Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) shot up 6.4% on Monday . The stock traded as high as $8.01 and last traded at $7.83. 801,257 shares changed hands during mid-day trading, a decline of 17% from the average session volume of 966,255 shares. The stock had previously closed at $7.36.

Several research firms recently weighed in on SPPI. ValuEngine cut shares of Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Saturday. BidaskClub cut shares of Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Wednesday, May 22nd. Zacks Investment Research upgraded shares of Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, May 1st. Guggenheim began coverage on shares of Spectrum Pharmaceuticals in a research note on Monday, May 13th. They issued a “buy” rating and a $19.00 target price for the company. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $21.00 target price on shares of Spectrum Pharmaceuticals in a research note on Friday, March 15th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $24.00.

The stock has a market capitalization of $824.05 million, a PE ratio of -7.75 and a beta of 2.61.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($0.27) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by ($0.04). Spectrum Pharmaceuticals had a negative return on equity of 37.72% and a negative net margin of 109.76%. During the same quarter last year, the business posted ($0.15) earnings per share. Equities analysts anticipate that Spectrum Pharmaceuticals, Inc. will post -1.42 EPS for the current year.

In related news, Director Anthony E. Maida III sold 5,500 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $10.00, for a total value of $55,000.00. Following the completion of the transaction, the director now owns 38,488 shares of the company’s stock, valued at $384,880. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stuart Mitchell Krassner sold 42,456 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $7.99, for a total transaction of $339,223.44. Following the completion of the transaction, the director now directly owns 73,015 shares of the company’s stock, valued at approximately $583,389.85. The disclosure for this sale can be found here. Insiders sold 143,525 shares of company stock valued at $1,336,251 in the last three months. Company insiders own 4.17% of the company’s stock.

A number of large investors have recently bought and sold shares of SPPI. Norges Bank acquired a new stake in shares of Spectrum Pharmaceuticals during the fourth quarter worth approximately $16,985,000. Macquarie Group Ltd. increased its holdings in shares of Spectrum Pharmaceuticals by 89.1% during the fourth quarter. Macquarie Group Ltd. now owns 2,376,558 shares of the biotechnology company’s stock worth $20,795,000 after buying an additional 1,119,715 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Spectrum Pharmaceuticals by 69.3% during the first quarter. Renaissance Technologies LLC now owns 1,692,182 shares of the biotechnology company’s stock worth $18,089,000 after buying an additional 692,582 shares in the last quarter. Sio Capital Management LLC acquired a new stake in shares of Spectrum Pharmaceuticals during the first quarter worth approximately $5,922,000. Finally, ArrowMark Colorado Holdings LLC increased its holdings in shares of Spectrum Pharmaceuticals by 18.5% during the first quarter. ArrowMark Colorado Holdings LLC now owns 3,531,791 shares of the biotechnology company’s stock worth $37,755,000 after buying an additional 551,105 shares in the last quarter. 71.79% of the stock is owned by hedge funds and other institutional investors.

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Spectrum Pharmaceuticals Company Profile (NASDAQ:SPPI)

Spectrum Pharmaceuticals, Inc develops and commercializes oncology and hematology drug products. The company offers KHAPZORY, a novel folate analog and the pharmacologically active levo-isomer of d, and 1-leucovorin; FOLOTYN, a folate analogue metabolic inhibitor for peripheral T-cell lymphoma (PTCL); ZEVALIN injection to treat non-Hodgkin's lymphoma; MARQIBO for adult patients with Philadelphia chromosome-negative acute lymphoblastic leukemia; BELEODAQ, a histone deacytelase, or HDAC, inhibitor for the treatment of patients with relapsed or refractory PTCL; and EVOMELA for use as a conditioning treatment prior to autologous stem cell transplant in multiple myeloma patients.

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