Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) was the target of a large decline in short interest in October. As of October 13th, there was short interest totalling 7,292,149 shares, a decline of 18.1% from the September 29th total of 8,909,100 shares. Currently, 9.0% of the company’s stock are short sold. Based on an average daily volume of 1,684,522 shares, the short-interest ratio is currently 4.3 days.

SPPI has been the subject of a number of research analyst reports. Zacks Investment Research raised Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. BidaskClub lowered Spectrum Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. HC Wainwright reaffirmed a “buy” rating and set a $14.00 target price on shares of Spectrum Pharmaceuticals in a research report on Wednesday, August 16th. ValuEngine raised Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, August 17th. Finally, Jefferies Group LLC set a $9.00 target price on Spectrum Pharmaceuticals and gave the company a “buy” rating in a research report on Friday, August 25th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. Spectrum Pharmaceuticals presently has a consensus rating of “Buy” and a consensus price target of $21.40.

Spectrum Pharmaceuticals (NASDAQ SPPI) opened at 19.59 on Wednesday. Spectrum Pharmaceuticals has a 52-week low of $3.21 and a 52-week high of $21.95. The company’s market capitalization is $1.54 billion. The stock has a 50 day moving average price of $14.22 and a 200 day moving average price of $9.27.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its quarterly earnings data on Thursday, August 3rd. The biotechnology company reported ($0.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.01. The business had revenue of $34.30 million for 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 company’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period last year, the firm earned ($0.35) earnings per share. On average, equities analysts expect that Spectrum Pharmaceuticals will post ($1.03) earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in SPPI. Ameriprise Financial Inc. raised its stake in shares of Spectrum Pharmaceuticals by 6.0% in the first quarter. Ameriprise Financial Inc. now owns 376,385 shares of the biotechnology company’s stock valued at $2,447,000 after acquiring an additional 21,405 shares in the last quarter. Parametric Portfolio Associates LLC raised its stake in shares of Spectrum Pharmaceuticals by 16.6% in the first quarter. Parametric Portfolio Associates LLC now owns 132,064 shares of the biotechnology company’s stock valued at $858,000 after acquiring an additional 18,760 shares in the last quarter. Mason Street Advisors LLC raised its stake in shares of Spectrum Pharmaceuticals by 8.4% in the first quarter. Mason Street Advisors LLC now owns 16,577 shares of the biotechnology company’s stock valued at $108,000 after acquiring an additional 1,279 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Spectrum Pharmaceuticals by 101.5% in the first quarter. Prudential Financial Inc. now owns 379,496 shares of the biotechnology company’s stock valued at $2,467,000 after acquiring an additional 191,180 shares in the last quarter. Finally, Arizona State Retirement System raised its stake in shares of Spectrum Pharmaceuticals by 2.5% in the first quarter. Arizona State Retirement System now owns 36,955 shares of the biotechnology company’s stock valued at $240,000 after acquiring an additional 900 shares in the last quarter. Institutional investors and hedge funds own 66.41% of the company’s stock.

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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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