South Dakota Investment Council boosted its stake in shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) by 11.4% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 28,411 shares of the biotechnology company’s stock after buying an additional 2,911 shares during the period. South Dakota Investment Council’s holdings in Spectrum Pharmaceuticals were worth $304,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Exane Derivatives acquired a new stake in shares of Spectrum Pharmaceuticals in the fourth quarter valued at approximately $26,000. Oregon Public Employees Retirement Fund acquired a new stake in shares of Spectrum Pharmaceuticals in the fourth quarter valued at approximately $39,000. First Mercantile Trust Co. raised its holdings in shares of Spectrum Pharmaceuticals by 69.1% in the fourth quarter. First Mercantile Trust Co. now owns 4,795 shares of the biotechnology company’s stock valued at $42,000 after purchasing an additional 1,960 shares during the last quarter. LS Investment Advisors LLC raised its holdings in shares of Spectrum Pharmaceuticals by 100.6% in the fourth quarter. LS Investment Advisors LLC now owns 6,460 shares of the biotechnology company’s stock valued at $57,000 after purchasing an additional 3,239 shares during the last quarter. Finally, Quantamental Technologies LLC raised its holdings in shares of Spectrum Pharmaceuticals by 243.9% in the first quarter. Quantamental Technologies LLC now owns 7,806 shares of the biotechnology company’s stock valued at $83,000 after purchasing an additional 5,536 shares during the last quarter. Hedge funds and other institutional investors own 77.50% of the company’s stock.
In other news, Director Anthony E. Maida III sold 10,738 shares of the company’s stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $10.67, for a total value of $114,574.46. Following the completion of the transaction, the director now owns 22,250 shares of the company’s stock, valued at $237,407.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Anthony E. Maida III sold 5,500 shares of the company’s stock in a transaction that occurred on Thursday, February 21st. The shares were sold at an average price of $11.63, for a total value of $63,965.00. Following the completion of the transaction, the director now directly owns 38,488 shares of the company’s stock, valued at approximately $447,615.44. The disclosure for this sale can be found here. Insiders sold 81,081 shares of company stock valued at $853,290 in the last ninety days. 9.35% of the stock is currently owned by insiders.
Shares of NASDAQ SPPI opened at $8.78 on Thursday. The stock has a market cap of $966.24 million, a price-to-earnings ratio of -8.69 and a beta of 2.58. Spectrum Pharmaceuticals, Inc. has a 12 month low of $6.22 and a 12 month high of $25.29.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued 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 period last year, the company posted ($0.15) EPS. Sell-side analysts forecast that Spectrum Pharmaceuticals, Inc. will post -1.63 EPS for the current year.
SPPI has been the topic of a number of recent research reports. ValuEngine downgraded shares of Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Monday, February 4th. Cantor Fitzgerald initiated coverage on shares of Spectrum Pharmaceuticals in a report on Thursday, February 7th. They issued an “overweight” rating and a $19.00 price objective on the stock. BidaskClub downgraded shares of Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Jefferies Financial Group reiterated a “buy” rating and issued a $21.00 price objective on shares of Spectrum Pharmaceuticals in a report on Friday, March 15th. Finally, Zacks Investment Research upgraded shares of Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $24.00.
COPYRIGHT VIOLATION NOTICE: This article was originally posted by Zolmax and is the sole property of of Zolmax. If you are accessing this article on another site, it was illegally stolen and reposted in violation of United States & international trademark & copyright law. The legal version of this article can be viewed at https://zolmax.com/investing/spectrum-pharmaceuticals-inc-sppi-shares-bought-by-south-dakota-investment-council/3085676.html.
About Spectrum Pharmaceuticals
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.
Further Reading: What strategies should day traders use to execute a trade?
Want to see what other hedge funds are holding SPPI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI).
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.