Shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) traded down 14.7% during mid-day trading on Tuesday . The company traded as low as $16.10 and last traded at $17.01. 3,250,340 shares changed hands during trading, an increase of 198% from the average session volume of 1,092,540 shares. The stock had previously closed at $19.95.

A number of analysts have recently issued reports on the stock. Jefferies Group raised their target price on shares of Spectrum Pharmaceuticals from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, October 9th. B. Riley began coverage on shares of Spectrum Pharmaceuticals in a research report on Monday. They set a “buy” rating and a $26.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and set a $29.00 price target (up from $20.00) on shares of Spectrum Pharmaceuticals in a research report on Wednesday, October 18th. Zacks Investment Research lowered shares of Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. Finally, Guggenheim began coverage on shares of Spectrum Pharmaceuticals in a research report on Monday, October 23rd. They set a “buy” rating and a $32.00 price target on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. Spectrum Pharmaceuticals currently has an average rating of “Buy” and a consensus target price of $22.17.

The company has a quick ratio of 4.89, a current ratio of 5.04 and a debt-to-equity ratio of 0.33.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its quarterly earnings results on Thursday, November 2nd. The biotechnology company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.06). Spectrum Pharmaceuticals had a negative return on equity of 29.73% and a negative net margin of 58.94%. The business had revenue of $36.40 million for the quarter, compared to the consensus estimate of $33.27 million. During the same period in the prior year, the business posted ($0.07) earnings per share. Spectrum Pharmaceuticals’s revenue was up 9.0% compared to the same quarter last year. equities research analysts anticipate that Spectrum Pharmaceuticals, Inc. will post -1.03 EPS for the current year.

A number of hedge funds have recently added to or reduced their stakes in the business. Texas Permanent School Fund increased its holdings in Spectrum Pharmaceuticals by 0.7% in the 2nd quarter. Texas Permanent School Fund now owns 51,664 shares of the biotechnology company’s stock valued at $385,000 after buying an additional 338 shares during the period. Bank of Montreal Can boosted its stake in shares of Spectrum Pharmaceuticals by 0.7% in the 2nd quarter. Bank of Montreal Can now owns 113,035 shares of the biotechnology company’s stock valued at $843,000 after purchasing an additional 827 shares in the last quarter. Municipal Employees Retirement System of Michigan boosted its stake 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 valued at $125,000 after purchasing an additional 880 shares in the last quarter. Thrivent Financial For Lutherans boosted its stake in shares of Spectrum Pharmaceuticals by 4.6% in the 2nd quarter. Thrivent Financial For Lutherans now owns 42,680 shares of the biotechnology company’s stock valued at $318,000 after purchasing an additional 1,890 shares in the last quarter. Finally, New York State Teachers Retirement System boosted its stake 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 valued at $1,249,000 after purchasing an additional 3,900 shares in the last quarter. 71.87% of the stock is currently owned by hedge funds and other institutional investors.

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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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