Zacks Investment Research cut shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) from a buy rating to a hold rating in a report released on Monday.
According to Zacks, “Spectrum Pharma beats estimates for both earnings and sales in the first quarter. The company is expected to file a BLA for its lead pipeline candidate, Rolontis in 2018. A potential approval will boost the prospect of the company. However, Spectrum has faced regulatory setbacks in the past including a CRL for Qapzola (bladder cancer) in the United States. Additional regulatory/development setbacks could affect the stock. However, out-licensing agreements for a number of products will allow Spectrum to focus on the development of its pipeline candidates. Spectrum’s shares have outperformed the industry in past one year. However, Spectrum's low product sales remain a cause of concern. Moreover, gaining market share is challenging for Spectrum as it competes with several companies with greater financial strength.”
A number of other research firms have also commented on SPPI. BidaskClub upgraded Spectrum Pharmaceuticals from a buy rating to a strong-buy rating in a research report on Friday, January 26th. HC Wainwright upped their price target on Spectrum Pharmaceuticals to $33.00 and gave the company a buy rating in a research report on Monday, February 5th. TheStreet lowered Spectrum Pharmaceuticals from a c- rating to a d+ rating in a research report on Friday, March 16th. Finally, ValuEngine upgraded Spectrum Pharmaceuticals from a hold rating to a buy rating in a research report on Monday, April 2nd. One research analyst has rated the stock with a sell rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $27.20.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its quarterly earnings data on Thursday, May 3rd. The biotechnology company reported ($0.16) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.19. The business had revenue of $30.50 million for the quarter, compared to analyst estimates of $25.68 million. Spectrum Pharmaceuticals had a negative return on equity of 29.47% and a negative net margin of 64.39%. Spectrum Pharmaceuticals’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.14) EPS. research analysts predict that Spectrum Pharmaceuticals will post -0.91 earnings per share for the current year.
In related news, COO Thomas J. Riga sold 1,948 shares of the company’s stock in a transaction dated Monday, April 2nd. The stock was sold at an average price of $15.58, for a total transaction of $30,349.84. Following the sale, the chief operating officer now owns 256,452 shares in the company, valued at approximately $3,995,522.16. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Thomas J. Riga sold 3,290 shares of the company’s stock in a transaction dated Monday, May 14th. The shares were sold at an average price of $18.10, for a total value of $59,549.00. The disclosure for this sale can be found here. Insiders sold a total of 861,323 shares of company stock worth $14,924,773 in the last quarter. Corporate insiders own 9.35% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Spectrum Pharmaceuticals by 33.5% during the 4th quarter. BlackRock Inc. now owns 15,989,930 shares of the biotechnology company’s stock valued at $303,008,000 after purchasing an additional 4,012,596 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Spectrum Pharmaceuticals by 2.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,857,580 shares of the biotechnology company’s stock valued at $35,202,000 after purchasing an additional 42,629 shares in the last quarter. Northern Trust Corp boosted its position in shares of Spectrum Pharmaceuticals by 0.5% during the 1st quarter. Northern Trust Corp now owns 1,078,050 shares of the biotechnology company’s stock valued at $17,345,000 after purchasing an additional 5,080 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Spectrum Pharmaceuticals by 14.1% during the 4th quarter. Bank of New York Mellon Corp now owns 1,048,890 shares of the biotechnology company’s stock valued at $19,877,000 after purchasing an additional 129,556 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its position in shares of Spectrum Pharmaceuticals by 5.4% during the 1st quarter. Wells Fargo & Company MN now owns 1,026,792 shares of the biotechnology company’s stock valued at $16,521,000 after purchasing an additional 52,980 shares in the last quarter. Institutional investors own 76.68% of the company’s stock.
About Spectrum Pharmaceuticals
Spectrum Pharmaceuticals, Inc develops and commercializes oncology and hematology drug products. The company markets six drug products, including FUSILEV for patients with metastatic colorectal cancer and rescue after high-dose methotrexate therapy in osteosarcoma, and to diminish toxicity and counteract the effects of impaired methotrexate elimination and of inadvertent overdosage of folic acid antagonists; FOLOTYN, a folate analogue metabolic inhibitor for peripheral T-cell lymphoma (PTCL); ZEVALIN injection for patients with B-cell non-Hodgkin's lymphoma; MARQIBO, a sphingomyelin/cholesterol liposome-encapsulated formulation for adult patients with Philadelphia chromosome-negative acute lymphoblastic leukemia; BELEODAQ injection for PTCL; and EVOMELA for use as a conditioning treatment prior to autologous stem cell transplant in multiple myeloma patients.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Spectrum Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spectrum Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.