Joseph W. Turgeon Sells 36,311 Shares of Spectrum Pharmaceuticals, Inc. (SPPI) Stock
Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) CEO Joseph W. Turgeon sold 36,311 shares of the company’s stock in a transaction on Friday, January 11th. The stock was sold at an average price of $10.87, for a total value of $394,700.57. Following the sale, the chief executive officer now owns 449,943 shares of the company’s stock, valued at $4,890,880.41. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.
Shares of NASDAQ SPPI traded up $0.19 during mid-day trading on Friday, reaching $11.06. 753,292 shares of the company were exchanged, compared to its average volume of 1,600,461. Spectrum Pharmaceuticals, Inc. has a 1 year low of $6.22 and a 1 year high of $25.29. The stock has a market capitalization of $1.10 billion, a P/E ratio of -10.34 and a beta of 2.56.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its quarterly earnings results on Thursday, November 8th. The biotechnology company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.10. Spectrum Pharmaceuticals had a negative return on equity of 27.72% and a negative net margin of 91.56%. The company had revenue of $25.27 million during the quarter, compared to analysts’ expectations of $25.73 million. During the same period last year, the business posted ($0.11) earnings per share. The firm’s revenue was down 30.6% compared to the same quarter last year. Analysts predict that Spectrum Pharmaceuticals, Inc. will post -0.9 EPS for the current year.
SPPI has been the subject of a number of analyst reports. BidaskClub cut Spectrum Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 15th. TheStreet cut Spectrum Pharmaceuticals from a “c” rating to a “d+” rating in a research note on Wednesday, September 26th. Zacks Investment Research cut Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Monday, October 15th. ValuEngine cut Spectrum Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 16th. Finally, B. Riley decreased their price objective on Spectrum Pharmaceuticals from $35.00 to $29.00 and set a “buy” rating for the company in a research note on Monday, November 12th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $27.00.
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About Spectrum Pharmaceuticals
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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