Zacks: Brokerages Anticipate Spectrum Pharmaceuticals, Inc. (SPPI) to Announce -$0.22 Earnings Per Share

Brokerages expect Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) to post earnings per share (EPS) of ($0.22) for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Spectrum Pharmaceuticals’ earnings, with the highest EPS estimate coming in at ($0.20) and the lowest estimate coming in at ($0.23). Spectrum Pharmaceuticals also reported earnings per share of ($0.22) during the same quarter last year. The firm is expected to announce its next earnings report on Thursday, November 1st.

According to Zacks, analysts expect that Spectrum Pharmaceuticals will report full-year earnings of ($0.79) per share for the current financial year, with EPS estimates ranging from ($0.83) to ($0.75). For the next year, analysts expect that the company will post earnings of ($0.58) per share, with EPS estimates ranging from ($0.82) to ($0.33). Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research firms that that provide coverage for Spectrum Pharmaceuticals.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its quarterly earnings results on Thursday, August 9th. The biotechnology company reported ($0.21) earnings per share for the quarter, beating the Thomson Reuters’ 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%. The firm’s revenue for the quarter was down 29.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.11) earnings per share.

Several research firms recently weighed in on SPPI. HC Wainwright increased their price target on shares of Spectrum Pharmaceuticals to $40.00 and gave the company a “buy” rating in a research report on Thursday, September 6th. BidaskClub upgraded shares of Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Wednesday, August 29th. Zacks Investment Research lowered shares of Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Monday, October 15th. TheStreet lowered shares of Spectrum Pharmaceuticals from a “c” rating to a “d+” rating in a research report on Wednesday, September 26th. Finally, ValuEngine lowered shares of Spectrum Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 16th. Two equities research analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. Spectrum Pharmaceuticals currently has a consensus rating of “Hold” and an average price target of $31.67.

SPPI traded up $0.66 during trading on Thursday, hitting $12.56. 23,706 shares of the company traded hands, compared to its average volume of 1,250,796. The firm has a market cap of $1.23 billion, a P/E ratio of -11.73 and a beta of 1.87. Spectrum Pharmaceuticals has a one year low of $11.52 and a one year high of $25.29.

In other Spectrum Pharmaceuticals news, Director Gilles Gagnon sold 10,000 shares of the stock in a transaction dated Tuesday, October 9th. The shares were sold at an average price of $15.33, for a total transaction of $153,300.00. Following the completion of the transaction, the director now owns 72,500 shares in the company, valued at $1,111,425. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 9.35% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the business. Meeder Asset Management Inc. boosted its position in Spectrum Pharmaceuticals by 134.3% during 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 during the period. Dynamic Technology Lab Private Ltd bought a new position in Spectrum Pharmaceuticals during the first quarter worth about $184,000. Commonwealth Equity Services LLC bought a new position in Spectrum Pharmaceuticals during the first quarter worth about $184,000. Hartford Investment Management Co. bought a new position in Spectrum Pharmaceuticals during the second quarter worth about $219,000. Finally, Jane Street Group LLC bought a new position in Spectrum Pharmaceuticals during the first quarter worth about $246,000. Hedge funds and other institutional investors own 83.20% of the company’s stock.

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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