ClariVest Asset Management LLC lowered its stake in Spectrum Pharmaceuticals (NASDAQ:SPPI) by 10.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 219,918 shares of the biotechnology company’s stock after selling 24,631 shares during the period. ClariVest Asset Management LLC owned approximately 0.21% of Spectrum Pharmaceuticals worth $3,539,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Schwab Charles Investment Management Inc. increased its holdings in shares of Spectrum Pharmaceuticals by 4.4% in the first quarter. Schwab Charles Investment Management Inc. now owns 478,404 shares of the biotechnology company’s stock valued at $7,698,000 after buying an additional 19,954 shares in the last quarter. State of Wisconsin Investment Board raised its stake in Spectrum Pharmaceuticals by 50.9% during the 1st quarter. State of Wisconsin Investment Board now owns 87,500 shares of the biotechnology company’s stock valued at $1,408,000 after purchasing an additional 29,500 shares during the period. Swiss National Bank raised its stake in Spectrum Pharmaceuticals by 21.6% during the 1st quarter. Swiss National Bank now owns 175,100 shares of the biotechnology company’s stock valued at $2,817,000 after purchasing an additional 31,100 shares during the period. Prudential Financial Inc. raised its stake in Spectrum Pharmaceuticals by 3.4% during the 1st quarter. Prudential Financial Inc. now owns 152,041 shares of the biotechnology company’s stock valued at $2,446,000 after purchasing an additional 5,050 shares during the period. Finally, Mackay Shields LLC acquired a new stake in Spectrum Pharmaceuticals during the 1st quarter valued at $549,000. 76.68% of the stock is currently owned by institutional investors.
Shares of NASDAQ:SPPI opened at $20.15 on Friday. Spectrum Pharmaceuticals has a 12-month low of $5.47 and a 12-month high of $23.50. The firm has a market cap of $2.08 billion, a price-to-earnings ratio of -18.83 and a beta of 1.99.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its earnings results on Thursday, May 3rd. The biotechnology company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.35) by $0.19. Spectrum Pharmaceuticals had a negative net margin of 64.39% and a negative return on equity of 29.47%. The company had revenue of $30.50 million for the quarter, compared to the consensus estimate of $25.68 million. During the same period in the previous year, the business earned ($0.14) EPS. The company’s revenue was up 4.8% on a year-over-year basis. equities research analysts anticipate that Spectrum Pharmaceuticals will post -0.91 earnings per share for the current year.
In other news, CFO Kurt A. Gustafson sold 2,640 shares of the business’s stock in a transaction on Thursday, March 22nd. The shares were sold at an average price of $18.13, for a total transaction of $47,863.20. Following the transaction, the chief financial officer now directly owns 192,843 shares in the company, valued at approximately $3,496,243.59. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Stuart Mitchell Krassner sold 21,113 shares of the business’s stock in a transaction on Thursday, May 17th. The shares were sold at an average price of $18.94, for a total transaction of $399,880.22. Following the transaction, the director now owns 57,944 shares in the company, valued at $1,097,459.36. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 882,436 shares of company stock worth $15,324,653. 9.35% of the stock is currently owned by corporate insiders.
SPPI has been the topic of several recent analyst reports. BidaskClub raised shares of Spectrum Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, January 26th. TheStreet downgraded shares of Spectrum Pharmaceuticals from a “c-” rating to a “d+” rating in a research note on Friday, March 16th. HC Wainwright boosted their target price on shares of Spectrum Pharmaceuticals to $33.00 and gave the company a “buy” rating in a research note on Monday, February 5th. Zacks Investment Research downgraded shares of Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Monday, April 16th. Finally, ValuEngine raised shares of Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. One investment analyst has rated the stock with a sell rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Spectrum Pharmaceuticals currently has a consensus rating of “Buy” and a consensus target price of $27.20.
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.
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