Jefferies Group Weighs in on Spectrum Pharmaceuticals, Inc.’s Q3 2017 Earnings (SPPI)
Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) – Jefferies Group dropped their Q3 2017 earnings estimates for Spectrum Pharmaceuticals in a report released on Monday. Jefferies Group analyst M. Andrews now expects that the biotechnology company will earn ($0.19) per share for the quarter, down from their previous estimate of ($0.16). Jefferies Group currently has a “Buy” rating and a $18.00 target price on the stock. Jefferies Group also issued estimates for Spectrum Pharmaceuticals’ Q4 2017 earnings at ($0.22) EPS, FY2017 earnings at ($0.96) EPS, FY2018 earnings at ($0.76) EPS, FY2020 earnings at $0.28 EPS and FY2021 earnings at $1.16 EPS.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its quarterly earnings data on Thursday, August 3rd. The biotechnology company reported ($0.26) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.27) by $0.01. Spectrum Pharmaceuticals had a negative net margin of 59.33% and a negative return on equity of 30.95%. The company had revenue of $34.30 million during the quarter, compared to the consensus estimate of $30.50 million. During the same quarter in the prior year, the company posted ($0.35) EPS. The company’s quarterly revenue was up 1.0% compared to the same quarter last year.
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A number of other equities research analysts have also commented on the company. Zacks Investment Research lowered Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. HC Wainwright raised their price objective on Spectrum Pharmaceuticals from $14.00 to $20.00 and gave the stock a “buy” rating in a research report on Wednesday, October 4th. 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. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $14.75.
Spectrum Pharmaceuticals (NASDAQ SPPI) opened at 14.05 on Wednesday. The firm’s market cap is $1.10 billion. The stock’s 50 day moving average is $11.03 and its 200-day moving average is $8.09. Spectrum Pharmaceuticals has a 1-year low of $3.21 and a 1-year high of $15.32.
Institutional investors and hedge funds have recently bought and sold shares of the company. State of Alaska Department of Revenue raised its stake in shares of Spectrum Pharmaceuticals by 77.1% during the 2nd quarter. State of Alaska Department of Revenue now owns 13,918 shares of the biotechnology company’s stock worth $103,000 after purchasing an additional 6,058 shares in the last quarter. Mason Street Advisors LLC raised its stake in shares of Spectrum Pharmaceuticals by 8.4% during the 1st quarter. Mason Street Advisors LLC now owns 16,577 shares of the biotechnology company’s stock worth $108,000 after purchasing an additional 1,279 shares in the last quarter. Piedmont Investment Advisors LLC purchased a new stake in shares of Spectrum Pharmaceuticals during the 2nd quarter worth about $114,000. Municipal Employees Retirement System of Michigan raised its stake in shares of Spectrum Pharmaceuticals by 5.6% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 16,720 shares of the biotechnology company’s stock worth $125,000 after purchasing an additional 880 shares in the last quarter. Finally, Pillar Pacific Capital Management LLC purchased a new stake in shares of Spectrum Pharmaceuticals during the 2nd quarter worth about $138,000. 66.09% of the stock is owned by institutional investors.
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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