California Public Employees Retirement System boosted its stake in Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) by 77.3% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 222,120 shares of the biotechnology company’s stock after acquiring an additional 96,873 shares during the quarter. California Public Employees Retirement System owned 0.20% of Spectrum Pharmaceuticals worth $1,842,000 as of its most recent filing with the SEC.
Several other hedge funds also recently added to or reduced their stakes in SPPI. Oregon Public Employees Retirement Fund increased its position in shares of Spectrum Pharmaceuticals by 6.6% during the second quarter. Oregon Public Employees Retirement Fund now owns 41,934 shares of the biotechnology company’s stock valued at $361,000 after acquiring an additional 2,597 shares during the last quarter. CWM Advisors LLC lifted its stake in Spectrum Pharmaceuticals by 28.6% during the 2nd quarter. CWM Advisors LLC now owns 20,605 shares of the biotechnology company’s stock worth $177,000 after acquiring an additional 4,580 shares in the last quarter. Arizona State Retirement System increased its stake in Spectrum Pharmaceuticals by 1.4% during the second quarter. Arizona State Retirement System now owns 164,995 shares of the biotechnology company’s stock worth $1,421,000 after purchasing an additional 2,251 shares during the period. Los Angeles Capital Management & Equity Research Inc. lifted its position in shares of Spectrum Pharmaceuticals by 73.0% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 36,590 shares of the biotechnology company’s stock worth $315,000 after purchasing an additional 15,440 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its position in shares of Spectrum Pharmaceuticals by 11.4% during the second quarter. Fisher Asset Management LLC now owns 201,264 shares of the biotechnology company’s stock worth $1,733,000 after purchasing an additional 20,601 shares in the last quarter. 73.35% of the stock is owned by institutional investors and hedge funds.
SPPI has been the subject of a number of research reports. B. Riley began coverage on shares of Spectrum Pharmaceuticals in a report on Wednesday, November 27th. They issued a “buy” rating and a $18.00 price objective for the company. Zacks Investment Research upgraded shares of Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating and set a $8.50 price target for the company in a research note on Thursday, October 17th. HC Wainwright reaffirmed a “buy” rating on shares of Spectrum Pharmaceuticals in a research report on Friday, October 25th. ValuEngine lowered Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Thursday, November 14th. Finally, BidaskClub downgraded Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Spectrum Pharmaceuticals presently has an average rating of “Buy” and a consensus target price of $20.92.
NASDAQ:SPPI traded up $0.01 during trading hours on Thursday, hitting $8.61. The company’s stock had a trading volume of 1,211,544 shares, compared to its average volume of 903,111. The stock has a fifty day moving average of $8.70 and a 200-day moving average of $8.18. The stock has a market capitalization of $994.16 million, a P/E ratio of -8.52 and a beta of 2.63. Spectrum Pharmaceuticals, Inc. has a 52-week low of $6.22 and a 52-week high of $12.15.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.08. During the same quarter last year, the firm posted ($0.24) EPS. As a group, analysts predict that Spectrum Pharmaceuticals, Inc. will post -1.09 earnings per share for the current year.
In other news, insider Francois Lebel sold 6,963 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $8.16, for a total value of $56,818.08. Following the completion of the sale, the insider now directly owns 113,970 shares of the company’s stock, valued at $929,995.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.17% of the stock is currently owned by insiders.
Spectrum Pharmaceuticals 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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