Wall Street analysts forecast that Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) will announce sales of $20.45 million for the current quarter, Zacks reports. Two analysts have provided estimates for Spectrum Pharmaceuticals’ earnings, with the highest sales estimate coming in at $26.40 million and the lowest estimate coming in at $14.50 million. Spectrum Pharmaceuticals posted sales of $30.50 million in the same quarter last year, which suggests a negative year-over-year growth rate of 33%. The company is expected to report its next quarterly earnings results after the market closes on Thursday, May 9th.
According to Zacks, analysts expect that Spectrum Pharmaceuticals will report full-year sales of $21.70 million for the current financial year, with estimates ranging from $17.00 million to $26.40 million. For the next year, analysts forecast that the firm will post sales of $39.55 million, with estimates ranging from $26.60 million to $52.50 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Spectrum Pharmaceuticals.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last issued its quarterly earnings data on Thursday, February 28th. The biotechnology company reported ($0.34) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.22) by ($0.12). The company had revenue of $29.40 million for the quarter, compared to analyst estimates of $26.60 million. Spectrum Pharmaceuticals had a negative return on equity of 31.79% and a negative net margin of 109.76%.
Several brokerages have issued reports on SPPI. BidaskClub downgraded shares of Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. ValuEngine upgraded shares of Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Wednesday, May 1st. Zacks Investment Research upgraded shares of Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Jefferies Financial Group reiterated a “buy” rating and issued a $21.00 price target on shares of Spectrum Pharmaceuticals in a research report on Friday, March 15th. Finally, Cantor Fitzgerald started coverage on shares of Spectrum Pharmaceuticals in a research report on Thursday, February 7th. They issued an “overweight” rating and a $19.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $24.20.
SPPI stock traded up $0.17 during mid-day trading on Monday, hitting $9.67. 24,333 shares of the company were exchanged, compared to its average volume of 993,224. The company has a market capitalization of $1.06 billion, a PE ratio of -9.62 and a beta of 2.58. Spectrum Pharmaceuticals has a 1-year low of $6.22 and a 1-year high of $25.29.
In related news, COO Thomas J. Riga sold 16,493 shares of Spectrum Pharmaceuticals stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $10.75, for a total value of $177,299.75. Following the transaction, the chief operating officer now directly owns 260,423 shares of the company’s stock, valued at $2,799,547.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Thomas J. Riga sold 2,285 shares of Spectrum Pharmaceuticals stock in a transaction that occurred on Wednesday, February 20th. The shares were sold at an average price of $11.47, for a total transaction of $26,208.95. The disclosure for this sale can be found here. Over the last quarter, insiders sold 78,235 shares of company stock valued at $828,188. 9.35% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the stock. Sargent Investment Group LLC bought a new stake in shares of Spectrum Pharmaceuticals during the fourth quarter worth $3,920,000. Vanguard Group Inc lifted its holdings in shares of Spectrum Pharmaceuticals by 6.2% during the third quarter. Vanguard Group Inc now owns 10,910,048 shares of the biotechnology company’s stock worth $183,289,000 after purchasing an additional 639,075 shares during the period. Fox Run Management L.L.C. acquired a new position in shares of Spectrum Pharmaceuticals during the fourth quarter worth $108,000. Man Group plc acquired a new position in shares of Spectrum Pharmaceuticals during the third quarter worth $3,152,000. Finally, Exane Derivatives acquired a new position in shares of Spectrum Pharmaceuticals during the fourth quarter worth $26,000. 77.42% of the stock is currently owned by institutional investors and hedge funds.
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.
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