Equities analysts predict that Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) will report $34.00 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Spectrum Pharmaceuticals’ earnings, with estimates ranging from $33.20 million to $34.80 million. Spectrum Pharmaceuticals reported sales of $35.24 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 3.5%. The company is expected to issue its next earnings report on Wednesday, March 14th.
According to Zacks, analysts expect that Spectrum Pharmaceuticals will report full-year sales of $34.00 million for the current year, with estimates ranging from $128.70 million to $134.60 million. For the next financial year, analysts forecast that the company will report sales of $130.20 million per share, with estimates ranging from $125.00 million to $139.90 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Spectrum Pharmaceuticals.
Several equities research analysts recently weighed in on the company. Guggenheim assumed coverage on Spectrum Pharmaceuticals in a research report on Monday, October 23rd. They set a “buy” rating and a $32.00 price target on the stock. HC Wainwright restated a “buy” rating and set a $29.00 price target (up from $20.00) on shares of Spectrum Pharmaceuticals in a research report on Wednesday, October 18th. Jefferies Group lifted their price target on Spectrum Pharmaceuticals to $25.00 and gave the company a “buy” rating in a research report on Friday, October 20th. Zacks Investment Research upgraded Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Friday, January 12th. Finally, BidaskClub lowered Spectrum Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 3rd. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $22.83.
A number of large investors have recently made changes to their positions in SPPI. Swiss National Bank raised its stake in Spectrum Pharmaceuticals by 13.0% during the second quarter. Swiss National Bank now owns 134,200 shares of the biotechnology company’s stock valued at $1,000,000 after buying an additional 15,400 shares during the last quarter. Thrivent Financial For Lutherans raised its stake in Spectrum Pharmaceuticals by 4.6% during the second quarter. Thrivent Financial For Lutherans now owns 42,680 shares of the biotechnology company’s stock valued at $318,000 after buying an additional 1,890 shares during the last quarter. New York State Common Retirement Fund raised its stake in Spectrum Pharmaceuticals by 19.4% during the second quarter. New York State Common Retirement Fund now owns 80,500 shares of the biotechnology company’s stock valued at $600,000 after buying an additional 13,099 shares during the last quarter. UBS Asset Management Americas Inc. raised its stake in Spectrum Pharmaceuticals by 69.1% during the second quarter. UBS Asset Management Americas Inc. now owns 39,577 shares of the biotechnology company’s stock valued at $295,000 after buying an additional 16,179 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Spectrum Pharmaceuticals by 1.2% during the second quarter. Vanguard Group Inc. now owns 7,292,704 shares of the biotechnology company’s stock valued at $54,331,000 after buying an additional 83,981 shares during the last quarter. Institutional investors and hedge funds own 71.65% of the company’s stock.
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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).
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