Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) was upgraded by stock analysts at ValuEngine from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

Several other research analysts have also weighed in on the stock. Jefferies Group LLC increased their target price on shares of Spectrum Pharmaceuticals from $8.50 to $9.00 and gave the stock a “buy” rating in a research note on Wednesday, May 3rd. Zacks Investment Research raised shares of Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, July 5th. BidaskClub lowered shares of Spectrum Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Finally, HC Wainwright reissued a “buy” rating and issued a $14.00 price objective on shares of Spectrum Pharmaceuticals in a research note on Wednesday. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Spectrum Pharmaceuticals presently has an average rating of “Buy” and an average target price of $10.80.

Spectrum Pharmaceuticals (NASDAQ:SPPI) traded down 0.53% during midday trading on Thursday, reaching $9.45. 798,278 shares of the company’s stock traded hands. Spectrum Pharmaceuticals has a 1-year low of $3.21 and a 1-year high of $9.70. The firm’s 50-day moving average is $8.04 and its 200-day moving average is $6.73. The company’s market capitalization is $742.54 million.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its earnings results on Thursday, August 3rd. The biotechnology company reported ($0.26) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.27) by $0.01. The company had revenue of $34.30 million during the quarter, compared to analyst estimates of $30.50 million. Spectrum Pharmaceuticals had a negative net margin of 59.33% and a negative return on equity of 30.95%. Spectrum Pharmaceuticals’s revenue was up 1.0% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.35) earnings per share. Analysts forecast that Spectrum Pharmaceuticals will post ($1.03) earnings per share for the current year.

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A number of hedge funds and other institutional investors have recently modified their holdings of SPPI. Dimensional Fund Advisors LP increased 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. Teachers Advisors LLC increased its position in shares of Spectrum Pharmaceuticals by 1.4% in the fourth quarter. Teachers Advisors LLC now owns 1,098,002 shares of the biotechnology company’s stock worth $4,864,000 after buying an additional 15,197 shares in the last quarter. Bank of Montreal Can increased its position in shares of Spectrum Pharmaceuticals by 24.7% in the first quarter. Bank of Montreal Can now owns 112,208 shares of the biotechnology company’s stock worth $729,000 after buying an additional 22,208 shares in the last quarter. Louisiana State Employees Retirement System increased its position in shares of Spectrum Pharmaceuticals by 2.8% in the first quarter. Louisiana State Employees Retirement System now owns 28,900 shares of the biotechnology company’s stock worth $188,000 after buying an additional 800 shares in the last quarter. Finally, Hartford Investment Management Co. increased its position in shares of Spectrum Pharmaceuticals by 149.0% in the first quarter. Hartford Investment Management Co. now owns 60,500 shares of the biotechnology company’s stock worth $393,000 after buying an additional 36,200 shares in the last quarter. Institutional investors own 62.68% 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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