Virtu Financial LLC Buys Shares of 64,514 Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI)

Posted by Defense World Staff on Aug 1st, 2023

Virtu Financial LLC bought a new stake in shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI – Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 64,514 shares of the biotechnology company’s stock, valued at approximately $48,000.

A number of other institutional investors and hedge funds have also bought and sold shares of SPPI. BNP Paribas Arbitrage SA raised its position in shares of Spectrum Pharmaceuticals by 108.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 31,652 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 16,460 shares in the last quarter. Mirabella Financial Services LLP purchased a new position in Spectrum Pharmaceuticals during the 1st quarter worth $27,000. Advisor Group Holdings Inc. grew its stake in Spectrum Pharmaceuticals by 121.1% during the 4th quarter. Advisor Group Holdings Inc. now owns 91,972 shares of the biotechnology company’s stock worth $34,000 after buying an additional 50,376 shares during the last quarter. Jane Street Group LLC grew its stake in Spectrum Pharmaceuticals by 5,314.3% during the 4th quarter. Jane Street Group LLC now owns 249,141 shares of the biotechnology company’s stock worth $92,000 after buying an additional 253,919 shares during the last quarter. Finally, Janney Montgomery Scott LLC purchased a new position in Spectrum Pharmaceuticals during the 1st quarter worth $107,000. 21.67% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO Nora Brennan sold 32,387 shares of the business’s stock in a transaction on Friday, May 26th. The stock was sold at an average price of $1.10, for a total transaction of $35,625.70. Following the completion of the transaction, the chief financial officer now directly owns 567,828 shares of the company’s stock, valued at approximately $624,610.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.70% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. StockNews.com assumed coverage on Spectrum Pharmaceuticals in a research note on Tuesday. They set a “hold” rating on the stock. HC Wainwright downgraded Spectrum Pharmaceuticals from a “buy” rating to a “neutral” rating in a research note on Wednesday, April 26th. JMP Securities downgraded Spectrum Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 26th. Finally, Jefferies Financial Group downgraded Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Monday, May 15th. Six analysts have rated the stock with a hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $2.44.

Spectrum Pharmaceuticals Stock Performance

Shares of Spectrum Pharmaceuticals stock opened at $1.03 on Tuesday. Spectrum Pharmaceuticals, Inc. has a one year low of $0.32 and a one year high of $1.57. The company has a market cap of $211.41 million, a price-to-earnings ratio of -2.86 and a beta of 2.14. The business’s 50 day moving average price is $1.03 and its 200 day moving average price is $0.89.

Spectrum Pharmaceuticals (NASDAQ:SPPI – Get Free Report) last posted its earnings results on Tuesday, May 9th. The biotechnology company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.03. The business had revenue of $15.62 million for the quarter, compared to analyst estimates of $12.20 million. On average, analysts predict that Spectrum Pharmaceuticals, Inc. will post -0.14 EPS for the current fiscal year.

Spectrum Pharmaceuticals Company Profile

(Free Report)

Spectrum Pharmaceuticals, Inc, a biopharmaceutical company, develops and commercializes oncology drug products. It offers ROLVEDON(Eflapegrastim), a novel long-acting granulocyte colony-stimulating factor for chemotherapy-induced neutropenia. The company develops Poziotinib, a novel irreversible tyrosine kinase inhibitor for non-small cell lung cancer tumors with various mutations.