Jefferies Group LLC Raises Spectrum Pharmaceuticals, Inc. (SPPI) Price Target to $18.00

Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) had its target price increased by Jefferies Group LLC from $13.00 to $18.00 in a research note released on Monday morning. They currently have a buy rating on the biotechnology company’s stock. Jefferies Group also issued estimates for Spectrum Pharmaceuticals’ Q3 2017 earnings at ($0.19) EPS, Q4 2017 earnings at ($0.22) EPS, FY2017 earnings at ($0.96) EPS, FY2018 earnings at ($0.76) EPS, FY2020 earnings at $0.28 EPS and FY2021 earnings at $1.16 EPS.

Several other equities analysts have also commented on SPPI. Zacks Investment Research raised shares of Spectrum Pharmaceuticals from a sell rating to a hold rating in a research report on Wednesday, July 5th. BidaskClub lowered shares of Spectrum Pharmaceuticals from a strong-buy rating to a buy rating in a research report on Monday, July 31st. HC Wainwright reaffirmed a buy rating and issued a $14.00 price objective on shares of Spectrum Pharmaceuticals in a research report on Wednesday, August 16th. Finally, ValuEngine raised shares of Spectrum Pharmaceuticals from a sell rating to a hold rating in a research report on Thursday, August 17th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $14.75.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its quarterly earnings data on Thursday, August 3rd. The biotechnology company reported ($0.26) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.27) by $0.01. The firm had revenue of $34.30 million during the quarter, compared to analyst estimates of $30.50 million. Spectrum Pharmaceuticals had a negative net margin of 59.33% and a negative return on equity of 30.95%. Spectrum Pharmaceuticals’s revenue was up 1.0% on a year-over-year basis. During the same period last year, the firm posted ($0.35) EPS.

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Several institutional investors have recently made changes to their positions in SPPI. Vanguard Group Inc. raised its position in shares of Spectrum Pharmaceuticals by 13.8% in the 1st quarter. Vanguard Group Inc. now owns 7,208,723 shares of the biotechnology company’s stock valued at $46,858,000 after purchasing an additional 874,871 shares during the last quarter. State Street Corp increased its holdings in Spectrum Pharmaceuticals by 45.3% in the 1st quarter. State Street Corp now owns 2,353,958 shares of the biotechnology company’s stock worth $15,305,000 after buying an additional 733,651 shares during the period. Renaissance Technologies LLC increased its holdings in Spectrum Pharmaceuticals by 9.7% in the 1st quarter. Renaissance Technologies LLC now owns 5,679,800 shares of the biotechnology company’s stock worth $36,919,000 after buying an additional 502,488 shares during the period. Dimensional Fund Advisors LP increased its holdings in Spectrum Pharmaceuticals by 21.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,674,679 shares of the biotechnology company’s stock worth $19,926,000 after buying an additional 463,434 shares during the period. Finally, Kennedy Capital Management Inc. acquired a new position in Spectrum Pharmaceuticals in the 1st quarter worth approximately $2,054,000. 66.09% of the stock is owned by hedge funds and other institutional investors.

Spectrum Pharmaceuticals Company Profile

Spectrum Pharmaceuticals, Inc is a biotechnology company. The Company operates through developing and commercializing oncology and hematology drug products segment. It has a product portfolio consisting of both commercial stage and development stage products that address various cancer types. The Company has six approved oncology/hematology products that target different types of cancer, including non-Hodgkin’s lymphoma (NHL), advanced metastatic colorectal cancer (mCRC), acute lymphoblastic leukemia (ALL) and multiple myeloma (MM).

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