Spectrum Pharmaceuticals (SPPI) Cut to Sell at Zacks Investment Research
Zacks Investment Research cut shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) from a hold rating to a sell rating in a report published on Tuesday morning.
According to Zacks, “Spectrum's low product sales remain a cause of concern. Moreover, gaining market share is challenging for Spectrum as it competes with several companies with greater financial strength. However, a BLA is expected to be filed in 2018 for the company’s lead pipeline candidate, Rolontis. A potential approval will help the company compete better. However, Spectrum’s efforts to gain approval for Qapzola (bladder cancer) in the United States suffered a setback with the FDA issuing a CRL in November 2016. Additional regulatory/development setbacks could affect the stock. However, out-licensing agreements for a number of products will allow Spectrum to focus on Evomela and the development of its pipeline candidates. Spectrum’s shares have significantly outperformed the industry in past one year. Estimates have remained stable ahead of the Q4 earnings results. The company has a positive record of earnings surprises in recent quarters”
SPPI has been the subject of several other research reports. Jefferies Group boosted their price target on shares of Spectrum Pharmaceuticals from $13.00 to $18.00 and gave the company a buy rating in a report on Monday, October 9th. B. Riley began coverage on shares of Spectrum Pharmaceuticals in a report on Monday, December 18th. They issued a buy rating and a $26.00 price target for the company. HC Wainwright restated a buy rating and issued a $29.00 price target (up previously from $20.00) on shares of Spectrum Pharmaceuticals in a report on Wednesday, October 18th. Finally, Guggenheim began coverage on shares of Spectrum Pharmaceuticals in a report on Monday, October 23rd. They issued a buy rating and a $32.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $22.17.
Spectrum Pharmaceuticals (NASDAQ SPPI) traded down $0.68 during trading hours on Tuesday, hitting $18.18. 1,006,700 shares of the stock traded hands, compared to its average volume of 971,667. Spectrum Pharmaceuticals has a twelve month low of $4.31 and a twelve month high of $21.95. The company has a debt-to-equity ratio of 0.33, a quick ratio of 4.89 and a current ratio of 5.04. The company has a market cap of $1,830.00, a price-to-earnings ratio of -18.18 and a beta of 1.63.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its quarterly earnings results on Thursday, November 2nd. The biotechnology company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.06). Spectrum Pharmaceuticals had a negative net margin of 58.94% and a negative return on equity of 29.73%. The business had revenue of $36.40 million during the quarter, compared to the consensus estimate of $33.27 million. During the same quarter in the prior year, the firm posted ($0.07) EPS. The company’s revenue for the quarter was up 9.0% compared to the same quarter last year. sell-side analysts expect that Spectrum Pharmaceuticals will post -1.03 EPS for the current fiscal year.
Several institutional investors have recently modified their holdings of SPPI. Piedmont Investment Advisors LLC purchased a new position in shares of Spectrum Pharmaceuticals in the 2nd quarter worth approximately $114,000. Municipal Employees Retirement System of Michigan grew its position in shares of Spectrum Pharmaceuticals by 5.6% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 16,720 shares of the biotechnology company’s stock worth $125,000 after buying an additional 880 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of Spectrum Pharmaceuticals in the 3rd quarter worth approximately $152,000. BNP Paribas Arbitrage SA grew its position in shares of Spectrum Pharmaceuticals by 87.5% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 21,347 shares of the biotechnology company’s stock worth $159,000 after buying an additional 9,960 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of Spectrum Pharmaceuticals in the 3rd quarter worth approximately $177,000. 71.87% of the stock is currently owned by hedge funds and other institutional investors.
Spectrum Pharmaceuticals Company Profile
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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