Wells Fargo & Company MN Has $13.15 Million Stake in Spectrum Pharmaceuticals, Inc. (SPPI)

Wells Fargo & Company MN trimmed its holdings in shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) by 27.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 782,701 shares of the biotechnology company’s stock after selling 298,039 shares during the period. Wells Fargo & Company MN owned about 0.74% of Spectrum Pharmaceuticals worth $13,149,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Moody Aldrich Partners LLC boosted its holdings in shares of Spectrum Pharmaceuticals by 6.7% during the third quarter. Moody Aldrich Partners LLC now owns 70,935 shares of the biotechnology company’s stock worth $1,192,000 after purchasing an additional 4,437 shares during the last quarter. Arizona State Retirement System boosted its holdings in shares of Spectrum Pharmaceuticals by 5.2% during the third quarter. Arizona State Retirement System now owns 143,398 shares of the biotechnology company’s stock worth $2,409,000 after purchasing an additional 7,115 shares during the last quarter. Congress Asset Management Co. MA boosted its holdings in shares of Spectrum Pharmaceuticals by 65.7% during the third quarter. Congress Asset Management Co. MA now owns 143,478 shares of the biotechnology company’s stock worth $2,410,000 after purchasing an additional 56,880 shares during the last quarter. First Trust Advisors LP boosted its holdings in shares of Spectrum Pharmaceuticals by 462.8% during the third quarter. First Trust Advisors LP now owns 135,609 shares of the biotechnology company’s stock worth $2,278,000 after purchasing an additional 111,513 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its holdings in shares of Spectrum Pharmaceuticals by 18.3% during the third quarter. Fisher Asset Management LLC now owns 180,663 shares of the biotechnology company’s stock worth $3,035,000 after purchasing an additional 27,962 shares during the last quarter. 82.14% of the stock is owned by institutional investors and hedge funds.

Shares of SPPI opened at $12.36 on Friday. Spectrum Pharmaceuticals, Inc. has a twelve month low of $11.52 and a twelve month high of $25.29.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its earnings results on Thursday, November 8th. The biotechnology company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.10. The business had revenue of $25.27 million for the quarter, compared to analyst estimates of $25.73 million. Spectrum Pharmaceuticals had a negative return on equity of 27.72% and a negative net margin of 91.56%. The business’s quarterly revenue was down 30.6% on a year-over-year basis. During the same period last year, the company posted ($0.11) EPS. Equities research analysts predict that Spectrum Pharmaceuticals, Inc. will post -0.9 EPS for the current year.

In related news, Director Gilles Gagnon sold 10,000 shares of the 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 transaction, the director now directly owns 72,500 shares of the company’s stock, valued at approximately $1,111,425. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Anthony E. Maida III sold 7,250 shares of the stock in a transaction on Thursday, December 6th. The stock was sold at an average price of $12.60, for a total value of $91,350.00. Following the completion of the transaction, the director now directly owns 40,238 shares in the company, valued at $506,998.80. The disclosure for this sale can be found here. Insiders sold a total of 24,500 shares of company stock worth $339,408 over the last ninety days. Corporate insiders own 9.35% of the company’s stock.

Several brokerages recently weighed in on SPPI. Zacks Investment Research reaffirmed a “hold” rating on shares of Spectrum Pharmaceuticals in a research report on Friday, November 16th. ValuEngine raised Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Saturday, December 1st. BidaskClub raised Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, December 1st. Finally, TheStreet lowered Spectrum Pharmaceuticals from a “c” rating to a “d+” rating in a research report on Wednesday, September 26th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $29.67.

TRADEMARK VIOLATION NOTICE: This report was published by American Banking News and is the sole property of of American Banking News. If you are viewing this report on another publication, it was stolen and reposted in violation of U.S. and international trademark and copyright legislation. The legal version of this report can be read at https://www.americanbankingnews.com/2018/12/08/wells-fargo-company-mn-has-13-15-million-stake-in-spectrum-pharmaceuticals-inc-sppi.html.

Spectrum Pharmaceuticals Company Profile

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.

See Also: Float

Institutional Ownership by Quarter for Spectrum Pharmaceuticals (NASDAQ:SPPI)

Receive News & Ratings for Spectrum Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spectrum Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply