Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) had its target price increased by equities researchers at Jefferies Group LLC from $13.00 to $18.00 in a research report issued to clients and investors on Monday. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Jefferies Group LLC’s price target would suggest a potential upside of 28.11% from the company’s previous close.
Other research analysts have also issued reports about the company. HC Wainwright raised their target price on Spectrum Pharmaceuticals from $14.00 to $20.00 and gave the stock a “buy” rating in a research report on Wednesday, October 4th. Zacks Investment Research raised Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a research report on Wednesday, August 9th. BidaskClub lowered Spectrum Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Finally, ValuEngine raised Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, August 17th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $14.75.
Shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) opened at 14.05 on Monday. The company’s 50 day moving average price is $11.03 and its 200 day moving average price is $8.09. Spectrum Pharmaceuticals has a 52-week low of $3.21 and a 52-week high of $15.32. The firm’s market capitalization is $1.10 billion.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its earnings results on Thursday, August 3rd. The biotechnology company reported ($0.26) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.27) by $0.01. The business had revenue of $34.30 million during the quarter, compared to analyst estimates of $30.50 million. Spectrum Pharmaceuticals had a negative return on equity of 30.95% and a negative net margin of 59.33%. Spectrum Pharmaceuticals’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period last year, the company earned ($0.35) EPS. Analysts forecast that Spectrum Pharmaceuticals will post ($1.06) earnings per share for the current year.
Hedge funds have recently bought and sold shares of the company. State of Alaska Department of Revenue raised its position in shares of Spectrum Pharmaceuticals by 77.1% in the 2nd quarter. State of Alaska Department of Revenue now owns 13,918 shares of the biotechnology company’s stock worth $103,000 after acquiring an additional 6,058 shares in the last quarter. Mason Street Advisors LLC raised its position in shares of Spectrum Pharmaceuticals by 8.4% in the 1st quarter. Mason Street Advisors LLC now owns 16,577 shares of the biotechnology company’s stock worth $108,000 after acquiring an additional 1,279 shares in the last quarter. Piedmont Investment Advisors LLC bought a new position in shares of Spectrum Pharmaceuticals in the 2nd quarter worth about $114,000. Municipal Employees Retirement System of Michigan raised its position in shares of Spectrum Pharmaceuticals by 5.6% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 16,720 shares of the biotechnology company’s stock worth $125,000 after acquiring an additional 880 shares in the last quarter. Finally, Pillar Pacific Capital Management LLC bought a new position in shares of Spectrum Pharmaceuticals in the 2nd quarter worth about $138,000. 66.09% of the stock is owned by hedge funds and other institutional investors.
About Spectrum Pharmaceuticals
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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