Trade Report: The Swiss National Bank Increases Stake in Spectrum Pharmaceuticals Inc. (SPPI)

The Swiss National Bank Increases Stake in Spectrum Pharmaceuticals Inc. (SPPI)

Swiss National Bank increased its position in Spectrum Pharmaceuticals Inc. (NASDAQ:SPPI) by 3.1% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 118,800 shares of the biotechnology company’s stock after buying an additional 3,600 shares during the period. Swiss National Bank owned 0.18% of Spectrum Pharmaceuticals worth $781,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Quantitative Investment Management LLC raised its position in Spectrum Pharmaceuticals by 134.4% in the second quarter. Quantitative Investment Management LLC now owns 49,700 shares of the biotechnology company’s stock worth $326,000 after buying an additional 28,500 shares in the last quarter. Quantitative Systematic Strategies LLC raised its position in Spectrum Pharmaceuticals by 4.3% in the second quarter. Quantitative Systematic Strategies LLC now owns 24,942 shares of the biotechnology company’s stock worth $164,000 after buying an additional 1,039 shares in the last quarter. American Century Companies Inc. raised its position in Spectrum Pharmaceuticals by 130.6% in the second quarter. American Century Companies Inc. now owns 198,830 shares of the biotechnology company’s stock worth $1,306,000 after buying an additional 112,619 shares in the last quarter. Louisiana State Employees Retirement System raised its position in Spectrum Pharmaceuticals by 3.1% in the second quarter. Louisiana State Employees Retirement System now owns 27,000 shares of the biotechnology company’s stock worth $177,000 after buying an additional 800 shares in the last quarter. Finally, Bank of Montreal Can acquired a new position in Spectrum Pharmaceuticals during the second quarter worth approximately $773,000. Institutional investors own 68.67% of the company’s stock.

Spectrum Pharmaceuticals Inc. (NASDAQ:SPPI) traded up 1.10% during trading on Friday, reaching $4.59. 371,294 shares of the company’s stock traded hands. The company’s 50 day moving average is $5.11 and its 200-day moving average is $6.41. Spectrum Pharmaceuticals Inc. has a 52-week low of $4.14 and a 52-week high of $7.74. The stock’s market cap is $314.76 million.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its earnings results on Tuesday, August 9th. The biotechnology company reported ($0.05) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.29) by $0.24. Spectrum Pharmaceuticals had a negative net margin of 36.04% and a negative return on equity of 11.24%. The firm earned $33.90 million during the quarter, compared to analyst estimates of $30.88 million. During the same quarter in the prior year, the business posted ($0.01) EPS. The business’s revenue was down 24.6% compared to the same quarter last year. On average, analysts anticipate that Spectrum Pharmaceuticals Inc. will post ($1.11) earnings per share for the current fiscal year.

SPPI has been the topic of a number of recent research reports. HC Wainwright reaffirmed a “buy” rating and set a $10.00 price target on shares of Spectrum Pharmaceuticals in a research report on Friday, September 16th. FBR & Co reaffirmed a “buy” rating on shares of Spectrum Pharmaceuticals in a research report on Thursday, September 15th. RBC Capital Markets set a $10.00 price target on shares of Spectrum Pharmaceuticals and gave the stock a “buy” rating in a research report on Thursday, September 15th. Finally, Zacks Investment Research raised shares of Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating and set a $7.00 price target on the stock in a research report on Tuesday, June 28th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $9.17.

About Spectrum Pharmaceuticals

Spectrum Pharmaceuticals, Inc is a biotechnology company. The Company operates through developing and commercializing oncology and hematology drug products segment. It has approximately six approved oncology/hematology products that target different types of non-Hodgkin’s lymphoma (NHL), metastatic colorectal cancer, acute lymphoblastic leukemia (ALL) and multiple myeloma (MM).

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