Equities researchers at StockNews.com initiated coverage on shares of Spectrum Pharmaceuticals (NASDAQ:SPPI – Get Rating) in a research report issued on Tuesday. The firm set a “hold” rating on the biotechnology company’s stock.
Other equities research analysts have also issued research reports about the stock. HC Wainwright lowered shares of Spectrum Pharmaceuticals from a “buy” rating to a “neutral” rating in a report on Wednesday, April 26th. Jefferies Financial Group lowered shares of Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Monday, May 15th. Finally, JMP Securities lowered shares of Spectrum Pharmaceuticals from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 26th. Six research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $2.44.
Spectrum Pharmaceuticals Price Performance
SPPI opened at $1.10 on Tuesday. The company has a market capitalization of $225.79 million, a P/E ratio of -3.06 and a beta of 2.21. The firm’s fifty day moving average price is $0.95 and its two-hundred day moving average price is $0.73. Spectrum Pharmaceuticals has a fifty-two week low of $0.32 and a fifty-two week high of $1.57.
Insider Activity at Spectrum Pharmaceuticals
In related news, CFO Nora Brennan sold 32,387 shares of the stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $1.10, for a total value of $35,625.70. Following the sale, the chief financial officer now directly owns 567,828 shares in the company, valued at approximately $624,610.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 66,273 shares of company stock worth $63,412 in the last ninety days. Company insiders own 2.70% of the company’s stock.
Institutional Trading of Spectrum Pharmaceuticals
A number of large investors have recently bought and sold shares of the business. State Street Corp grew its stake in shares of Spectrum Pharmaceuticals by 17.7% during the 1st quarter. State Street Corp now owns 675,369 shares of the biotechnology company’s stock worth $507,000 after acquiring an additional 101,500 shares in the last quarter. Geode Capital Management LLC raised its holdings in Spectrum Pharmaceuticals by 16.2% in the 1st quarter. Geode Capital Management LLC now owns 1,757,437 shares of the biotechnology company’s stock valued at $1,318,000 after acquiring an additional 245,235 shares during the period. Bank of America Corp DE raised its holdings in Spectrum Pharmaceuticals by 90.7% in the 1st quarter. Bank of America Corp DE now owns 294,512 shares of the biotechnology company’s stock valued at $221,000 after acquiring an additional 140,042 shares during the period. WINTON GROUP Ltd raised its holdings in Spectrum Pharmaceuticals by 14.4% in the 1st quarter. WINTON GROUP Ltd now owns 109,140 shares of the biotechnology company’s stock valued at $82,000 after acquiring an additional 13,746 shares during the period. Finally, Acadian Asset Management LLC raised its holdings in Spectrum Pharmaceuticals by 4.4% in the 1st quarter. Acadian Asset Management LLC now owns 3,712,411 shares of the biotechnology company’s stock valued at $2,783,000 after acquiring an additional 155,868 shares during the period. 27.95% of the stock is owned by institutional investors.
About Spectrum Pharmaceuticals
Spectrum Pharmaceuticals, Inc is a biotechnology company, which engages in the acquisition, development and commercialization of a pipeline of novel and targeted oncology therapies. Its product pipeline includes: Eflapegrastim, Poziotinib, and IGN002. The company was founded in December 1987 and is headquartered in Boston, MA.
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