Analysts Set Spectrum Pharmaceuticals, Inc. (SPPI) PT at $24.00

Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) has earned an average recommendation of “Buy” from the nine analysts that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $24.00.

Several brokerages have recently weighed in on SPPI. Cantor Fitzgerald began coverage on Spectrum Pharmaceuticals in a report on Thursday, February 7th. They issued an “overweight” rating and a $19.00 price objective for the company. BidaskClub downgraded Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Jefferies Financial Group reaffirmed a “buy” rating and set a $21.00 target price on shares of Spectrum Pharmaceuticals in a report on Friday, March 15th. Zacks Investment Research raised Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Finally, ValuEngine raised Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st.

In related news, Director Anthony E. Maida III sold 5,500 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $10.00, for a total value of $55,000.00. Following the completion of the sale, the director now directly owns 38,488 shares of the company’s stock, valued at approximately $384,880. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Kurt A. Gustafson sold 3,797 shares of the stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $9.46, for a total value of $35,919.62. Following the completion of the sale, the chief financial officer now directly owns 246,714 shares of the company’s stock, valued at $2,333,914.44. The disclosure for this sale can be found here. Over the last three months, insiders sold 143,525 shares of company stock valued at $1,336,251. Company insiders own 9.35% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. BlueMountain Capital Management LLC increased its position in Spectrum Pharmaceuticals by 24.6% in the 1st quarter. BlueMountain Capital Management LLC now owns 92,482 shares of the biotechnology company’s stock worth $989,000 after purchasing an additional 18,230 shares during the last quarter. Jane Street Group LLC acquired a new position in Spectrum Pharmaceuticals in the 1st quarter worth about $199,000. CWM Advisors LLC acquired a new position in Spectrum Pharmaceuticals in the 1st quarter worth about $171,000. Sio Capital Management LLC acquired a new position in Spectrum Pharmaceuticals in the 1st quarter worth about $5,922,000. Finally, Ladenburg Thalmann Financial Services Inc. increased its position in Spectrum Pharmaceuticals by 186.6% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 19,870 shares of the biotechnology company’s stock worth $212,000 after purchasing an additional 12,936 shares during the last quarter. 71.79% of the stock is currently owned by institutional investors.

Shares of Spectrum Pharmaceuticals stock traded up $0.03 during trading on Friday, hitting $7.98. The stock had a trading volume of 1,201,600 shares, compared to its average volume of 965,505. The firm has a market cap of $908.28 million, a price-to-earnings ratio of -7.90 and a beta of 2.61. Spectrum Pharmaceuticals has a fifty-two week low of $6.22 and a fifty-two week high of $25.29.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($0.27) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by ($0.04). Spectrum Pharmaceuticals had a negative net margin of 109.76% and a negative return on equity of 37.72%. During the same period last year, the business posted ($0.15) earnings per share. As a group, equities research analysts expect that Spectrum Pharmaceuticals will post -1.42 EPS for the current year.

About Spectrum Pharmaceuticals

Spectrum Pharmaceuticals, Inc develops and commercializes oncology and hematology drug products. The company offers KHAPZORY, a novel folate analog and the pharmacologically active levo-isomer of d, and 1-leucovorin; FOLOTYN, a folate analogue metabolic inhibitor for peripheral T-cell lymphoma (PTCL); ZEVALIN injection to treat non-Hodgkin's lymphoma; MARQIBO for adult patients with Philadelphia chromosome-negative acute lymphoblastic leukemia; BELEODAQ, a histone deacytelase, or HDAC, inhibitor for the treatment of patients with relapsed or refractory PTCL; and EVOMELA for use as a conditioning treatment prior to autologous stem cell transplant in multiple myeloma patients.

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Analyst Recommendations for Spectrum Pharmaceuticals (NASDAQ:SPPI)

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