Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “Spectrum focuses in the fields of hematology and oncology. The company's progress with its lead pipeline candidate Rolontis has been quite impressive. However, Spectrum’s efforts to gain approval for Qapzola (bladder cancer) in the U.S. suffered a setback with the FDA issuing a complete response letter (CRL) in Nov 2016. Additional issues on the regulatory/development front could affect the stock adversely. Also, low product sales remain a cause of concern. On the flip side, with the company entering into out-licensing agreements for a number of products, it will now be able to focus on Evomela and the development of its pipeline candidates. Spectrum’s shares outperformed the Medical Drugs industry so far this year. Estimates have been stable lately ahead of the company’s Q2 earnings release. The company has positive record of earnings surprises in recent quarters.”

SPPI has been the topic of a number of other research reports. Jefferies Group LLC reiterated a “buy” rating and issued a $8.50 price target on shares of Spectrum Pharmaceuticals in a report on Thursday, April 6th. ValuEngine upgraded shares of Spectrum Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Thursday, May 11th. HC Wainwright set a $10.00 target price on shares of Spectrum Pharmaceuticals and gave the company a “buy” rating in a report on Saturday, May 6th. Finally, FBR & Co restated a “buy” rating on shares of Spectrum Pharmaceuticals in a report on Saturday, April 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. Spectrum Pharmaceuticals has a consensus rating of “Buy” and an average price target of $8.90.

Spectrum Pharmaceuticals (NASDAQ:SPPI) traded down 1.20% on Wednesday, reaching $7.42. The company’s stock had a trading volume of 293,574 shares. Spectrum Pharmaceuticals has a 52 week low of $3.21 and a 52 week high of $8.00. The firm has a 50 day moving average price of $6.37 and a 200 day moving average price of $5.90. The stock’s market capitalization is $582.64 million.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its quarterly earnings results on Tuesday, May 2nd. The biotechnology company reported ($0.18) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.20) by $0.02. The company had revenue of $29.10 million for the quarter, compared to analyst estimates of $32.23 million. Spectrum Pharmaceuticals had a negative net margin of 62.39% and a negative return on equity of 24.06%. On average, equities analysts anticipate that Spectrum Pharmaceuticals will post ($1.08) EPS for the current year.

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A number of institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. purchased a new position in shares of Spectrum Pharmaceuticals during the fourth quarter worth approximately $196,000. Comerica Bank raised its position in shares of Spectrum Pharmaceuticals by 5.5% in the fourth quarter. Comerica Bank now owns 75,100 shares of the biotechnology company’s stock worth $349,000 after buying an additional 3,911 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Spectrum Pharmaceuticals by 10.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,970,631 shares of the biotechnology company’s stock worth $8,730,000 after buying an additional 181,018 shares in the last quarter. New York State Teachers Retirement System raised its position in shares of Spectrum Pharmaceuticals by 0.8% in the fourth quarter. New York State Teachers Retirement System now owns 83,195 shares of the biotechnology company’s stock worth $369,000 after buying an additional 700 shares in the last quarter. Finally, Tudor Investment Corp Et Al raised its position in shares of Spectrum Pharmaceuticals by 8.7% in the fourth quarter. Tudor Investment Corp Et Al now owns 86,378 shares of the biotechnology company’s stock worth $383,000 after buying an additional 6,934 shares in the last quarter. Hedge funds and other institutional investors own 67.33% of the company’s stock.

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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