Spectrum Pharmaceuticals (SPPI) Lowered to “Strong Sell” at BidaskClub

BidaskClub cut shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) from a sell rating to a strong sell rating in a research report sent to investors on Wednesday, October 17th.

SPPI has been the subject of several other reports. TheStreet raised Spectrum Pharmaceuticals from a d+ rating to a c rating in a report on Monday, August 20th. B. Riley increased their price objective on Spectrum Pharmaceuticals from $26.00 to $35.00 and gave the company a buy rating in a report on Friday, August 31st. HC Wainwright increased their price objective on Spectrum Pharmaceuticals to $40.00 and gave the company a buy rating in a report on Thursday, September 6th. Zacks Investment Research downgraded Spectrum Pharmaceuticals from a buy rating to a hold rating in a report on Thursday, July 5th. Finally, ValuEngine downgraded Spectrum Pharmaceuticals from a strong-buy rating to a buy rating in a report on Tuesday, October 16th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $29.67.

Shares of SPPI stock traded down $0.59 during trading hours on Wednesday, reaching $12.87. 1,322,361 shares of the stock were exchanged, compared to its average volume of 1,480,760. The firm has a market capitalization of $1.43 billion, a price-to-earnings ratio of -12.03 and a beta of 2.18. Spectrum Pharmaceuticals has a 12-month low of $11.52 and a 12-month high of $25.29.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its quarterly earnings results on Thursday, November 8th. The biotechnology company reported ($0.17) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.27) by $0.10. The company had revenue of $25.27 million for the quarter, compared to analyst estimates of $25.73 million. Spectrum Pharmaceuticals had a negative net margin of 91.56% and a negative return on equity of 26.64%. The firm’s revenue was down 30.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.11) earnings per share. As a group, sell-side analysts forecast that Spectrum Pharmaceuticals will post -0.97 earnings per share for the current fiscal year.

In other Spectrum Pharmaceuticals 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 completion of the transaction, the director now owns 72,500 shares in the company, valued at $1,111,425. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Anthony E. Maida III sold 7,250 shares of the 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 owns 40,238 shares of the company’s stock, valued at approximately $525,910.66. The disclosure for this sale can be found here. 9.35% of the stock is owned by company insiders.

Hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new position in shares of Spectrum Pharmaceuticals in the first quarter valued at $103,000. Meeder Asset Management Inc. increased 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 valued at $114,000 after buying an additional 3,123 shares in the last quarter. Northeast Financial Consultants Inc purchased a new stake in Spectrum Pharmaceuticals during the 3rd quarter worth about $168,000. Commonwealth Equity Services LLC purchased a new stake in Spectrum Pharmaceuticals during the 1st quarter worth about $184,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Spectrum Pharmaceuticals during the 1st quarter worth about $184,000. Institutional investors and hedge funds own 83.39% of the company’s stock.

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: Balance Sheet

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