$31.20 Million in Sales Expected for Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) This Quarter
Analysts expect that Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) will announce $31.20 million in sales for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Spectrum Pharmaceuticals’ earnings, with estimates ranging from $27.90 million to $33.10 million. Spectrum Pharmaceuticals posted sales of $33.95 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 8.1%. The business is scheduled to issue its next quarterly earnings results on Tuesday, August 8th.
According to Zacks, 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 financial year, analysts forecast that the company will post 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 cover Spectrum Pharmaceuticals.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its quarterly earnings results on Tuesday, May 2nd. The biotechnology company reported ($0.18) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.02. Spectrum Pharmaceuticals had a negative return on equity of 24.06% and a negative net margin of 62.39%. The company had revenue of $29.10 million during the quarter, compared to analyst estimates of $32.23 million.
A number of brokerages have commented on SPPI. Jefferies Group LLC increased their price objective on Spectrum Pharmaceuticals from $8.50 to $9.00 and gave the company a “buy” rating in a research report on Wednesday, May 3rd. ValuEngine upgraded Spectrum Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Thursday, May 11th. Zacks Investment Research upgraded Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Tuesday, June 6th. FBR & Co reiterated a “buy” rating on shares of Spectrum Pharmaceuticals in a research report on Saturday, April 1st. Finally, HC Wainwright set a $10.00 price objective on Spectrum Pharmaceuticals and gave the company a “buy” rating in a research report on Saturday, May 6th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $8.90.
Spectrum Pharmaceuticals (NASDAQ:SPPI) traded down 6.35% during mid-day trading on Thursday, hitting $7.37. The stock had a trading volume of 533,762 shares. The stock has a 50 day moving average of $7.28 and a 200-day moving average of $6.30. Spectrum Pharmaceuticals has a 1-year low of $3.21 and a 1-year high of $8.26. The firm’s market cap is $578.71 million.
WARNING: “$31.20 Million in Sales Expected for Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) This Quarter” was posted by American Banking News and is the property of of American Banking News. If you are accessing this report on another publication, it was illegally stolen and republished in violation of United States & international copyright law. The correct version of this report can be accessed at https://www.americanbankingnews.com/2017/07/27/31-20-million-in-sales-expected-for-spectrum-pharmaceuticals-inc-nasdaqsppi-this-quarter.html.
Hedge funds have recently modified their holdings of the company. State of Alaska Department of Revenue increased its stake in Spectrum Pharmaceuticals by 77.1% in the second quarter. State of Alaska Department of Revenue now owns 13,918 shares of the biotechnology company’s stock valued at $103,000 after buying an additional 6,058 shares in the last quarter. Denver Investment Advisors LLC purchased a new stake in Spectrum Pharmaceuticals during the first quarter valued at about $106,000. Mason Street Advisors LLC increased its stake in Spectrum Pharmaceuticals by 8.4% in the first quarter. Mason Street Advisors LLC now owns 16,577 shares of the biotechnology company’s stock valued at $108,000 after buying an additional 1,279 shares in the last quarter. Municipal Employees Retirement System of Michigan increased its stake in Spectrum Pharmaceuticals by 5.6% in the second quarter. Municipal Employees Retirement System of Michigan now owns 16,720 shares of the biotechnology company’s stock valued at $125,000 after buying an additional 880 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its stake in Spectrum Pharmaceuticals by 5.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 37,600 shares of the biotechnology company’s stock valued at $167,000 after buying an additional 1,930 shares in the last quarter. 67.35% of the stock is currently owned by institutional investors and hedge funds.
Spectrum Pharmaceuticals Company Profile
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).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Spectrum Pharmaceuticals Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spectrum Pharmaceuticals Inc. and related companies with MarketBeat.com's FREE daily email newsletter.