B. Riley Begins Coverage on Spectrum Pharmaceuticals (NASDAQ:SPPI)

B. Riley initiated coverage on shares of Spectrum Pharmaceuticals (NASDAQ:SPPI) in a research report report published on Thursday, BenzingaRatingsTable reports. The firm issued a buy rating and a $18.00 price objective on the biotechnology company’s stock.

Several other research analysts have also recently commented on SPPI. Zacks Investment Research cut shares of W. R. Grace & Co from a buy rating to a hold rating in a report on Wednesday, May 1st. Guggenheim cut shares of Shopify from a buy rating to a neutral rating in a report on Monday, May 13th. Jefferies Financial Group increased their target price on shares of Broadcom from $314.00 to $341.00 and gave the stock a buy rating in a report on Friday, March 15th. ValuEngine cut shares of Zuora from a buy rating to a hold rating in a report on Saturday, June 1st. Finally, BidaskClub upgraded shares of Zillow Group from a hold rating to a buy rating in a report on Wednesday, May 22nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. Spectrum Pharmaceuticals currently has an average rating of Buy and a consensus target price of $23.40.

Shares of SPPI opened at $8.07 on Thursday. Spectrum Pharmaceuticals has a 12 month low of $6.22 and a 12 month high of $25.29. The stock’s fifty day simple moving average is $8.12.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its earnings results on Thursday, May 9th. The biotechnology company reported ($0.27) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by ($0.04). Spectrum Pharmaceuticals had a negative return on equity of 37.72% and a negative net margin of 109.76%. During the same quarter last year, the firm posted ($0.15) EPS. Analysts forecast that Spectrum Pharmaceuticals will post -1.42 EPS for the current fiscal year.

In other news, CEO Joseph W. Turgeon sold 22,702 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $8.53, for a total value of $193,648.06. Following the transaction, the chief executive officer now directly owns 449,217 shares of the company’s stock, valued at $3,831,821.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William Ashton sold 6,667 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $8.57, for a total transaction of $57,136.19. Following the completion of the transaction, the director now directly owns 8,333 shares in the company, valued at $71,413.81. The disclosure for this sale can be found here. Insiders have sold 101,517 shares of company stock worth $830,393 over the last ninety days. Insiders own 9.35% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Oregon Public Employees Retirement Fund acquired a new stake in Spectrum Pharmaceuticals during the fourth quarter worth about $338,000. Texas Permanent School Fund raised its stake in Spectrum Pharmaceuticals by 6.9% during the fourth quarter. Texas Permanent School Fund now owns 66,464 shares of the biotechnology company’s stock worth $582,000 after acquiring an additional 4,266 shares during the period. Great West Life Assurance Co. Can raised its stake in Spectrum Pharmaceuticals by 19.3% during the fourth quarter. Great West Life Assurance Co. Can now owns 140,269 shares of the biotechnology company’s stock worth $1,132,000 after acquiring an additional 22,706 shares during the period. Dimensional Fund Advisors LP raised its stake in Spectrum Pharmaceuticals by 35.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,000,245 shares of the biotechnology company’s stock worth $8,753,000 after acquiring an additional 263,961 shares during the period. Finally, Flinton Capital Management LLC raised its stake in Spectrum Pharmaceuticals by 20.2% during the fourth quarter. Flinton Capital Management LLC now owns 10,384 shares of the biotechnology company’s stock worth $91,000 after acquiring an additional 1,744 shares during the period. 71.78% of the stock is currently owned by institutional investors.

Spectrum Pharmaceuticals Company Profile

Spectrum Pharmaceuticals, Inc develops and commercializes oncology and hematology drug products. The company offers KHAPZORY, a novel folate analog and the pharmacologically active levo-isomer of d, and 1-leucovorin; FOLOTYN, a folate analogue metabolic inhibitor for peripheral T-cell lymphoma (PTCL); ZEVALIN injection to treat non-Hodgkin's lymphoma; MARQIBO for adult patients with Philadelphia chromosome-negative acute lymphoblastic leukemia; BELEODAQ, a histone deacytelase, or HDAC, inhibitor for the treatment of patients with relapsed or refractory PTCL; and EVOMELA for use as a conditioning treatment prior to autologous stem cell transplant in multiple myeloma patients.

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Analyst Recommendations for Spectrum Pharmaceuticals (NASDAQ:SPPI)

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