Spectrum Pharmaceuticals (NASDAQ:SPPI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.
According to Zacks, “Spectrum Pharma is expected to file a BLA for its lead pipeline candidate, Rolontis in 2018. A potential approval will boost the prospect of the company. However, Spectrum has faced regulatory setbacks in the past including a CRL for Qapzola (bladder cancer) in the United States. Additional regulatory/development setbacks could affect the stock. However, out-licensing agreements for a number of products will allow Spectrum to focus on the development of its pipeline candidates. Spectrum’s shares have outperformed the industry in past one year. However, Spectrum's low product sales remain a cause of concern. Moreover, gaining market share is challenging for Spectrum as it competes with several companies with greater financial strength.”
Get Spectrum Pharmaceuticals alerts:SPPI has been the subject of several other reports. TheStreet lowered Spectrum Pharmaceuticals from a “c-” rating to a “d+” rating in a research report on Friday, March 16th. ValuEngine raised Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. BidaskClub lowered Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Wednesday, April 4th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $33.00 target price on shares of Spectrum Pharmaceuticals in a research report on Friday, June 29th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Spectrum Pharmaceuticals has an average rating of “Buy” and an average price target of $27.20.
Shares of Spectrum Pharmaceuticals opened at $22.14 on Thursday, MarketBeat.com reports. The firm has a market cap of $2.22 billion, a P/E ratio of -20.44 and a beta of 1.98. Spectrum Pharmaceuticals has a 12-month low of $7.12 and a 12-month high of $23.50.
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, topping the Thomson Reuters’ consensus estimate of ($0.35) by $0.19. The business had revenue of $30.50 million during the quarter, compared to analyst estimates of $25.68 million. Spectrum Pharmaceuticals had a negative return on equity of 29.47% and a negative net margin of 64.39%. Spectrum Pharmaceuticals’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period last year, the company earned ($0.14) EPS. equities research analysts anticipate that Spectrum Pharmaceuticals will post -0.91 earnings per share for the current year.
In other Spectrum Pharmaceuticals news, Director Rajesh C. Md Shrotriya sold 12,300 shares of the stock in a transaction dated Monday, April 9th. The stock was sold at an average price of $15.01, for a total transaction of $184,623.00. Following the completion of the sale, the director now directly owns 200,652 shares in the company, valued at approximately $3,011,786.52. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Rajesh C. Md Shrotriya sold 30,000 shares of the stock in a transaction dated Wednesday, April 11th. The stock was sold at an average price of $20.30, for a total value of $609,000.00. Following the sale, the director now owns 200,652 shares of the company’s stock, valued at $4,073,235.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 646,417 shares of company stock valued at $11,440,813. 9.35% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the business. Teacher Retirement System of Texas acquired a new stake in shares of Spectrum Pharmaceuticals in the 4th quarter valued at about $541,000. California Public Employees Retirement System grew its stake in shares of Spectrum Pharmaceuticals by 31.1% in the 4th quarter. California Public Employees Retirement System now owns 204,113 shares of the biotechnology company’s stock valued at $3,868,000 after buying an additional 48,413 shares during the period. Swiss National Bank grew its stake in shares of Spectrum Pharmaceuticals by 7.3% in the 4th quarter. Swiss National Bank now owns 144,000 shares of the biotechnology company’s stock valued at $2,729,000 after buying an additional 9,800 shares during the period. Wells Fargo & Company MN grew its stake in shares of Spectrum Pharmaceuticals by 2.6% in the 4th quarter. Wells Fargo & Company MN now owns 973,812 shares of the biotechnology company’s stock valued at $18,454,000 after buying an additional 24,522 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Spectrum Pharmaceuticals by 10.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 66,341 shares of the biotechnology company’s stock valued at $1,257,000 after buying an additional 6,396 shares during the period. Hedge funds and other institutional investors own 77.15% of the company’s stock.
About Spectrum Pharmaceuticals
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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