Spectrum Pharmaceuticals, Inc. (SPPI) Holdings Cut by Pinebridge Investments L.P.

Pinebridge Investments L.P. lowered its holdings in shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) by 2.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 123,826 shares of the biotechnology company’s stock after selling 3,682 shares during the quarter. Pinebridge Investments L.P. owned approximately 0.12% of Spectrum Pharmaceuticals worth $1,742,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of SPPI. Texas Permanent School Fund lifted its position in shares of Spectrum Pharmaceuticals by 0.7% in the second quarter. Texas Permanent School Fund now owns 51,664 shares of the biotechnology company’s stock valued at $385,000 after acquiring an additional 338 shares in the last quarter. Bank of Montreal Can increased its stake in Spectrum Pharmaceuticals by 0.7% during the second quarter. Bank of Montreal Can now owns 113,035 shares of the biotechnology company’s stock worth $843,000 after acquiring an additional 827 shares during the last quarter. Municipal Employees Retirement System of Michigan increased its stake in Spectrum Pharmaceuticals by 5.6% during the second quarter. Municipal Employees Retirement System of Michigan now owns 16,720 shares of the biotechnology company’s stock worth $125,000 after acquiring an additional 880 shares during the last quarter. Thrivent Financial For Lutherans increased its stake in Spectrum Pharmaceuticals by 4.6% during the second quarter. Thrivent Financial For Lutherans now owns 42,680 shares of the biotechnology company’s stock worth $318,000 after acquiring an additional 1,890 shares during the last quarter. Finally, New York State Teachers Retirement System increased its stake in Spectrum Pharmaceuticals by 4.6% during the third quarter. New York State Teachers Retirement System now owns 88,795 shares of the biotechnology company’s stock worth $1,249,000 after acquiring an additional 3,900 shares during the last quarter. Institutional investors own 71.88% of the company’s stock.

Shares of Spectrum Pharmaceuticals, Inc. (SPPI) opened at $18.62 on Thursday. Spectrum Pharmaceuticals, Inc. has a one year low of $3.88 and a one year high of $21.95. The company has a debt-to-equity ratio of 0.33, a quick ratio of 4.89 and a current ratio of 5.04.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its quarterly earnings data on Thursday, November 2nd. The biotechnology company reported ($0.22) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.16) by ($0.06). Spectrum Pharmaceuticals had a negative net margin of 58.94% and a negative return on equity of 29.73%. The firm had revenue of $36.40 million during the quarter, compared to analyst estimates of $33.27 million. During the same period in the previous year, the firm posted ($0.07) earnings per share. The company’s quarterly revenue was up 9.0% compared to the same quarter last year. equities research analysts predict that Spectrum Pharmaceuticals, Inc. will post -1.03 EPS for the current fiscal year.

Several research firms have issued reports on SPPI. Guggenheim began coverage on Spectrum Pharmaceuticals in a research note on Monday, October 23rd. They set a “buy” rating and a $32.00 target price for the company. ValuEngine raised Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Thursday, August 17th. HC Wainwright reissued a “buy” rating and set a $14.00 target price on shares of Spectrum Pharmaceuticals in a research note on Wednesday, August 16th. Zacks Investment Research raised Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a research note on Wednesday, August 9th. Finally, Jefferies Group raised their target price on Spectrum Pharmaceuticals to $25.00 and gave the stock a “buy” rating in a research note on Friday, October 20th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. Spectrum Pharmaceuticals presently has an average rating of “Buy” and a consensus price target of $21.40.

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Spectrum Pharmaceuticals 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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Institutional Ownership by Quarter for Spectrum Pharmaceuticals (NASDAQ:SPPI)

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