Brokerages Set Spectrum Pharmaceuticals, Inc. (SPPI) Target Price at $11.00

Shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) have received an average rating of “Buy” from the six research firms that are presently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $11.50.

Several research firms recently weighed in on SPPI. HC Wainwright reissued a “buy” rating and issued a $14.00 target price on shares of Spectrum Pharmaceuticals in a research note on Thursday. Jefferies Group LLC set a $9.00 target price on shares of Spectrum Pharmaceuticals and gave the company a “buy” rating in a research note on Friday, August 25th. Zacks Investment Research cut shares of Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Friday, August 18th. ValuEngine raised shares of Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Thursday, August 17th. Finally, BidaskClub cut shares of Spectrum Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st.

Spectrum Pharmaceuticals (NASDAQ SPPI) traded up 0.99% during mid-day trading on Wednesday, reaching $10.17. 2,632,187 shares of the company’s stock traded hands. The stock’s market cap is $799.12 million. Spectrum Pharmaceuticals has a 1-year low of $3.21 and a 1-year high of $10.77. The firm has a 50-day moving average price of $9.28 and a 200-day moving average price of $7.35.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its quarterly earnings results on Thursday, August 3rd. The biotechnology company reported ($0.26) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.01. Spectrum Pharmaceuticals had a negative net margin of 59.33% and a negative return on equity of 30.95%. The company had revenue of $34.30 million during the quarter, compared to analysts’ expectations of $30.50 million. During the same period last year, the business earned ($0.35) EPS. The business’s quarterly revenue was up 1.0% on a year-over-year basis. Equities research analysts anticipate that Spectrum Pharmaceuticals will post ($1.03) EPS for the current fiscal year.

Institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. lifted its holdings in Spectrum Pharmaceuticals by 4.6% during the 1st quarter. Principal Financial Group Inc. now owns 553,451 shares of the biotechnology company’s stock valued at $3,598,000 after purchasing an additional 24,245 shares during the last quarter. Alambic Investment Management L.P. lifted its holdings in Spectrum Pharmaceuticals by 0.9% during the 1st quarter. Alambic Investment Management L.P. now owns 287,601 shares of the biotechnology company’s stock valued at $1,869,000 after purchasing an additional 2,500 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in Spectrum Pharmaceuticals by 2.8% during the 1st quarter. Louisiana State Employees Retirement System now owns 28,900 shares of the biotechnology company’s stock valued at $188,000 after purchasing an additional 800 shares during the last quarter. Denver Investment Advisors LLC acquired a new stake in Spectrum Pharmaceuticals during the 1st quarter valued at $106,000. Finally, State of Tennessee Treasury Department lifted its holdings in shares of Spectrum Pharmaceuticals by 17.8% during the first quarter. State of Tennessee Treasury Department now owns 66,461 shares of the biotechnology company’s stock worth $432,000 after buying an additional 10,030 shares in the last quarter. 66.09% of the stock is owned by institutional investors and hedge funds.

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About Spectrum Pharmaceuticals

Spectrum Pharmaceuticals, Inc is a biotechnology company. The Company operates through developing and commercializing oncology and hematology drug products segment. It has a product portfolio consisting of both commercial stage and development stage products that address various cancer types. The Company has six approved oncology/hematology products that target different types of cancer, including non-Hodgkin’s lymphoma (NHL), advanced metastatic colorectal cancer (mCRC), acute lymphoblastic leukemia (ALL) and multiple myeloma (MM).

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