California Public Employees Retirement System cut its stake in Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) by 4.1% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 155,700 shares of the biotechnology company’s stock after selling 6,700 shares during the period. California Public Employees Retirement System’s holdings in Spectrum Pharmaceuticals were worth $1,012,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its position in shares of Spectrum Pharmaceuticals by 10.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,970,631 shares of the biotechnology company’s stock valued at $8,730,000 after buying an additional 181,018 shares during the last quarter. Macquarie Group Ltd. boosted its position in shares of Spectrum Pharmaceuticals by 4.0% in the fourth quarter. Macquarie Group Ltd. now owns 1,800,669 shares of the biotechnology company’s stock valued at $7,977,000 after buying an additional 69,087 shares during the last quarter. Teachers Advisors LLC boosted its position in shares of Spectrum Pharmaceuticals by 0.5% in the first quarter. Teachers Advisors LLC now owns 1,103,283 shares of the biotechnology company’s stock valued at $7,171,000 after buying an additional 5,281 shares during the last quarter. Wells Fargo & Company MN boosted its position in shares of Spectrum Pharmaceuticals by 3.3% in the first quarter. Wells Fargo & Company MN now owns 614,610 shares of the biotechnology company’s stock valued at $3,996,000 after buying an additional 19,461 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Spectrum Pharmaceuticals by 4.6% in the first quarter. Principal Financial Group Inc. now owns 553,451 shares of the biotechnology company’s stock valued at $3,598,000 after buying an additional 24,245 shares during the last quarter. Institutional investors own 66.57% of the company’s stock.

Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) traded up 5.49% during mid-day trading on Friday, hitting $9.23. 1,439,609 shares of the stock were exchanged. Spectrum Pharmaceuticals, Inc. has a 12-month low of $3.21 and a 12-month high of $9.27. The firm has a 50-day moving average price of $7.82 and a 200-day moving average price of $6.59. The stock’s market capitalization is $725.26 million.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its earnings results on Thursday, August 3rd. The biotechnology company reported ($0.26) earnings per share (EPS) 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 company had revenue of $34.30 million during the quarter, compared to analyst estimates of $30.50 million. During the same period in the previous year, the company earned ($0.35) EPS. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. Equities analysts predict that Spectrum Pharmaceuticals, Inc. will post ($1.03) earnings per share for the current fiscal year.

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Several research analysts have commented on SPPI shares. Zacks Investment Research upgraded shares of Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a report on Wednesday. ValuEngine upgraded shares of Spectrum Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Thursday, May 11th. Jefferies Group LLC raised their target price on shares of Spectrum Pharmaceuticals from $8.50 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, May 3rd. HC Wainwright set a $10.00 target price on shares of Spectrum Pharmaceuticals and gave the stock a “buy” rating in a report on Saturday, May 6th. Finally, BidaskClub cut shares of Spectrum Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. One equities research analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $10.00.

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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Institutional Ownership by Quarter for Spectrum Pharmaceuticals (NASDAQ:SPPI)

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