Zacks: Brokerages Anticipate Spectrum Pharmaceuticals, Inc. (SPPI) Will Announce Quarterly Sales of $31.20 Million
Equities research analysts predict that Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) will announce $31.20 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Spectrum Pharmaceuticals’ earnings. The highest sales estimate is $33.10 million and the lowest is $27.90 million. Spectrum Pharmaceuticals posted sales of $33.95 million in the same quarter last year, which suggests a negative year-over-year growth rate of 8.1%. The business is expected to report its next quarterly earnings results on Tuesday, August 8th.
On average, analysts expect that Spectrum Pharmaceuticals will report full year sales of $31.20 million for the current fiscal year, with estimates ranging from $111.35 million to $124.50 million. For the next fiscal year, analysts anticipate that the firm will report sales of $125.61 million per share, with estimates ranging from $104.74 million to $139.10 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow Spectrum Pharmaceuticals.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its earnings results on Tuesday, May 2nd. The biotechnology company reported ($0.18) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.02. Spectrum Pharmaceuticals had a negative net margin of 62.39% and a negative return on equity of 24.06%. The firm had revenue of $29.10 million for the quarter, compared to analyst estimates of $32.23 million.
Several equities research analysts have issued reports on SPPI shares. Zacks Investment Research upgraded Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Tuesday, June 6th. Jefferies Group LLC restated a “buy” rating and set a $8.50 price objective on shares of Spectrum Pharmaceuticals in a report on Thursday, April 6th. ValuEngine upgraded Spectrum Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Thursday, May 11th. HC Wainwright set a $10.00 price objective on Spectrum Pharmaceuticals and gave the stock a “buy” rating in a report on Saturday, May 6th. Finally, FBR & Co restated a “buy” rating on shares of Spectrum Pharmaceuticals in a report on Saturday, April 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. Spectrum Pharmaceuticals has an average rating of “Buy” and an average price target of $8.90.
Spectrum Pharmaceuticals (SPPI) traded down 6.35% during mid-day trading on Thursday, hitting $7.37. 533,762 shares of the company were exchanged. The stock’s market cap is $578.71 million. Spectrum Pharmaceuticals has a 12 month low of $3.21 and a 12 month high of $8.26. The firm has a 50 day moving average price of $7.28 and a 200 day moving average price of $6.30.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Spectrum Pharmaceuticals by 13.8% in the first quarter. Vanguard Group Inc. now owns 7,208,723 shares of the biotechnology company’s stock worth $46,858,000 after buying an additional 874,871 shares during the period. State Street Corp increased its stake in Spectrum Pharmaceuticals by 45.3% in the first quarter. State Street Corp now owns 2,353,958 shares of the biotechnology company’s stock worth $15,305,000 after buying an additional 733,651 shares in the last quarter. Renaissance Technologies LLC increased its stake in Spectrum Pharmaceuticals by 9.7% in the first quarter. Renaissance Technologies LLC now owns 5,679,800 shares of the biotechnology company’s stock worth $36,919,000 after buying an additional 502,488 shares in the last quarter. Kennedy Capital Management Inc. purchased a new stake in Spectrum Pharmaceuticals during the first quarter worth approximately $2,054,000. Finally, ClariVest Asset Management LLC purchased a new stake in Spectrum Pharmaceuticals during the first quarter worth approximately $1,573,000. Institutional investors and hedge funds own 67.35% 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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