Spectrum Pharmaceuticals Inc. (SPPI) Upgraded at Zacks Investment Research
Spectrum Pharmaceuticals Inc. (NASDAQ:SPPI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $4.50 price target on the biotechnology company’s stock. Zacks Investment Research’s price objective suggests a potential upside of 11.94% from the stock’s previous close.
According to Zacks, “Spectrum focuses in the fields of hematology and oncology. Its multiple myeloma drug Evomela, launched in the second quarter of 2016, is off to an encouraging start with strong formulary access and solid adoption in top institutions. Evomela sales are expected to go up in the second half of 2016. With the company entering into out-licensing agreements for quite a few of its products, it will now be able to focus on Evomela and the development of its candidates. Spectrum will also be able to improve its financial position. Estimates have been stable ahead of the company’s Q3 earnings release. The company has a positive record of earnings surprises in the recent quarters. However, Spectrum received a setback with the FDA’s advisory panel voting against the approval of Qapzola. A final decision from the FDA is expected by Dec 11. Any further hiccup on the regulatory/development front could pull down the stock significantly.”
SPPI has been the subject of several other reports. FBR & Co restated a “buy” rating on shares of Spectrum Pharmaceuticals in a report on Wednesday, August 10th. RBC Capital Markets set a $10.00 price target on Spectrum Pharmaceuticals and gave the company a “buy” rating in a report on Thursday, September 15th. Finally, HC Wainwright restated a “buy” rating and set a $10.00 price target on shares of Spectrum Pharmaceuticals in a report on Friday, September 16th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Spectrum Pharmaceuticals has a consensus rating of “Buy” and an average target price of $8.75.
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Spectrum Pharmaceuticals (NASDAQ:SPPI) traded up 0.75% during midday trading on Tuesday, reaching $4.02. 579,361 shares of the company’s stock traded hands. The stock’s market cap is $275.67 million. The stock’s 50 day moving average price is $4.85 and its 200-day moving average price is $6.33. Spectrum Pharmaceuticals has a one year low of $3.92 and a one year high of $7.74.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its quarterly earnings data on Tuesday, August 9th. The biotechnology company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.24. The business earned $33.90 million during the quarter, compared to analyst estimates of $30.88 million. Spectrum Pharmaceuticals had a negative return on equity of 11.24% and a negative net margin of 36.04%. The company’s revenue for the quarter was down 24.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.01) earnings per share. Equities analysts predict that Spectrum Pharmaceuticals will post ($1.11) earnings per share for the current year.
A number of large investors have recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. increased its stake in Spectrum Pharmaceuticals by 0.5% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 36,915 shares of the biotechnology company’s stock valued at $243,000 after buying an additional 196 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in Spectrum Pharmaceuticals by 3.1% in the second quarter. Louisiana State Employees Retirement System now owns 27,000 shares of the biotechnology company’s stock valued at $177,000 after buying an additional 800 shares during the last quarter. California Public Employees Retirement System increased its stake in Spectrum Pharmaceuticals by 0.4% in the second quarter. California Public Employees Retirement System now owns 179,800 shares of the biotechnology company’s stock valued at $1,181,000 after buying an additional 800 shares during the last quarter. Profund Advisors LLC increased its stake in Spectrum Pharmaceuticals by 5.2% in the second quarter. Profund Advisors LLC now owns 16,381 shares of the biotechnology company’s stock valued at $108,000 after buying an additional 817 shares during the last quarter. Finally, Comerica Bank increased its stake in Spectrum Pharmaceuticals by 1.7% in the second quarter. Comerica Bank now owns 60,743 shares of the biotechnology company’s stock valued at $429,000 after buying an additional 1,036 shares during the last quarter. Institutional investors own 68.66% of the company’s stock.
Spectrum Pharmaceuticals Company Profile
Spectrum Pharmaceuticals, Inc is a biotechnology company. The Company operates through developing and commercializing oncology and hematology drug products segment. It has approximately six approved oncology/hematology products that target different types of non-Hodgkin’s lymphoma (NHL), metastatic colorectal cancer, acute lymphoblastic leukemia (ALL) and multiple myeloma (MM).
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