B. Riley initiated coverage on shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) in a research note published on Monday, December 18th, MarketBeat reports. The firm issued a buy rating and a $26.00 price objective on the biotechnology company’s stock.
A number of other analysts also recently weighed in on SPPI. Jefferies Group upped their target price on shares of Spectrum Pharmaceuticals from $9.00 to $13.00 and gave the stock a buy rating in a research report on Monday, September 25th. Zacks Investment Research downgraded shares of Spectrum Pharmaceuticals from a hold rating to a sell rating in a research report on Wednesday, October 4th. HC Wainwright reaffirmed a buy rating and issued a $14.00 target price on shares of Spectrum Pharmaceuticals in a research report on Thursday, September 14th. Finally, Guggenheim assumed coverage on shares of Spectrum Pharmaceuticals in a research report on Monday, October 23rd. They issued a buy rating and a $32.00 target price on the stock. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Spectrum Pharmaceuticals has a consensus rating of Buy and a consensus target price of $22.17.
Shares of Spectrum Pharmaceuticals (NASDAQ SPPI) traded up $0.12 during midday trading on Monday, reaching $19.42. 557,500 shares of the company’s stock traded hands, compared to its average volume of 1,240,000. The company has a quick ratio of 4.89, a current ratio of 5.04 and a debt-to-equity ratio of 0.33. Spectrum Pharmaceuticals has a 1-year low of $4.31 and a 1-year high of $21.95. The company has a market cap of $1,950.00, a price-to-earnings ratio of -19.42 and a beta of 1.63.
A number of hedge funds have recently made changes to their positions in the stock. Jane Street Group LLC bought a new position in Spectrum Pharmaceuticals during the 3rd quarter valued at about $152,000. OxFORD Asset Management LLP bought a new position in Spectrum Pharmaceuticals during the 3rd quarter valued at about $2,149,000. Hartford Investment Management Co. bought a new position in Spectrum Pharmaceuticals during the 3rd quarter valued at about $317,000. Schwab Charles Investment Management Inc. lifted its stake in Spectrum Pharmaceuticals by 16.2% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 505,909 shares of the biotechnology company’s stock valued at $7,119,000 after acquiring an additional 70,487 shares during the period. Finally, WINTON GROUP Ltd bought a new position in Spectrum Pharmaceuticals during the 3rd quarter valued at about $3,263,000. 71.87% of the stock is currently owned by institutional investors.
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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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