Spectrum Pharmaceuticals (NASDAQ:SPPI) announced its earnings results on Thursday. The biotechnology company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.04), Briefing.com reports. Spectrum Pharmaceuticals had a negative net margin of 109.76% and a negative return on equity of 31.79%. During the same period in the prior year, the company posted ($0.15) EPS.
Shares of SPPI traded up $0.12 during midday trading on Friday, reaching $9.44. The stock had a trading volume of 787,038 shares, compared to its average volume of 684,856. Spectrum Pharmaceuticals has a 52 week low of $6.22 and a 52 week high of $25.29. The company has a market capitalization of $1.04 billion, a PE ratio of -9.35 and a beta of 2.58.
SPPI has been the topic of a number of research reports. BidaskClub raised Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Tuesday, January 15th. Jefferies Financial Group reissued a “buy” rating and issued a $21.00 price objective on shares of Spectrum Pharmaceuticals in a research note on Friday, March 15th. Cantor Fitzgerald initiated coverage on Spectrum Pharmaceuticals in a research note on Thursday, February 7th. They issued an “overweight” rating and a $19.00 price objective on the stock. Zacks Investment Research raised Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, May 1st. Finally, ValuEngine downgraded Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Monday, February 4th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $24.20.
In other news, COO Thomas J. Riga sold 16,493 shares of the business’s stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $10.75, for a total value of $177,299.75. Following the sale, the chief operating officer now owns 260,423 shares of the company’s stock, valued at approximately $2,799,547.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Anthony E. Maida III sold 10,738 shares of the business’s stock in a transaction 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 sale, the director now directly owns 22,250 shares in the company, valued at approximately $237,407.50. The disclosure for this sale can be found here. Insiders sold a total of 78,235 shares of company stock worth $828,188 in the last three months. Company insiders own 9.35% of the company’s stock.
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Spectrum Pharmaceuticals Company Profile
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.
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