Spectrum Pharmaceuticals, Inc. (SPPI) Shares Bought by Principal Financial Group Inc.
Principal Financial Group Inc. raised its holdings in Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) by 6.0% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 586,141 shares of the biotechnology company’s stock after acquiring an additional 33,273 shares during the quarter. Principal Financial Group Inc. owned approximately 0.75% of Spectrum Pharmaceuticals worth $8,247,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Prudential Financial Inc. lifted its holdings in shares of Spectrum Pharmaceuticals by 7.5% in the 3rd quarter. Prudential Financial Inc. now owns 125,141 shares of the biotechnology company’s stock worth $1,761,000 after buying an additional 8,745 shares during the period. New York State Teachers Retirement System lifted its holdings in shares of Spectrum Pharmaceuticals by 4.6% in the 3rd quarter. New York State Teachers Retirement System now owns 88,795 shares of the biotechnology company’s stock worth $1,249,000 after buying an additional 3,900 shares during the period. Crossmark Global Holdings Inc. purchased a new stake in shares of Spectrum Pharmaceuticals in the 3rd quarter worth $212,000. First Quadrant L P CA purchased a new stake in shares of Spectrum Pharmaceuticals in the 3rd quarter worth $235,000. Finally, Fisher Asset Management LLC purchased a new stake in shares of Spectrum Pharmaceuticals in the 3rd quarter worth $2,521,000. 71.88% of the stock is currently owned by institutional investors.
Shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) opened at $18.62 on Thursday. The company has a current ratio of 5.04, a quick ratio of 4.89 and a debt-to-equity ratio of 0.33. Spectrum Pharmaceuticals, Inc. has a 12 month low of $3.88 and a 12 month high of $21.95.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its quarterly earnings data on Thursday, November 2nd. The biotechnology company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.06). The company had revenue of $36.40 million for the quarter, compared to analysts’ expectations of $33.27 million. Spectrum Pharmaceuticals had a negative return on equity of 29.73% and a negative net margin of 58.94%. The company’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter last year, the company earned ($0.07) earnings per share. research analysts anticipate that Spectrum Pharmaceuticals, Inc. will post -1.03 earnings per share for the current fiscal year.
Several brokerages have weighed in on SPPI. HC Wainwright reiterated a “buy” rating on shares of Spectrum Pharmaceuticals in a report on Friday, November 3rd. Guggenheim began coverage on Spectrum Pharmaceuticals in a report on Monday, October 23rd. They issued a “buy” rating and a $32.00 target price for the company. Jefferies Group upped their target price on Spectrum Pharmaceuticals to $25.00 and gave the stock a “buy” rating in a report on Friday, October 20th. Zacks Investment Research cut Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Wednesday, October 4th. Finally, ValuEngine upgraded Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Thursday, August 17th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. Spectrum Pharmaceuticals has a consensus rating of “Buy” and an average price target of $21.40.
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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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