The stock last traded at $19.59 which is quite a bit above the 50 day moving average which is $14.22 and a great deal higher than the 200 day moving average of $9.27. The 50 day moving average went up by +37.80% whereas the 200 day average was up by +111.28%. 1,339K shares changed hands on Tuesday. Shares saw a steep decrease in trading volume of 50.68% under the normal average daily volume.
Traders are a little more bullish on shares of the company lately if you watch the decrease in short interest. The firm saw a fall in short interest between September 29, 2017 and October 13, 2017 of -18.15%. Short interest decreased 1,616,951 over that period. Days to cover increased from 3.0 to 4.0 and the percentage of shorted shares was 0.09% on October 13.
Additionally, here are a few investment firms who have increased or decreased their stake in (SPPI). Bank Of Montreal /can/ reduced its position by selling 3,344 shares a decrease of 30.1%. Bank Of Montreal /can/ now controls 7,760 shares with a value of $109,000. The value of the position overall is up by 31.3%. As of the end of the quarter Ls Investment Advisors, LLC had acquired a total of 397 shares growing its stake by 14.1%. The value in dollars went from $21,000 to $45,000 increasing 114.3% quarter over quarter.
As of quarter end Nationwide Fund Advisors had sold 1,341 shares trimming its position 3.0%. The value of the company’s investment in Spectrum Pharmaceuticals, Inc. increased from $334,000 to $612,000 a change of 83.2% quarter to quarter. As of quarter end Simplex Trading, LLC had acquired a total of 27,360 shares growing its holdings by 2,034.2%. The value of the investment in Spectrum Pharmaceuticals, Inc. increased from $10,000 to $403,000 a change of $393,000 since the last quarter.
On August 16 analysts at H.C. Wainwright started covering the stock giving it an initial rating of “Buy” and a price target of $14.00. October 9 investment analysts at Jefferies held the company rating at “Buy” and raised the price target to $18.00 from $6.00.
Guggenheim started coverage with an initial rating of “Buy”.
In the latest earnings report the EPS was $-1.00 and is estimated to be $-1.03 for the current year with 78,576,000 shares now outstanding. Analysts expect next quarter’s EPS will be $-0.25 and the next full year EPS is projected to be $-0.74.
Spectrum Pharmaceuticals, Inc., launched on November 18, 2002, 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). It also has three drugs in mid-to-late stage development, which include ROLONTIS for chemotherapy-induced neutropenia; QAPZOLA for immediate intravesical instillation in post-transurethral resection of bladder tumors in patients with non-muscle invasive bladder cancer (NMIBC), and POZIOTINIB, a pan- human epidermal growth factor receptor (HER) inhibitor used in the treatment of patients with a range of solid tumors, including breast and lung cancer..