In a research note from Monday, Jefferies Group LLC (NYSE:$JEF) raised its target price for Spectrum Pharmaceuticals Inc. (NASDAQ:$SPPI) stock from $13.00 to $18.00. This would indicate a potential upside of 26.05% from the company’s previous close. The biotechnology company also currently holds a ‘Buy’ rating from Jefferies Group LLC.
Other brokerages have recently weighed in on the stock;
- Zacks Investment Research: In a research note on Wednesday, July 5th, Zacks upgraded their rating to ‘Hold’.
- BidaskClub: In a research note on Monday, July 31st, this firm dropped their rating from ‘Strong-Buy’ to ‘Buy’.
- ValuEngine: On Thursday, August 17th, this firm upgraded their rating from ‘Sell’ to ‘Hold’.
- HC Wainwright: On Thursday, September 14th, this brokerage restated a ‘Buy’ rating and set a price target of $14.00.
The company currently has 4 ‘Buy’ ratings, 1 ‘Hold’ rating, and 1 ‘Sell’ rating, giving them an aggregate rating of ‘Buy’. It also has an average target price of $14.75.
During midday trading on Monday, the stock hit $14.25, indicating a drop of 0.21%. It also currently has 50 and 200-day moving averages of $10.76 and $7.95, respectively. The 52-week high is $15.32 and the 52-week low is $3.21. The market cap sits at $1.12 billion, with a trading volume of 170,087 shares.
The company posted its latest earnings report on Thursday, August 3rd. It reported an EPS of -$0.26, beating the Zacks’ consensus of -$0.27. During the same quarter last year, it reported an EPS of -$0.35. Analysts are forecasting a yearly EPS of -$1.06 for the current fiscal year.
The company also posted a revenue of $34.30 million for the quarter, which compared favorably to analysts predictions of $30.50 million. This represents a 1.0% increase on a year-over-year basis. However, the company also posted a net margin of -59.33% and a negative Return on Equity of -30.95%.
Multiple institutions recently altered their stakes in the biotechnology firm;
- Hartford Investment Management Co. bought an additional 6,400 shares during the third quarter, an increase of 35.8%, for a total of 24,300 shares worth approximately $133,000.
- Mason Street Advisors LLC bought 1,279 shares during the first quarter, an increase of 8.4%, for a total of 16,577 shares worth approximately $108,000.
- Denver Investment Advisors LLC bought new positions in Spectrum in the first quarter with an opening purchase of $106,000 worth of stock.
- State of Alaska Department of Revenue bought an additional 6,058 shares during the 2nd quarter, an increase of 77.1%, for a total of 13,918 shares valued at $103,000.
- Two Sigma Securities LLC bought a new position in the third quarter, with an opening purchase of approximately $101,000.
Currently, 66.09% of the company’s total stock is owned by hedge firms and institutions.
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