Analysts predict that Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) will announce sales of $24.60 million for the current quarter, Zacks reports. Three analysts have issued estimates for Spectrum Pharmaceuticals’ earnings. The lowest sales estimate is $22.50 million and the highest is $27.40 million. Spectrum Pharmaceuticals posted sales of $36.40 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 32.4%. The company is scheduled to announce its next earnings report on Thursday, November 1st.

According to Zacks, analysts expect that Spectrum Pharmaceuticals will report full-year sales of $101.90 million for the current fiscal year, with estimates ranging from $97.20 million to $108.20 million. For the next financial year, analysts forecast that the business will report sales of $113.67 million, with estimates ranging from $98.00 million to $122.40 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Spectrum Pharmaceuticals.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last released its quarterly earnings data on Thursday, August 9th. The biotechnology company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.02. The business had revenue of $24.17 million for the quarter, compared to analysts’ expectations of $27.58 million. Spectrum Pharmaceuticals had a negative return on equity of 27.71% and a negative net margin of 41.24%. Spectrum Pharmaceuticals’s quarterly revenue was down 29.5% on a year-over-year basis. During the same period in the previous year, the business posted ($0.11) earnings per share.

Several analysts recently commented on SPPI shares. TheStreet raised Spectrum Pharmaceuticals from a “d+” rating to a “c” rating in a research note on Monday, August 20th. BidaskClub lowered Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday, September 7th. B. Riley boosted their price target on Spectrum Pharmaceuticals from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, August 31st. HC Wainwright boosted their price target on Spectrum Pharmaceuticals to $40.00 and gave the company a “buy” rating in a research note on Thursday, September 6th. Finally, Zacks Investment Research lowered Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, July 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Spectrum Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $30.40.

Shares of SPPI traded down $0.15 on Wednesday, reaching $14.40. 1,087,384 shares of the stock traded hands, compared to its average volume of 1,496,033. The stock has a market cap of $1.78 billion, a PE ratio of -13.46 and a beta of 1.88. Spectrum Pharmaceuticals has a 12 month low of $13.19 and a 12 month high of $25.29.

In related news, Director Gilles Gagnon sold 10,000 shares of the business’s stock in a transaction on Tuesday, October 9th. The stock was sold at an average price of $15.33, for a total value of $153,300.00. Following the sale, the director now owns 72,500 shares of the company’s stock, valued at approximately $1,111,425. The sale was disclosed in a legal filing with the SEC, which is available through this link. 9.35% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in the stock. Meeder Asset Management Inc. boosted 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 purchasing an additional 3,123 shares in the last quarter. SG Americas Securities LLC acquired a new position in Spectrum Pharmaceuticals in the first quarter worth $103,000. Hartford Investment Management Co. acquired a new position in Spectrum Pharmaceuticals in the second quarter worth $219,000. Dynamic Technology Lab Private Ltd acquired a new position in Spectrum Pharmaceuticals in the first quarter worth $184,000. Finally, Commonwealth Equity Services LLC acquired a new position in Spectrum Pharmaceuticals in the first quarter worth $184,000. 82.73% of the stock is currently owned by institutional investors and hedge funds.

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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Earnings History and Estimates for Spectrum Pharmaceuticals (NASDAQ:SPPI)

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