Verition Fund Management LLC Purchases Shares of 13,891 Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI)


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Verition Fund Management LLC purchased a new position in Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) during the 4th quarter, HoldingsChannel reports. The firm purchased 13,891 shares of the biotechnology company’s stock, valued at approximately $47,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Truist Financial Corp bought a new position in Spectrum Pharmaceuticals in the 4th quarter worth approximately $48,000. Squarepoint Ops LLC increased its position in Spectrum Pharmaceuticals by 71.0% in the 4th quarter. Squarepoint Ops LLC now owns 49,072 shares of the biotechnology company’s stock worth $167,000 after buying an additional 20,378 shares during the period. Mcdonald Partners LLC bought a new position in Spectrum Pharmaceuticals in the 4th quarter worth approximately $153,000. Armistice Capital LLC increased its position in Spectrum Pharmaceuticals by 26.7% in the 4th quarter. Armistice Capital LLC now owns 9,592,000 shares of the biotechnology company’s stock worth $32,709,000 after buying an additional 2,020,000 shares during the period. Finally, ExodusPoint Capital Management LP increased its position in shares of Spectrum Pharmaceuticals by 77.3% during the fourth quarter. ExodusPoint Capital Management LP now owns 24,653 shares of the biotechnology company’s stock valued at $84,000 after purchasing an additional 10,750 shares during the period. 63.56% of the stock is currently owned by institutional investors.

In other news, CEO Joseph W. Turgeon sold 40,091 shares of the business’s stock in a transaction on Monday, March 15th. The shares were sold at an average price of $3.62, for a total value of $145,129.42. Following the sale, the chief executive officer now owns 593,271 shares of the company’s stock, valued at $2,147,641.02. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Thomas J. Riga sold 23,291 shares of the business’s stock in a transaction on Monday, March 15th. The stock was sold at an average price of $3.62, for a total transaction of $84,313.42. Following the completion of the sale, the chief operating officer now directly owns 431,359 shares in the company, valued at approximately $1,561,519.58. The disclosure for this sale can be found here. In the last ninety days, insiders sold 187,859 shares of company stock worth $706,816. 5.04% of the stock is owned by insiders.

SPPI opened at $3.12 on Thursday. The stock has a market cap of $455.28 million, a PE ratio of -2.29 and a beta of 2.51. The company has a current ratio of 3.48, a quick ratio of 3.48 and a debt-to-equity ratio of 0.05. Spectrum Pharmaceuticals, Inc. has a 1 year low of $2.31 and a 1 year high of $5.24. The stock’s 50 day simple moving average is $3.42 and its 200-day simple moving average is $3.86.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its quarterly earnings results on Monday, March 29th. The biotechnology company reported ($0.29) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.29). Equities analysts forecast that Spectrum Pharmaceuticals, Inc. will post -1.3 earnings per share for the current fiscal year.

About Spectrum Pharmaceuticals

Spectrum Pharmaceuticals, Inc, a biopharmaceutical company, develops and commercializes oncology and hematology drug products. The company's products under development include ROLONTIS, a novel long-acting granulocyte colony-stimulating factor for chemotherapy-induced neutropenia; Poziotinib, a novel irreversible tyrosine kinase inhibitor for non-small cell lung cancer tumors with various mutations; and Anti-CD20-IFNa, an antibody-interferon fusion molecule directed against CD20 that is in Phase I development for the treatment of patients with relapsed or refractory non-Hodgkin's lymphoma, including diffuse large B-cell lymphoma.

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Institutional Ownership by Quarter for Spectrum Pharmaceuticals (NASDAQ:SPPI)

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