Spectrum Pharmaceuticals (NASDAQ:SPPI) Raised to “Hold” at StockNews.com

Spectrum Pharmaceuticals (NASDAQ:SPPIGet Rating) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday.

Several other equities research analysts have also issued reports on SPPI. JMP Securities reissued a “buy” rating and issued a $4.00 price objective on shares of Spectrum Pharmaceuticals in a research report on Tuesday, June 7th. HC Wainwright reissued a “buy” rating and issued a $10.00 price objective on shares of Spectrum Pharmaceuticals in a research report on Friday, May 27th. Cantor Fitzgerald reissued a “neutral” rating on shares of Spectrum Pharmaceuticals in a research report on Wednesday, June 8th. Finally, B. Riley dropped their price objective on shares of Spectrum Pharmaceuticals from $6.00 to $4.00 and set a “buy” rating for the company in a research report on Monday, March 21st. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $6.00.

SPPI stock traded up $0.05 on Thursday, hitting $0.89. 2,799,023 shares of the company were exchanged, compared to its average volume of 3,513,770. Spectrum Pharmaceuticals has a twelve month low of $0.60 and a twelve month high of $4.08. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.38 and a quick ratio of 2.38. The business’s fifty day moving average is $0.82 and its two-hundred day moving average is $0.98. The stock has a market capitalization of $160.46 million, a price-to-earnings ratio of -1.01 and a beta of 2.24.

Several hedge funds have recently made changes to their positions in SPPI. Geode Capital Management LLC boosted its stake in shares of Spectrum Pharmaceuticals by 1.5% in the third quarter. Geode Capital Management LLC now owns 2,686,533 shares of the biotechnology company’s stock valued at $5,856,000 after purchasing an additional 39,268 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Spectrum Pharmaceuticals by 7.8% in the third quarter. The Manufacturers Life Insurance Company now owns 98,893 shares of the biotechnology company’s stock valued at $216,000 after purchasing an additional 7,178 shares during the period. Franklin Resources Inc. purchased a new position in shares of Spectrum Pharmaceuticals in the third quarter valued at $318,000. Invesco Ltd. boosted its stake in shares of Spectrum Pharmaceuticals by 0.7% in the third quarter. Invesco Ltd. now owns 896,475 shares of the biotechnology company’s stock valued at $1,955,000 after purchasing an additional 6,133 shares during the period. Finally, California State Teachers Retirement System boosted its stake in shares of Spectrum Pharmaceuticals by 2.7% in the third quarter. California State Teachers Retirement System now owns 219,328 shares of the biotechnology company’s stock valued at $478,000 after purchasing an additional 5,824 shares during the period. Institutional investors and hedge funds own 58.51% of the company’s stock.

Spectrum Pharmaceuticals Company Profile (Get Rating)

Spectrum Pharmaceuticals, Inc, a biopharmaceutical company, develops and commercializes oncology and hematology drug products. The company's products under development include Eflapegrastim, 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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