Zacks Investment Research upgraded shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) from a sell rating to a hold rating in a report issued on Wednesday morning.

According to Zacks, “Spectrum focuses in the fields of hematology and oncology. The company's progress with its lead pipeline candidate Rolontis has been quite impressive. However, Spectrum’s efforts to gain approval for Qapzola (bladder cancer) in the U.S. suffered a setback with the FDA issuing a complete response letter (CRL) in Nov 2016. Additional issues on the regulatory/development front could affect the stock adversely. Also, low product sales remain a cause of concern. On the flip side, with the company entering into out-licensing agreements for a number of products, it will now be able to focus on Evomela and the development of its pipeline candidates. Spectrum’s shares outperformed the Medical Drugs industry so far this year. Estimates have been stable lately ahead of the company’s Q2 earnings release. The company has positive record of earnings surprises in recent quarters.”

SPPI has been the subject of several other research reports. FBR & Co reaffirmed a buy rating on shares of Spectrum Pharmaceuticals in a report on Saturday, April 1st. Jefferies Group LLC set a $9.00 price objective on Spectrum Pharmaceuticals and gave the stock a buy rating in a report on Thursday, June 8th. HC Wainwright set a $10.00 price objective on Spectrum Pharmaceuticals and gave the stock a buy rating in a report on Saturday, May 6th. Finally, ValuEngine raised Spectrum Pharmaceuticals from a strong sell rating to a sell rating in a report on Thursday, May 11th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $8.90.

Shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) traded down 1.60% on Wednesday, hitting $7.37. The stock had a trading volume of 277,275 shares. Spectrum Pharmaceuticals has a 12 month low of $3.21 and a 12 month high of $8.00. The stock’s market cap is $578.71 million. The stock has a 50 day moving average of $6.37 and a 200-day moving average of $5.90.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its quarterly earnings data on Tuesday, May 2nd. The biotechnology company reported ($0.18) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.02. Spectrum Pharmaceuticals had a negative return on equity of 24.06% and a negative net margin of 62.39%. The company had revenue of $29.10 million during the quarter, compared to analyst estimates of $32.23 million. Equities research analysts anticipate that Spectrum Pharmaceuticals will post ($1.08) EPS for the current year.

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Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Spectrum Pharmaceuticals by 13.8% in the first quarter. Vanguard Group Inc. now owns 7,208,723 shares of the biotechnology company’s stock valued at $46,858,000 after buying an additional 874,871 shares during the period. Renaissance Technologies LLC increased its position in Spectrum Pharmaceuticals by 9.7% in the first quarter. Renaissance Technologies LLC now owns 5,679,800 shares of the biotechnology company’s stock valued at $36,919,000 after buying an additional 502,488 shares during the period. State Street Corp increased its position 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 valued at $15,305,000 after buying an additional 733,651 shares during the period. Dimensional Fund Advisors LP increased its position in Spectrum Pharmaceuticals by 12.2% in the first quarter. Dimensional Fund Advisors LP now owns 2,211,245 shares of the biotechnology company’s stock valued at $14,373,000 after buying an additional 240,614 shares during the period. Finally, Macquarie Group Ltd. increased its position 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 valued at $7,977,000 after buying an additional 69,087 shares during the period. Institutional investors own 67.33% of the company’s stock.

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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