Wall Street brokerages expect that Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) will post sales of $24.60 million for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Spectrum Pharmaceuticals’ earnings, with the highest sales estimate coming in at $27.40 million and the lowest estimate coming in at $22.50 million. Spectrum Pharmaceuticals reported sales of $36.40 million during the same quarter last year, which indicates a negative year over year growth rate of 32.4%. The business is expected to issue its next quarterly earnings results on Thursday, November 1st.
According to Zacks, analysts expect that Spectrum Pharmaceuticals will report full year sales of $101.90 million for the current year, with estimates ranging from $97.20 million to $108.20 million. For the next fiscal year, analysts anticipate that the business will report sales of $113.67 million, with estimates ranging from $98.00 million to $122.40 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that cover Spectrum Pharmaceuticals.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its quarterly earnings results on Thursday, August 9th. The biotechnology company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.23) by $0.02. Spectrum Pharmaceuticals had a negative return on equity of 27.71% and a negative net margin of 41.24%. The business had revenue of $24.17 million for the quarter, compared to analyst estimates of $27.58 million. During the same quarter in the prior year, the firm posted ($0.11) earnings per share. The firm’s revenue for the quarter was down 29.5% compared to the same quarter last year.
Several equities analysts have recently issued reports on SPPI shares. BidaskClub lowered Spectrum Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 15th. B. Riley upped their price target on Spectrum Pharmaceuticals from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, August 31st. Zacks Investment Research lowered Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, July 5th. TheStreet raised Spectrum Pharmaceuticals from a “d+” rating to a “c” rating in a research note on Monday, August 20th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $33.00 price target on shares of Spectrum Pharmaceuticals in a research note on Friday, June 29th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $30.40.
Shares of SPPI traded down $0.15 during trading hours on Wednesday, hitting $14.40. 1,087,384 shares of the stock traded hands, compared to its average volume of 1,496,033. Spectrum Pharmaceuticals has a 1-year low of $13.19 and a 1-year high of $25.29. The firm has a market capitalization of $1.78 billion, a PE ratio of -13.46 and a beta of 1.88.
In related news, Director Gilles Gagnon sold 10,000 shares of the company’s stock in a transaction dated Tuesday, October 9th. The stock was sold at an average price of $15.33, for a total value of $153,300.00. Following the completion of the sale, the director now owns 72,500 shares in the company, valued at $1,111,425. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 9.35% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its holdings in shares of Spectrum Pharmaceuticals by 9.7% in the second quarter. BlackRock Inc. now owns 16,527,226 shares of the biotechnology company’s stock worth $346,411,000 after acquiring an additional 1,463,249 shares in the last quarter. Voya Investment Management LLC increased its holdings in shares of Spectrum Pharmaceuticals by 1,336.1% in the second quarter. Voya Investment Management LLC now owns 927,211 shares of the biotechnology company’s stock worth $19,434,000 after acquiring an additional 862,647 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Spectrum Pharmaceuticals by 136.7% in the second quarter. Point72 Asset Management L.P. now owns 201,683 shares of the biotechnology company’s stock worth $4,227,000 after acquiring an additional 751,683 shares in the last quarter. Macquarie Group Ltd. grew its holdings in shares of Spectrum Pharmaceuticals by 92.5% during the second quarter. Macquarie Group Ltd. now owns 857,108 shares of the biotechnology company’s stock worth $17,965,000 after buying an additional 411,938 shares in the last quarter. Finally, International Biotechnology Trust PLC bought a new position in shares of Spectrum Pharmaceuticals during the second quarter worth about $6,285,000. Institutional investors and hedge funds own 82.73% of the company’s stock.
About Spectrum Pharmaceuticals
Spectrum Pharmaceuticals, Inc develops and commercializes oncology and hematology drug products. The company markets six drug products, including FUSILEV for patients with metastatic colorectal cancer and rescue after high-dose methotrexate therapy in osteosarcoma, and to diminish toxicity and counteract the effects of impaired methotrexate elimination and of inadvertent overdosage of folic acid antagonists; FOLOTYN, a folate analogue metabolic inhibitor for peripheral T-cell lymphoma (PTCL); ZEVALIN injection for patients with B-cell non-Hodgkin's lymphoma; MARQIBO, a sphingomyelin/cholesterol liposome-encapsulated formulation for adult patients with Philadelphia chromosome-negative acute lymphoblastic leukemia; BELEODAQ injection for PTCL; and EVOMELA for use as a conditioning treatment prior to autologous stem cell transplant in multiple myeloma patients.
Further Reading: Stock Symbol
Get a free copy of the Zacks research report on Spectrum Pharmaceuticals (SPPI)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Spectrum Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spectrum Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.