Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) shares gapped up before the market opened on Tuesday . The stock had previously closed at $15.97, but opened at $16.52. Spectrum Pharmaceuticals shares last traded at $17.13, with a volume of 4733500 shares traded.

Several research analysts have issued reports on SPPI shares. HC Wainwright reissued a “buy” rating and set a $33.00 price objective on shares of Spectrum Pharmaceuticals in a research report on Friday, June 29th. Zacks Investment Research downgraded shares of Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, July 5th. BidaskClub downgraded shares of Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Wednesday, August 1st. TheStreet raised shares of Spectrum Pharmaceuticals from a “d+” rating to a “c” rating in a research report on Monday, August 20th. Finally, B. Riley raised their price objective on shares of Spectrum Pharmaceuticals from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Friday, August 31st. One research analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $30.40.

The company has a market capitalization of $2.26 billion, a P/E ratio of -16.00 and a beta of 1.86.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its earnings results on Thursday, August 9th. The biotechnology company reported ($0.21) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.23) by $0.02. Spectrum Pharmaceuticals had a negative net margin of 41.24% and a negative return on equity of 27.71%. The company had revenue of $24.17 million during the quarter, compared to analysts’ expectations of $27.58 million. During the same quarter last year, the business earned ($0.11) EPS. The business’s revenue was down 29.5% on a year-over-year basis. sell-side analysts predict that Spectrum Pharmaceuticals, Inc. will post -0.97 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the company. International Biotechnology Trust PLC acquired a new stake in shares of Spectrum Pharmaceuticals in the 2nd quarter worth $6,285,000. BlackRock Inc. lifted its stake in shares of Spectrum Pharmaceuticals by 9.7% in the 2nd quarter. BlackRock Inc. now owns 16,527,226 shares of the biotechnology company’s stock worth $346,411,000 after acquiring an additional 1,463,249 shares during the period. Candriam Luxembourg S.C.A. lifted its stake in shares of Spectrum Pharmaceuticals by 17.8% in the 1st quarter. Candriam Luxembourg S.C.A. now owns 185,000 shares of the biotechnology company’s stock worth $2,977,000 after acquiring an additional 28,000 shares during the period. State of Wisconsin Investment Board lifted its stake in shares of Spectrum Pharmaceuticals by 15.3% in the 2nd quarter. State of Wisconsin Investment Board now owns 100,900 shares of the biotechnology company’s stock worth $2,115,000 after acquiring an additional 13,400 shares during the period. Finally, Point72 Asset Management L.P. lifted its stake in shares of Spectrum Pharmaceuticals by 136.7% in the 2nd quarter. Point72 Asset Management L.P. now owns 201,683 shares of the biotechnology company’s stock worth $4,227,000 after acquiring an additional 751,683 shares during the period. Institutional investors own 82.73% of the company’s stock.

About Spectrum Pharmaceuticals (NASDAQ:SPPI)

Spectrum Pharmaceuticals, Inc develops and commercializes oncology and hematology drug products. The company markets six drug products, including FUSILEV for patients with metastatic colorectal cancer and rescue after high-dose methotrexate therapy in osteosarcoma, and to diminish toxicity and counteract the effects of impaired methotrexate elimination and of inadvertent overdosage of folic acid antagonists; FOLOTYN, a folate analogue metabolic inhibitor for peripheral T-cell lymphoma (PTCL); ZEVALIN injection for patients with B-cell non-Hodgkin's lymphoma; MARQIBO, a sphingomyelin/cholesterol liposome-encapsulated formulation for adult patients with Philadelphia chromosome-negative acute lymphoblastic leukemia; BELEODAQ injection for PTCL; and EVOMELA for use as a conditioning treatment prior to autologous stem cell transplant in multiple myeloma patients.

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