BlackRock Fund Advisors recently announced the acquisition of new stake in Spectrum Pharmaceuticals Inc. (NASDAQ:SPPI). The institutional investor has increased its shareholding in the Healthcare company by 3.50% to 17.62 million shares with purchase of 0.6 million shares. This fresh investment now brings its stake to 12.40% valued currently at $52.68 million. In addition, Armistice Capital LLC raised its holdings by 6.87 million to 7.86 million shares. And SSgA Funds Management, Inc. has lifted its position by 29.19% or 1.53 million shares – to 6.79 million shares.
With over 2.07 million Spectrum Pharmaceuticals Inc. (SPPI) shares trading Friday and a closing price of $4.21 on the day, the dollar volume was approximately $8.69 million. The shares have shown a positive weekly performance of 9.64% and its price on 08/28/20 gained nearly 6.31%. Currently, there are 112.62M common shares owned by the public and among those 104.41M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for SPPI have a consensus price objective of $10.75. The analysts have set the share’s price value over the next 12 months at a high of $15.00 and a low of $7.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Spectrum Pharmaceuticals Inc. stock is 2.20 for the next 12 months. But an upside of 71.93% will see the stock hit the forecast high price target while mean target price for the stock is $10.50.
Insiders at the company have transacted a total of 54 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 14 of these insider trades were purchases, accounting for 1,180,857 shares. Insider sales of the common stock occurred on 40 occasions, with total insider shares sold totaling 145,950 shares.
The top 3 mutual fund holders in Spectrum Pharmaceuticals Inc. are iShares Core S&P Small Cap ETF, Vanguard Total Stock Market Index, and SPDR S&P Biotech ETF. iShares Core S&P Small Cap ETF owns 7.15 million shares of the company’s stock, all valued at over $21.37 million. The company bought an additional 25536.0 shares recently to bring their total holdings to about 5.03% of the shares outstanding. Vanguard Total Stock Market Index bought 0.24 million shares to see its total holdings expand to 3.93 million shares valued at over $11.74 million and representing 2.77% of the shares outstanding. SPDR S&P Biotech ETF sold 33831.0 shares to bring its total holdings to over 3.38 million shares at a value of $10.09 million. SPDR S&P Biotech ETF now owns shares totaling to 2.38% of the shares outstanding.
Shares of Spectrum Pharmaceuticals Inc. (NASDAQ: SPPI) opened at $4.02, up $0.06 from a prior closing price of $3.96. However, the script later closed the day at $4.21, up 6.31%. The company’s stock has a 5-day price change of 9.64% and 38.94% over the past three months. SPPI shares are trading 15.66% year to date (YTD), with the 12-month market performance down to -44.82% lower. It has a 12-month low price of $1.74 and touched a high of $10.57 over the same period. Currently, 2.07 million shares have been traded, compared to an average intraday trading volume of 2.40 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 12.82%, 20.72%, and 8.11% respectively.
Institutional ownership of Spectrum Pharmaceuticals Inc. (NASDAQ: SPPI) shares accounts for 52.90% of the company’s 112.62M shares outstanding. Mutual fund holders own 33.27%, while other institutional holders and individual stakeholders account for 5.59% and 25.63% respectively.
It has a market capitalization of $577.11M and a beta (3y monthly) value of 2.23. The earnings-per-share (ttm) stands at -$1.25. The company has a debt-to-equity ratio at 0.00. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.11% over the week and 6.57% over the month.
Analysts forecast that Spectrum Pharmaceuticals Inc. (SPPI) will achieve an EPS of -$0.36 for the current quarter, -$0.37 for the next quarter and -$0.96 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.42 while analysts give the company a high EPS estimate of -$0.3. Comparatively, EPS for the current quarter was -$0.23 a year ago. Earnings per share for the fiscal year are expected to increase by 0.20%, and 30.40% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate Spectrum Pharmaceuticals Inc. (SPPI) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 2 of the 5 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the SPPI, a number of firms have released research notes about the stock. Guggenheim stated their Neutral rating for the stock in a research note on December 26, 2019, with the firm’s price target at. Cantor Fitzgerald coverage for the Spectrum Pharmaceuticals Inc. (SPPI) stock in a research note released on December 26, 2019 offered a Neutral rating with a price target of $4. B. Riley FBR was of a view on November 27, 2019 that the stock is Buy, while B. Riley FBR gave the stock Buy rating on July 11, 2019, issuing a price target of $18. Jefferies on their part issued Buy rating on March 15, 2019.