Spectrum Pharmaceuticals, Inc. (SPPI) PT Raised to $18.00 at Jefferies Group LLC

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.

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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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