Prudential Financial Inc. raised its holdings in shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) by 7.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 125,141 shares of the biotechnology company’s stock after acquiring an additional 8,745 shares during the period. Prudential Financial Inc. owned about 0.16% of Spectrum Pharmaceuticals worth $1,761,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in SPPI. Vanguard Group Inc. lifted its position in Spectrum Pharmaceuticals by 13.8% during the first quarter. Vanguard Group Inc. now owns 7,208,723 shares of the biotechnology company’s stock valued at $46,858,000 after buying an additional 874,871 shares during the period. State Street Corp grew its stake in shares of Spectrum Pharmaceuticals by 45.3% during the 1st quarter. State Street Corp now owns 2,353,958 shares of the biotechnology company’s stock valued at $15,305,000 after purchasing an additional 733,651 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Spectrum Pharmaceuticals by 21.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,674,679 shares of the biotechnology company’s stock valued at $19,926,000 after purchasing an additional 463,434 shares during the period. Renaissance Technologies LLC grew its stake in shares of Spectrum Pharmaceuticals by 6.9% during the 2nd quarter. Renaissance Technologies LLC now owns 6,071,817 shares of the biotechnology company’s stock valued at $45,235,000 after purchasing an additional 392,017 shares during the period. Finally, Macquarie Group Ltd. grew its stake in shares of Spectrum Pharmaceuticals by 9.4% during the 2nd quarter. Macquarie Group Ltd. now owns 2,247,493 shares of the biotechnology company’s stock valued at $16,744,000 after purchasing an additional 193,883 shares during the period. 71.88% of the stock is owned by hedge funds and other institutional investors.
Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) opened at $18.62 on Thursday. Spectrum Pharmaceuticals, Inc. has a 12-month low of $3.88 and a 12-month high of $21.95. The company has a current ratio of 5.04, a quick ratio of 4.89 and a debt-to-equity ratio of 0.33.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its quarterly earnings data on Thursday, November 2nd. The biotechnology company reported ($0.22) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.16) by ($0.06). Spectrum Pharmaceuticals had a negative net margin of 58.94% and a negative return on equity of 29.73%. The company had revenue of $36.40 million for the quarter, compared to analysts’ expectations of $33.27 million. During the same period in the previous year, the firm earned ($0.07) earnings per share. The firm’s quarterly revenue was up 9.0% on a year-over-year basis. sell-side analysts anticipate that Spectrum Pharmaceuticals, Inc. will post -1.03 earnings per share for the current year.
SPPI has been the subject of a number of recent research reports. Zacks Investment Research upgraded Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating and set a $10.00 price target for the company in a research note on Wednesday, August 9th. Jefferies Group boosted their price target on Spectrum Pharmaceuticals from $9.00 to $13.00 and gave the company a “buy” rating in a research note on Monday, September 25th. HC Wainwright restated a “buy” rating on shares of Spectrum Pharmaceuticals in a research note on Friday, November 3rd. ValuEngine upgraded Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Thursday, August 17th. Finally, Guggenheim initiated coverage on Spectrum Pharmaceuticals in a research note on Monday, October 23rd. They set a “buy” rating and a $32.00 price target for the company. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $21.40.
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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