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 on Tuesday. The brokerage presently has a $4.50 price objective on the biotechnology company’s stock. Zacks Investment Research’s price objective would indicate a potential upside of 12.78% 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.”
A number of other brokerages have also recently commented on SPPI. HC Wainwright restated a “buy” rating and set a $10.00 price objective on shares of Spectrum Pharmaceuticals in a research note on Friday, September 16th. FBR & Co restated a “buy” rating on shares of Spectrum Pharmaceuticals in a research note on Thursday, September 15th. Finally, RBC Capital Markets set a $10.00 price objective on Spectrum Pharmaceuticals and gave the stock a “buy” rating in a research note on Thursday, September 15th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Spectrum Pharmaceuticals presently has an average rating of “Buy” and an average target price of $8.75.
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Shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) traded up 0.376% during mid-day trading on Tuesday, hitting $4.005. The company had a trading volume of 221,002 shares. The stock’s market cap is $274.64 million. Spectrum Pharmaceuticals has a 52-week low of $3.92 and a 52-week high of $7.74. The stock’s 50-day moving average is $4.85 and its 200-day moving average is $6.33.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its quarterly earnings data on Tuesday, August 9th. The biotechnology company reported ($0.05) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.29) by $0.24. The company had revenue of $33.90 million for the quarter, compared to analysts’ expectations of $30.88 million. Spectrum Pharmaceuticals had a negative return on equity of 11.24% and a negative net margin of 36.04%. The firm’s quarterly revenue was down 24.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. Equities analysts forecast that Spectrum Pharmaceuticals will post ($1.11) earnings per share for the current year.
Hedge funds have recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. raised its stake in shares of 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 in the last quarter. Louisiana State Employees Retirement System raised its stake in shares of 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 in the last quarter. California Public Employees Retirement System raised its stake in shares of 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 in the last quarter. Profund Advisors LLC raised its stake in shares of 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 in the last quarter. Finally, Comerica Bank raised its stake in shares of 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 in the last quarter. 68.66% of the stock is currently owned by institutional investors and hedge funds.
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 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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