Armistice Capital LLC 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 1.94% to 17.0 million shares with purchase of 0.32 million shares. This fresh investment now brings its stake to 8.28% valued currently at $16.57 million. In addition, Acadian Asset Management LLC raised its holdings by 0.16 million to 3.71 million shares. And Sargent Investment Group LLC has lifted its position by 137.75% or 0.64 million shares – to 1.1 million shares.
With over 2.01 million Spectrum Pharmaceuticals Inc. (SPPI) shares trading Tuesday and a closing price of $1.13 on the day, the dollar volume was approximately $2.27 million. The shares have shown a positive half year performance of 158.34% and its price on 05/23/23 lost nearly -5.44%. Currently, there are 201.92M common shares owned by the public and among those 184.03M shares have been available to trade.
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The analysts have set the share’s price value over the next 12 months at a high of $1.50 and a low of $1.14. The average price target is 10.32% above its recent price level and an upside to the estimated low will see the stock gain 0.88% over that period. But an upside of 24.67% will see the stock hit the forecast high price target while median target price for the stock is $1.14.
Insiders at the company have transacted a total of 33 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 2,968,052 shares. Insider sales of the common stock occurred on 19 occasions, with total insider shares sold totaling 458,351 shares.
The top 3 mutual fund holders in Spectrum Pharmaceuticals Inc. are Vanguard Total Stock Market ETF, Vanguard Extended Market Index Fu, and IQ Merger Arbitrage ETF. Vanguard Total Stock Market ETF owns 5.77 million shares of the company’s stock, all valued at over $5.62 million. Vanguard Extended Market Index Fu bought 56820.0 shares to see its total holdings expand to 2.36 million shares valued at over $2.3 million and representing 1.15% of the shares outstanding. IQ Merger Arbitrage ETF bought 1.33 million shares to bring its total holdings to over 1.33 million shares at a value of $1.3 million. IQ Merger Arbitrage ETF now owns shares totaling to 0.65% of the shares outstanding.
However, the script later moved the day high at 1.2200, down -5.44%. The company’s stock has a 5-day price change of -4.24% and 44.30% over the past three months. SPPI shares are trading 206.65% year to date (YTD), with the 12-month market performance up to 52.56% higher. It has a 12-month low price of $0.31 and touched a high of $1.57 over the same period. SPPI has an average intraday trading volume of 2.33 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 0.82%, 28.01%, and 53.29% respectively.
Institutional ownership of Spectrum Pharmaceuticals Inc. (NASDAQ: SPPI) shares accounts for 26.30% of the company’s 201.92M shares outstanding. Mutual fund holders own 5.42%, while other institutional holders and individual stakeholders account for 7.05% and 15.53% respectively.
It has a market capitalization of $227.28M and a beta (3y monthly) value of 2.17. The earnings-per-share (ttm) stands at -$0.36. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.01% over the week and 8.46% over the month.
Analysts forecast that Spectrum Pharmaceuticals Inc. (SPPI) will achieve an EPS of -$0.04 for the current quarter, -$0.02 for the next quarter and $0.01 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.07 while analysts give the company a high EPS estimate of -$0.02. Comparatively, EPS for the current quarter was -$0.17 a year ago. Earnings per share for the fiscal year are expected to increase by 58.30%, and 114.30% 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 “Hold” at a consensus score of 3.00. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 5 of the 5 advise that investors “hold,” and 0 rated it as a “Sell.”
