Brokerages expect Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) to report $34.00 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Spectrum Pharmaceuticals’ earnings, with estimates ranging from $33.20 million to $34.80 million. Spectrum Pharmaceuticals posted sales of $35.24 million during the same quarter last year, which suggests a negative year-over-year growth rate of 3.5%. The firm is scheduled to announce its next quarterly earnings results after the market closes on Tuesday, March 6th.
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 fiscal year, analysts forecast that the business will report sales of $127.23 million per share, with estimates ranging from $125.00 million to $131.00 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Spectrum Pharmaceuticals.
A number of equities analysts recently issued reports on SPPI shares. HC Wainwright restated a “buy” rating on shares of Spectrum Pharmaceuticals in a report on Friday, November 3rd. BidaskClub raised Spectrum Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, January 26th. B. Riley started coverage on Spectrum Pharmaceuticals in a report on Monday, December 18th. They set a “buy” rating and a $26.00 price objective on the stock. Finally, Zacks Investment Research downgraded Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, January 2nd. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Spectrum Pharmaceuticals presently has a consensus rating of “Buy” and a consensus target price of $22.83.
Several institutional investors have recently modified their holdings of the business. Ashford Capital Management Inc. bought a new stake in shares of Spectrum Pharmaceuticals during the 4th quarter valued at $6,872,000. MetLife Investment Advisors LLC bought a new stake in shares of Spectrum Pharmaceuticals during the 4th quarter valued at $770,000. Municipal Employees Retirement System of Michigan raised its position in shares of Spectrum Pharmaceuticals by 19.7% during the 4th quarter. Municipal Employees Retirement System of Michigan now owns 34,270 shares of the biotechnology company’s stock valued at $649,000 after acquiring an additional 5,650 shares during the last quarter. Kazazian Asset Management LLC bought a new stake in shares of Spectrum Pharmaceuticals during the 4th quarter valued at $616,000. Finally, Flinton Capital Management LLC raised its position in shares of Spectrum Pharmaceuticals by 111.0% during the 4th quarter. Flinton Capital Management LLC now owns 7,088 shares of the biotechnology company’s stock valued at $134,000 after acquiring an additional 3,728 shares during the last quarter. Institutional investors own 79.96% of the company’s stock.
About Spectrum Pharmaceuticals
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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