Jefferies Group Research Analysts Reduce Earnings Estimates for Spectrum Pharmaceuticals, Inc. (SPPI)
Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) – Research analysts at Jefferies Group reduced their FY2021 EPS estimates for Spectrum Pharmaceuticals in a report issued on Monday. Jefferies Group analyst M. Andrews now anticipates that the biotechnology company will earn $1.07 per share for the year, down from their prior estimate of $1.12. Jefferies Group currently has a “Buy” rating and a $13.00 target price on the stock.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its earnings results on Thursday, August 3rd. The biotechnology company reported ($0.26) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.01. The firm had revenue of $34.30 million during the quarter, compared to analysts’ expectations of $30.50 million. Spectrum Pharmaceuticals had a negative return on equity of 30.95% and a negative net margin of 59.33%. The company’s quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.35) EPS.
Several other brokerages have also weighed in on SPPI. Zacks Investment Research upgraded Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating and set a $10.00 price objective for the company in a research report on Wednesday, August 9th. HC Wainwright reiterated a “buy” rating and issued a $14.00 price objective on shares of Spectrum Pharmaceuticals in a research report on Thursday, September 14th. ValuEngine upgraded Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, August 17th. Finally, BidaskClub lowered Spectrum Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $12.00.
Shares of Spectrum Pharmaceuticals (SPPI) traded up 0.762% during midday trading on Tuesday, hitting $9.915. The company had a trading volume of 581,835 shares. The company’s market capitalization is $779.08 million. Spectrum Pharmaceuticals has a 12 month low of $3.21 and a 12 month high of $10.77. The company has a 50-day moving average of $9.43 and a 200-day moving average of $7.42.
A number of institutional investors have recently modified their holdings of SPPI. State of Alaska Department of Revenue grew its position 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 worth $103,000 after acquiring an additional 6,058 shares during the period. Mason Street Advisors LLC grew its position 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 worth $108,000 after acquiring an additional 1,279 shares during the period. Piedmont Investment Advisors LLC purchased a new position in Spectrum Pharmaceuticals in the second quarter worth approximately $114,000. Municipal Employees Retirement System of Michigan grew its position 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 worth $125,000 after acquiring an additional 880 shares during the period. Finally, Pillar Pacific Capital Management LLC purchased a new position in Spectrum Pharmaceuticals in the second quarter worth approximately $138,000. Institutional investors own 66.09% 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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