Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $9.60 and last traded at $9.59, with a volume of 882,708 shares trading hands. The stock had previously closed at $9.23.

SPPI has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating and set a $10.00 price objective for the company in a research note on Wednesday, August 9th. ValuEngine upgraded Spectrum Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Thursday, May 11th. Jefferies Group LLC upped their price objective on Spectrum Pharmaceuticals from $8.50 to $9.00 and gave the company a “buy” rating in a research note on Wednesday, May 3rd. HC Wainwright set a $10.00 price objective on Spectrum Pharmaceuticals and gave the company a “buy” rating in a research note on Saturday, May 6th. Finally, BidaskClub downgraded Spectrum Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. One analyst has rated the stock with a sell rating and six have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $10.00.

The stock’s 50-day moving average price is $7.82 and its 200 day moving average price is $6.59. The firm’s market capitalization is $752.37 million.

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

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Spectrum Pharmaceuticals by 1.2% in the second quarter. Vanguard Group Inc. now owns 7,292,704 shares of the biotechnology company’s stock worth $54,331,000 after buying an additional 83,981 shares during the period. Renaissance Technologies LLC boosted its stake in Spectrum Pharmaceuticals by 6.9% in the second quarter. Renaissance Technologies LLC now owns 6,071,817 shares of the biotechnology company’s stock worth $45,235,000 after buying an additional 392,017 shares during the period. Dimensional Fund Advisors LP boosted its stake in Spectrum Pharmaceuticals by 21.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,674,679 shares of the biotechnology company’s stock worth $19,926,000 after buying an additional 463,434 shares during the period. State Street Corp boosted its stake in Spectrum Pharmaceuticals by 45.3% in the first quarter. State Street Corp now owns 2,353,958 shares of the biotechnology company’s stock worth $15,305,000 after buying an additional 733,651 shares during the period. Finally, Macquarie Group Ltd. boosted its stake in Spectrum Pharmaceuticals by 4.0% in the fourth quarter. Macquarie Group Ltd. now owns 1,800,669 shares of the biotechnology company’s stock worth $7,977,000 after buying an additional 69,087 shares during the period. Hedge funds and other institutional investors own 62.68% of the company’s stock.

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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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