Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) – Equities research analysts at Jefferies Group dropped their FY2022 earnings per share estimates for shares of Spectrum Pharmaceuticals in a research note issued on Wednesday. Jefferies Group analyst M. Andrews now anticipates that the biotechnology company will earn $1.75 per share for the year, down from their previous forecast of $1.88.
A number of other research analysts have also recently issued reports on the stock. BidaskClub cut shares of Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, February 22nd. HC Wainwright lifted their target price on shares of Spectrum Pharmaceuticals to $33.00 and gave the company a “buy” rating in a research note on Monday, February 5th. Zacks Investment Research upgraded shares of Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, January 12th. Finally, B. Riley initiated coverage on shares of Spectrum Pharmaceuticals in a research note on Monday, December 18th. They issued a “buy” rating and a $26.00 target price for the company. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $22.83.
Spectrum Pharmaceuticals (NASDAQ:SPPI) last posted its earnings results on Tuesday, March 6th. The biotechnology company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.04). Spectrum Pharmaceuticals had a negative net margin of 70.66% and a negative return on equity of 30.68%. The firm had revenue of $28.57 million during the quarter, compared to the consensus estimate of $33.18 million. During the same quarter last year, the firm posted ($0.10) EPS. The business’s revenue was down 18.9% on a year-over-year basis.
Several institutional investors have recently modified their holdings of the stock. Ashford Capital Management Inc. acquired a new stake in shares of Spectrum Pharmaceuticals in the fourth quarter valued at approximately $6,872,000. MetLife Investment Advisors LLC acquired a new stake in shares of Spectrum Pharmaceuticals in the fourth quarter valued at approximately $770,000. Municipal Employees Retirement System of Michigan increased its holdings in shares of Spectrum Pharmaceuticals by 19.7% in the fourth quarter. Municipal Employees Retirement System of Michigan now owns 34,270 shares of the biotechnology company’s stock valued at $649,000 after purchasing an additional 5,650 shares in the last quarter. Kazazian Asset Management LLC acquired a new stake in shares of Spectrum Pharmaceuticals in the fourth quarter valued at approximately $616,000. Finally, Flinton Capital Management LLC increased its holdings in shares of Spectrum Pharmaceuticals by 111.0% in the fourth quarter. Flinton Capital Management LLC now owns 7,088 shares of the biotechnology company’s stock valued at $134,000 after purchasing an additional 3,728 shares in the last quarter. 78.37% of the stock is owned by institutional investors and hedge funds.
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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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