Spectrum Pharmaceuticals (NASDAQ:SPPI) announced its quarterly earnings data on Thursday. The biotechnology company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.10, Briefing.com reports. Spectrum Pharmaceuticals had a negative return on equity of 27.71% and a negative net margin of 41.24%. The business had revenue of $25.27 million during the quarter, compared to analyst estimates of $25.73 million. During the same period in the prior year, the company earned ($0.11) earnings per share. Spectrum Pharmaceuticals’s revenue was down 30.6% compared to the same quarter last year.
Shares of Spectrum Pharmaceuticals stock traded up $0.62 during trading hours on Friday, reaching $13.46. The company had a trading volume of 1,440,030 shares, compared to its average volume of 1,481,486. Spectrum Pharmaceuticals has a one year low of $11.52 and a one year high of $25.29. The firm has a market capitalization of $1.34 billion, a P/E ratio of -12.58 and a beta of 2.18.
In other news, Director Anthony E. Maida III sold 7,250 shares of the firm’s stock in a transaction on Thursday, November 8th. The stock was sold at an average price of $13.07, for a total value of $94,757.50. Following the completion of the transaction, the director now directly owns 40,238 shares of the company’s stock, valued at $525,910.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gilles Gagnon sold 10,000 shares of the firm’s stock in a transaction on Tuesday, October 9th. The stock was sold at an average price of $15.33, for a total value of $153,300.00. Following the completion of the transaction, the director now directly owns 72,500 shares of the company’s stock, valued at $1,111,425. The disclosure for this sale can be found here. 9.35% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the company. Meeder Asset Management Inc. raised its position in shares of Spectrum Pharmaceuticals by 134.3% in the second quarter. Meeder Asset Management Inc. now owns 5,448 shares of the biotechnology company’s stock worth $114,000 after buying an additional 3,123 shares in the last quarter. Northeast Financial Consultants Inc purchased a new stake in shares of Spectrum Pharmaceuticals in the third quarter worth $168,000. Hartford Investment Management Co. purchased a new stake in shares of Spectrum Pharmaceuticals in the second quarter worth $219,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Spectrum Pharmaceuticals in the first quarter worth $184,000. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new stake in shares of Spectrum Pharmaceuticals in the second quarter worth $248,000. 83.39% of the stock is owned by hedge funds and other institutional investors.
SPPI has been the subject of several research reports. BidaskClub lowered Spectrum Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, September 15th. B. Riley raised their price target on Spectrum Pharmaceuticals from $26.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, August 31st. TheStreet raised Spectrum Pharmaceuticals from a “d+” rating to a “c” rating in a report on Monday, August 20th. ValuEngine lowered Spectrum Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 16th. Finally, Zacks Investment Research lowered Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Monday, October 15th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the stock. Spectrum Pharmaceuticals presently has an average rating of “Hold” and a consensus target price of $31.67.
About Spectrum Pharmaceuticals
Spectrum Pharmaceuticals, Inc develops and commercializes oncology and hematology drug products. The company markets six drug products, including FUSILEV for patients with metastatic colorectal cancer and rescue after high-dose methotrexate therapy in osteosarcoma, and to diminish toxicity and counteract the effects of impaired methotrexate elimination and of inadvertent overdosage of folic acid antagonists; FOLOTYN, a folate analogue metabolic inhibitor for peripheral T-cell lymphoma (PTCL); ZEVALIN injection for patients with B-cell non-Hodgkin's lymphoma; MARQIBO, a sphingomyelin/cholesterol liposome-encapsulated formulation for adult patients with Philadelphia chromosome-negative acute lymphoblastic leukemia; BELEODAQ injection for PTCL; and EVOMELA for use as a conditioning treatment prior to autologous stem cell transplant in multiple myeloma patients.
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