Spectrum Pharmaceuticals Stock Price Up 4.6% After Better-Than-Expected Earnings (SPPI)
Spectrum Pharmaceuticals (NASDAQ:SPPI) shares rose 4.6% on Friday after the company announced better than expected quarterly earnings, ARN reports. The stock traded as high as $7.74 and last traded at $7.57, with a volume of 985,198 shares changing hands. The stock had previously closed at $7.24.
The company reported $0.09 earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.09) by $0.18. The company had revenue of $46.90 million for the quarter, compared to the consensus estimate of $41.50 million. During the same quarter last year, the company posted ($0.09) earnings per share. Spectrum Pharmaceuticals’s revenue was up 41.3% compared to the same quarter last year.
Several analysts have recently commented on the stock. Analysts at R. F. Lafferty raised their price target on shares of Spectrum Pharmaceuticals to $7.50 in a research note on Tuesday, July 15th. They now have a “neutral” rating on the stock. Analysts at Roth Capital reiterated a “positive” rating on shares of Spectrum Pharmaceuticals in a research note on Monday, July 7th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $12.50.
The stock has a 50-day moving average of $7.67 and a 200-day moving average of $7.84. The company’s market cap is $485.4 million.
Spectrum Pharmaceuticals, Inc (NASDAQ:SPPI) is a biotechnology company with fully integrated commercial and drug development operations with a primary focus in hematology and oncology.
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