Spectrum Pharmaceuticals Inc. (SPPI) Given a $10.00 Price Target at RBC Capital Markets
RBC Capital Markets set a $10.00 price target on Spectrum Pharmaceuticals Inc. (NASDAQ:SPPI) in a research note issued to investors on Thursday. The brokerage currently has a a buy rating on the biotechnology company’s stock.
A number of other research firms have also recently weighed in on SPPI. Zacks Investment Research upgraded Spectrum Pharmaceuticals from a hold rating to a buy rating and set a $7.00 price target on the stock in a report on Tuesday, June 28th. FBR & Co restated a buy rating on shares of Spectrum Pharmaceuticals in a report on Wednesday, August 10th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Spectrum Pharmaceuticals currently has an average rating of Buy and an average price target of $9.17.
Shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) opened at 4.62 on Thursday. The firm’s market cap is $316.82 million. Spectrum Pharmaceuticals has a 1-year low of $4.14 and a 1-year high of $7.74. The firm’s 50-day moving average price is $5.77 and its 200 day moving average price is $6.51.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its quarterly earnings results on Tuesday, August 9th. The biotechnology company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.24. The business had revenue of $33.90 million for the quarter, compared to analysts’ expectations of $30.88 million. Spectrum Pharmaceuticals had a negative return on equity of 11.24% and a negative net margin of 36.04%. The company’s revenue was down 24.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.01) EPS. On average, equities research analysts forecast that Spectrum Pharmaceuticals will post ($1.11) EPS for the current fiscal year.
A number of large investors have recently bought and sold shares of the stock. Acadian Asset Management LLC raised its stake in Spectrum Pharmaceuticals by 31.6% in the second quarter. Acadian Asset Management LLC now owns 2,744,434 shares of the biotechnology company’s stock worth $18,033,000 after buying an additional 658,825 shares during the last quarter. Prudential Financial Inc. raised its stake in Spectrum Pharmaceuticals by 3.0% in the first quarter. Prudential Financial Inc. now owns 139,766 shares of the biotechnology company’s stock worth $889,000 after buying an additional 4,100 shares during the last quarter. Sector Gamma AS raised its stake in Spectrum Pharmaceuticals by 4.7% in the first quarter. Sector Gamma AS now owns 79,600 shares of the biotechnology company’s stock worth $506,000 after buying an additional 3,600 shares during the last quarter. SECOR Capital Advisors LP bought a new stake in Spectrum Pharmaceuticals during the second quarter worth about $1,436,000. Finally, Goldman Sachs Group Inc. raised its stake in Spectrum Pharmaceuticals by 6.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,457,857 shares of the biotechnology company’s stock worth $9,272,000 after buying an additional 91,447 shares during the last quarter. 68.78% of the stock is currently owned by hedge funds and other institutional investors.
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 approximately six approved oncology/hematology products that target different types of non-Hodgkin’s lymphoma (NHL), metastatic colorectal cancer, acute lymphoblastic leukemia (ALL) and multiple myeloma (MM).
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