.10. Spectrum Pharmaceuticals had a negative net margin of 91.56% and a negative return on equity of 27.72%. The company had revenue of $25.27 million during the quarter, compared to the consensus estimate of $25.73 million. During the same period in the previous year, the firm earned ($0.11) earnings per share. Spectrum Pharmaceuticals’s revenue for the quarter was down 30.6% on a year-over-year basis. As a group, sell-side analysts predict that Spectrum Pharmaceuticals, Inc. will post -0.9 EPS for the current year.

In other Spectrum Pharmaceuticals news, Director Gilles Gagnon sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 9th. The shares were sold at an average price of $15.33, for a total transaction of $153,300.00. Following the completion of the sale, the director now directly owns 72,500 shares in the company, valued at $1,111,425. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Anthony E. Maida III sold 7,250 shares of the business’s stock in a transaction that occurred on Thursday, November 8th. The stock was sold at an average price of $13.07, for a total transaction of $94,757.50. Following the sale, the director now owns 40,238 shares of the company’s stock, valued at $525,910.66. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,500 shares of company stock valued at $339,408. 9.35% of the stock is owned by insiders.

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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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Institutional Ownership by Quarter for Spectrum Pharmaceuticals (NASDAQ:SPPI)

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