Analysts forecast that Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) will post $26.10 million in sales for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Spectrum Pharmaceuticals’ earnings. The lowest sales estimate is $25.10 million and the highest is $26.80 million. Spectrum Pharmaceuticals reported sales of $29.10 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 10.3%. The firm is scheduled to announce its next quarterly earnings results on Tuesday, May 1st.
On average, analysts expect that Spectrum Pharmaceuticals will report full year sales of $26.10 million for the current financial year, with estimates ranging from $104.30 million to $108.50 million. For the next fiscal year, analysts forecast that the company will post sales of $118.43 million per share, with estimates ranging from $107.40 million to $127.10 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Spectrum Pharmaceuticals.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its earnings results on Tuesday, March 6th. The biotechnology company reported ($0.29) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by ($0.04). Spectrum Pharmaceuticals had a negative return on equity of 30.68% and a negative net margin of 70.66%. The business had revenue of $28.57 million for the quarter, compared to the consensus estimate of $33.18 million. During the same quarter in the prior year, the firm posted ($0.10) earnings per share. The business’s revenue was down 18.9% compared to the same quarter last year.
SPPI has been the subject of several recent research reports. B. Riley initiated coverage on Spectrum Pharmaceuticals in a research note on Monday, December 18th. They issued a “buy” rating and a $26.00 price target for the company. HC Wainwright restated a “buy” rating and issued a $29.00 price target on shares of Spectrum Pharmaceuticals in a research note on Monday, December 18th. Zacks Investment Research downgraded Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Tuesday, January 2nd. Finally, BidaskClub upgraded Spectrum Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, January 26th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $25.20.
Spectrum Pharmaceuticals (NASDAQ:SPPI) opened at $18.87 on Friday. Spectrum Pharmaceuticals has a one year low of $5.47 and a one year high of $23.50. The company has a market capitalization of $1,860.00, a P/E ratio of -27.75 and a beta of 1.58.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPPI. BlackRock Inc. boosted its stake in Spectrum Pharmaceuticals by 33.5% in the 4th quarter. BlackRock Inc. now owns 15,989,930 shares of the biotechnology company’s stock valued at $303,008,000 after purchasing an additional 4,012,596 shares during the period. Bogle Investment Management L P DE boosted its stake in Spectrum Pharmaceuticals by 176.8% in the 4th quarter. Bogle Investment Management L P DE now owns 639,856 shares of the biotechnology company’s stock valued at $12,125,000 after purchasing an additional 408,724 shares during the period. Ashford Capital Management Inc. bought a new stake in Spectrum Pharmaceuticals in the 4th quarter valued at $6,872,000. WINTON GROUP Ltd bought a new stake in Spectrum Pharmaceuticals in the 3rd quarter valued at $3,263,000. Finally, TIAA CREF Investment Management LLC boosted its stake in Spectrum Pharmaceuticals by 84.9% in the 4th quarter. TIAA CREF Investment Management LLC now owns 408,284 shares of the biotechnology company’s stock valued at $7,737,000 after purchasing an additional 187,453 shares during the period. Institutional investors and hedge funds own 78.89% of the company’s stock.
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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 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).
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