Wall Street brokerages expect that Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) will announce sales of $31.20 million for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for Spectrum Pharmaceuticals’ earnings. The lowest sales estimate is $27.90 million and the highest is $33.10 million. Spectrum Pharmaceuticals posted sales of $33.95 million during the same quarter last year, which suggests a negative year over year growth rate of 8.1%. The company is scheduled to announce its next quarterly earnings report on Tuesday, August 8th.
On average, analysts expect that Spectrum Pharmaceuticals will report full year sales of $31.20 million for the current financial year, with estimates ranging from $111.35 million to $124.50 million. For the next year, analysts forecast that the business will post sales of $125.61 million per share, with estimates ranging from $104.74 million to $139.10 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Spectrum Pharmaceuticals.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its quarterly earnings results on Tuesday, May 2nd. The biotechnology company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.02. The company had revenue of $29.10 million for the quarter, compared to analyst estimates of $32.23 million. Spectrum Pharmaceuticals had a negative return on equity of 24.06% and a negative net margin of 62.39%.
A number of research analysts have commented on the company. Jefferies Group LLC set a $9.00 target price on Spectrum Pharmaceuticals and gave the stock a “buy” rating in a report on Thursday, June 8th. Zacks Investment Research upgraded Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Tuesday, June 6th. ValuEngine upgraded Spectrum Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Thursday, May 11th. HC Wainwright set a $10.00 price target on Spectrum Pharmaceuticals and gave the stock a “buy” rating in a research report on Saturday, May 6th. Finally, FBR & Co reiterated a “buy” rating on shares of Spectrum Pharmaceuticals in a research report on Saturday, April 1st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. Spectrum Pharmaceuticals currently has an average rating of “Buy” and a consensus target price of $8.90.
Spectrum Pharmaceuticals (NASDAQ:SPPI) traded up 0.81% on Friday, reaching $7.51. The company’s stock had a trading volume of 283,704 shares. The company’s market capitalization is $589.71 million. The firm’s 50 day moving average price is $6.37 and its 200-day moving average price is $5.90. Spectrum Pharmaceuticals has a 52 week low of $3.21 and a 52 week high of $8.00.
Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Spectrum Pharmaceuticals by 13.8% in the first quarter. Vanguard Group Inc. now owns 7,208,723 shares of the biotechnology company’s stock valued at $46,858,000 after buying an additional 874,871 shares in the last quarter. State Street Corp boosted 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 valued at $15,305,000 after buying an additional 733,651 shares in the last quarter. Renaissance Technologies LLC boosted 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 valued at $36,919,000 after buying an additional 502,488 shares in the last quarter. Kennedy Capital Management Inc. acquired a new stake in Spectrum Pharmaceuticals during the first quarter valued at approximately $2,054,000. Finally, ClariVest Asset Management LLC acquired a new stake in Spectrum Pharmaceuticals during the first quarter valued at approximately $1,573,000. Hedge funds and other institutional investors own 67.33% of the company’s stock.
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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