Spectrum Pharmaceuticals (NASDAQ:SPPI) Earns Hold Rating from Analysts at StockNews.com

Analysts at StockNews.com assumed coverage on shares of Spectrum Pharmaceuticals (NASDAQ:SPPI – Get Rating) in a research report issued on Sunday. The brokerage set a “hold” rating on the biotechnology company’s stock.

A number of other brokerages have also recently commented on SPPI. Jefferies Financial Group cut Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Monday, May 15th. HC Wainwright lowered Spectrum Pharmaceuticals from a “buy” rating to a “neutral” rating in a research report on Wednesday, April 26th. JMP Securities lowered Spectrum Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 26th. Finally, Cantor Fitzgerald dropped their price target on Spectrum Pharmaceuticals from $3.00 to $0.75 and set a “neutral” rating for the company in a research report on Friday, February 3rd. Six equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $2.44.

Spectrum Pharmaceuticals Trading Up 2.1 %

NASDAQ SPPI opened at $1.24 on Friday. The stock has a market capitalization of $253.50 million, a price-to-earnings ratio of -3.43 and a beta of 2.23. Spectrum Pharmaceuticals has a twelve month low of $0.32 and a twelve month high of $1.57. The stock has a 50-day moving average of $0.87 and a 200 day moving average of $0.68.

Spectrum Pharmaceuticals (NASDAQ:SPPI – Get Rating) last released its quarterly earnings results on Wednesday, March 22nd. The biotechnology company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.03. The business had revenue of $10.11 million during the quarter, compared to analyst estimates of $9.60 million. Equities analysts predict that Spectrum Pharmaceuticals will post -0.15 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Thomas J. Riga sold 37,009 shares of the stock in a transaction that occurred on Wednesday, February 22nd. The stock was sold at an average price of $0.77, for a total value of $28,496.93. Following the completion of the transaction, the chief executive officer now directly owns 1,839,639 shares in the company, valued at $1,416,522.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders sold 82,885 shares of company stock worth $65,396. Company insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Mirabella Financial Services LLP purchased a new position in shares of Spectrum Pharmaceuticals during the first quarter worth $27,000. BNP Paribas Arbitrage SA boosted its position in shares of Spectrum Pharmaceuticals by 108.3% during the second quarter. BNP Paribas Arbitrage SA now owns 31,652 shares of the biotechnology company’s stock worth $25,000 after buying an additional 16,460 shares during the period. Virtu Financial LLC acquired a new stake in shares of Spectrum Pharmaceuticals in the second quarter valued at $48,000. Advisor Group Holdings Inc. raised its stake in shares of Spectrum Pharmaceuticals by 121.1% in the fourth quarter. Advisor Group Holdings Inc. now owns 91,972 shares of the biotechnology company’s stock valued at $34,000 after acquiring an additional 50,376 shares in the last quarter. Finally, WINTON GROUP Ltd raised its stake in shares of Spectrum Pharmaceuticals by 14.4% in the first quarter. WINTON GROUP Ltd now owns 109,140 shares of the biotechnology company’s stock valued at $82,000 after acquiring an additional 13,746 shares in the last quarter. 27.95% of the stock is currently owned by hedge funds and other institutional investors.

Spectrum Pharmaceuticals Company Profile

(Get Rating)

Spectrum Pharmaceuticals, Inc is a biotechnology company, which engages in the acquisition, development and commercialization of a pipeline of novel and targeted oncology therapies. Its product pipeline includes: Eflapegrastim, Poziotinib, and IGN002. The company was founded in December 1987 and is headquartered in Boston, MA.