Insider Selling: Spectrum Pharmaceuticals (SPPI) Director Sells 90,000 Shares of Stock

Spectrum Pharmaceuticals (NASDAQ:SPPI) Director Rajesh C. Md Shrotriya sold 90,000 shares of the company’s stock in a transaction dated Friday, May 4th. The stock was sold at an average price of $16.28, for a total transaction of $1,465,200.00. Following the sale, the director now directly owns 200,652 shares in the company, valued at $3,266,614.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Shares of SPPI traded up $0.60 during mid-day trading on Friday, hitting $16.42. 1,873,367 shares of the company traded hands, compared to its average volume of 2,132,773. Spectrum Pharmaceuticals has a one year low of $5.47 and a one year high of $23.50. The stock has a market capitalization of $1,646.48, a P/E ratio of -15.35 and a beta of 1.99.

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Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its quarterly earnings results on Thursday, May 3rd. The biotechnology company reported ($0.16) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.35) by $0.19. Spectrum Pharmaceuticals had a negative net margin of 64.39% and a negative return on equity of 30.48%. The business had revenue of $30.50 million for the quarter, compared to analysts’ expectations of $25.68 million. During the same period in the prior year, the firm earned ($0.14) earnings per share. Spectrum Pharmaceuticals’s revenue was up 4.8% compared to the same quarter last year. sell-side analysts anticipate that Spectrum Pharmaceuticals will post -1.03 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue grew its stake in shares of Spectrum Pharmaceuticals by 22.5% during the fourth quarter. State of Alaska Department of Revenue now owns 18,078 shares of the biotechnology company’s stock valued at $342,000 after purchasing an additional 3,320 shares during the last quarter. Flinton Capital Management LLC boosted its stake in Spectrum Pharmaceuticals by 111.0% in the fourth quarter. Flinton Capital Management LLC now owns 7,088 shares of the biotechnology company’s stock valued at $134,000 after acquiring an additional 3,728 shares during the last quarter. Prudential Financial Inc. boosted its stake in Spectrum Pharmaceuticals by 3.4% in the first quarter. Prudential Financial Inc. now owns 152,041 shares of the biotechnology company’s stock valued at $2,446,000 after acquiring an additional 5,050 shares during the last quarter. Meadow Creek Investment Management LLC boosted its stake in Spectrum Pharmaceuticals by 111.0% in the fourth quarter. Meadow Creek Investment Management LLC now owns 9,746 shares of the biotechnology company’s stock valued at $185,000 after acquiring an additional 5,126 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan boosted its stake in Spectrum Pharmaceuticals by 19.7% in the fourth quarter. Municipal Employees Retirement System of Michigan now owns 34,270 shares of the biotechnology company’s stock valued at $649,000 after acquiring an additional 5,650 shares during the last quarter. 77.46% of the stock is currently owned by institutional investors and hedge funds.

Several analysts have weighed in on SPPI shares. BidaskClub cut shares of Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, February 22nd. TheStreet cut shares of Spectrum Pharmaceuticals from a “c-” rating to a “d+” rating in a research note on Friday, March 16th. Zacks Investment Research cut shares of Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Monday, April 16th. ValuEngine raised shares of Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Finally, HC Wainwright increased their price target on shares of Spectrum Pharmaceuticals to $33.00 and gave the company a “buy” rating in a research note on Monday, February 5th. Two investment analysts have rated the stock with a sell rating, four have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $25.20.

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.

Insider Buying and Selling by Quarter for Spectrum Pharmaceuticals (NASDAQ:SPPI)