Spectrum Pharmaceuticals, Inc. (SPPI) Expected to Post Quarterly Sales of $28.03 Million

Equities analysts predict that Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) will report sales of $28.03 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Spectrum Pharmaceuticals’ earnings. The lowest sales estimate is $26.80 million and the highest is $30.00 million. Spectrum Pharmaceuticals reported sales of $34.30 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 18.3%. The company is expected to announce its next quarterly earnings report on Thursday, August 2nd.

On average, analysts expect that Spectrum Pharmaceuticals will report full-year sales of $110.03 million for the current year, with estimates ranging from $107.00 million to $112.00 million. For the next financial year, analysts forecast that the firm will post sales of $119.50 million per share, with estimates ranging from $108.80 million to $125.70 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Spectrum Pharmaceuticals.

Spectrum Pharmaceuticals (NASDAQ:SPPI) last announced its quarterly earnings data on Thursday, May 3rd. The biotechnology company reported ($0.16) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.35) by $0.19. Spectrum Pharmaceuticals had a negative return on equity of 29.47% and a negative net margin of 64.39%. The business had revenue of $30.50 million during the quarter, compared to the consensus estimate of $25.68 million. During the same period in the previous year, the company posted ($0.14) earnings per share. The business’s revenue for the quarter was up 4.8% on a year-over-year basis.

A number of equities analysts have recently commented on SPPI shares. Zacks Investment Research downgraded Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Monday, April 16th. TheStreet downgraded Spectrum Pharmaceuticals from a “c-” rating to a “d+” rating in a report on Friday, March 16th. ValuEngine raised Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. Finally, BidaskClub raised Spectrum Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Friday, May 11th. One analyst has rated the stock with a sell rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $27.20.

In other news, Director Rajesh C. Md Shrotriya sold 24,014 shares of the stock in a transaction that occurred on Monday, May 14th. The stock was sold at an average price of $18.38, for a total value of $441,377.32. Following the completion of the sale, the director now directly owns 200,652 shares of the company’s stock, valued at $3,687,983.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stuart Mitchell Krassner sold 4,200 shares of the stock in a transaction that occurred on Wednesday, March 21st. The shares were sold at an average price of $18.64, for a total value of $78,288.00. Following the completion of the sale, the director now directly owns 83,257 shares of the company’s stock, valued at $1,551,910.48. The disclosure for this sale can be found here. Insiders sold 882,436 shares of company stock valued at $15,324,653 over the last ninety days. 9.35% of the stock is currently owned by corporate insiders.

Several hedge funds have recently bought and sold shares of SPPI. BlackRock Inc. boosted its holdings in shares of Spectrum Pharmaceuticals by 33.5% in the fourth quarter. BlackRock Inc. now owns 15,989,930 shares of the biotechnology company’s stock valued at $303,008,000 after acquiring an additional 4,012,596 shares during the period. Bogle Investment Management L P DE boosted its holdings in shares of Spectrum Pharmaceuticals by 176.8% in the fourth quarter. Bogle Investment Management L P DE now owns 639,856 shares of the biotechnology company’s stock valued at $12,125,000 after acquiring an additional 408,724 shares during the period. Ashford Capital Management Inc. acquired a new stake in shares of Spectrum Pharmaceuticals in the fourth quarter valued at approximately $6,872,000. Millennium Management LLC acquired a new stake in shares of Spectrum Pharmaceuticals in the first quarter valued at approximately $3,707,000. Finally, TIAA CREF Investment Management LLC boosted its holdings in shares of Spectrum Pharmaceuticals by 84.9% in the fourth quarter. TIAA CREF Investment Management LLC now owns 408,284 shares of the biotechnology company’s stock valued at $7,737,000 after acquiring an additional 187,453 shares during the period. 77.19% of the stock is owned by institutional investors and hedge funds.

Shares of Spectrum Pharmaceuticals stock traded up $0.03 on Monday, reaching $20.00. 95,009 shares of the company were exchanged, compared to its average volume of 1,438,083. Spectrum Pharmaceuticals has a 1-year low of $6.38 and a 1-year high of $23.50. The company has a market cap of $2.07 billion, a PE ratio of -18.87 and a beta of 2.02.

About Spectrum Pharmaceuticals

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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