Wall Street brokerages expect Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) to report ($0.20) earnings per share (EPS) for the current quarter, Zacks reports. Two analysts have made estimates for Spectrum Pharmaceuticals’ earnings. Spectrum Pharmaceuticals reported earnings of ($0.22) per share during the same quarter last year, which indicates a positive year-over-year growth rate of 9.1%. The firm is scheduled to announce its next earnings results on Thursday, November 1st.
According to Zacks, analysts expect that Spectrum Pharmaceuticals will report full year earnings of ($0.75) per share for the current year. For the next year, analysts anticipate that the firm will report earnings of ($0.52) per share, with EPS estimates ranging from ($0.70) to ($0.33). Zacks Investment Research’s EPS averages are an average based on a survey of analysts that cover Spectrum Pharmaceuticals.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its earnings results on Thursday, August 9th. The biotechnology company reported ($0.21) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.23) by $0.02. The company had revenue of $24.17 million during the quarter, compared to analyst estimates of $27.58 million. Spectrum Pharmaceuticals had a negative net margin of 41.24% and a negative return on equity of 27.71%. Spectrum Pharmaceuticals’s revenue for the quarter was down 29.5% on a year-over-year basis. During the same period in the prior year, the business posted ($0.11) earnings per share.
SPPI has been the subject of a number of analyst reports. BidaskClub lowered shares of Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Wednesday, August 1st. Zacks Investment Research lowered shares of Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Thursday, July 5th. HC Wainwright reiterated a “buy” rating and set a $33.00 target price on shares of Spectrum Pharmaceuticals in a report on Friday, June 29th. Finally, ValuEngine upgraded shares of Spectrum Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Wednesday, May 2nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $27.20.
Hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new position in Spectrum Pharmaceuticals in the first quarter worth about $103,000. Meeder Asset Management Inc. raised its stake in Spectrum Pharmaceuticals by 134.3% in the second quarter. Meeder Asset Management Inc. now owns 5,448 shares of the biotechnology company’s stock worth $114,000 after buying an additional 3,123 shares in the last quarter. Commonwealth Equity Services LLC bought a new position in Spectrum Pharmaceuticals in the first quarter worth about $184,000. Dynamic Technology Lab Private Ltd bought a new position in Spectrum Pharmaceuticals in the first quarter worth about $184,000. Finally, Hartford Investment Management Co. bought a new position in Spectrum Pharmaceuticals in the second quarter worth about $219,000. 84.83% of the stock is owned by institutional investors.
Spectrum Pharmaceuticals stock opened at $23.14 on Friday. Spectrum Pharmaceuticals has a 1-year low of $9.03 and a 1-year high of $24.20.
Spectrum Pharmaceuticals Company Profile
Spectrum Pharmaceuticals, Inc develops and commercializes oncology and hematology drug products. The company markets six drug products, including FUSILEV for patients with metastatic colorectal cancer and rescue after high-dose methotrexate therapy in osteosarcoma, and to diminish toxicity and counteract the effects of impaired methotrexate elimination and of inadvertent overdosage of folic acid antagonists; FOLOTYN, a folate analogue metabolic inhibitor for peripheral T-cell lymphoma (PTCL); ZEVALIN injection for patients with B-cell non-Hodgkin's lymphoma; MARQIBO, a sphingomyelin/cholesterol liposome-encapsulated formulation for adult patients with Philadelphia chromosome-negative acute lymphoblastic leukemia; BELEODAQ injection for PTCL; and EVOMELA for use as a conditioning treatment prior to autologous stem cell transplant in multiple myeloma patients.
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