HC Wainwright Reiterates “Buy” Rating for Spectrum Pharmaceuticals, Inc. (SPPI)
Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a research report issued to clients and investors on Thursday. They currently have a $14.00 price objective on the biotechnology company’s stock. HC Wainwright’s price target would indicate a potential upside of 38.75% from the stock’s current price.
A number of other equities analysts have also recently commented on SPPI. Jefferies Group LLC set a $9.00 target price on Spectrum Pharmaceuticals and gave the stock a “buy” rating in a report on Thursday, June 8th. Zacks Investment Research upgraded Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a report on Wednesday, August 9th. BidaskClub cut Spectrum Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Finally, ValuEngine upgraded Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Thursday, August 17th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $10.80.
Shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) remained flat at $10.09 during mid-day trading on Thursday. 507,864 shares of the company were exchanged. Spectrum Pharmaceuticals has a 1-year low of $3.21 and a 1-year high of $10.77. The company has a 50-day moving average of $9.08 and a 200-day moving average of $7.28. The stock’s market cap is $792.83 million.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its quarterly earnings results on Thursday, August 3rd. The biotechnology company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.01. The business had revenue of $34.30 million during the quarter, compared to analysts’ expectations of $30.50 million. Spectrum Pharmaceuticals had a negative return on equity of 30.95% and a negative net margin of 59.33%. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter last year, the business posted ($0.35) EPS. Equities research analysts predict that Spectrum Pharmaceuticals will post ($1.03) earnings per share for the current year.
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Institutional investors have recently made changes to their positions in the company. State of Alaska Department of Revenue boosted its holdings in shares of Spectrum Pharmaceuticals by 77.1% in the 2nd quarter. State of Alaska Department of Revenue now owns 13,918 shares of the biotechnology company’s stock worth $103,000 after purchasing an additional 6,058 shares during the period. Piedmont Investment Advisors LLC purchased a new position in shares of Spectrum Pharmaceuticals in the 2nd quarter worth approximately $114,000. Denver Investment Advisors LLC purchased a new position in shares of Spectrum Pharmaceuticals in the 1st quarter worth approximately $106,000. Mason Street Advisors LLC boosted its holdings in shares of Spectrum Pharmaceuticals by 8.4% in the 1st quarter. Mason Street Advisors LLC now owns 16,577 shares of the biotechnology company’s stock worth $108,000 after purchasing an additional 1,279 shares during the period. Finally, Municipal Employees Retirement System of Michigan boosted its holdings in shares of Spectrum Pharmaceuticals by 5.6% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 16,720 shares of the biotechnology company’s stock worth $125,000 after purchasing an additional 880 shares during the period. Hedge funds and other institutional investors own 66.09% 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 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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