Brokerages Expect Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) Will Announce Earnings of -$0.18 Per Share

Wall Street brokerages forecast that Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI – Get Rating) will announce earnings of ($0.18) per share for the current fiscal quarter, according to Zacks Investment Research. Zero analysts have provided estimates for Spectrum Pharmaceuticals’ earnings. The lowest EPS estimate is ($0.20) and the highest is ($0.16). Spectrum Pharmaceuticals reported earnings per share of ($0.32) in the same quarter last year, which would suggest a positive year over year growth rate of 43.8%. The business is expected to issue its next earnings report on Monday, January 1st.

On average, analysts expect that Spectrum Pharmaceuticals will report full-year earnings of ($0.62) per share for the current fiscal year, with EPS estimates ranging from ($0.74) to ($0.50). For the next year, analysts expect that the company will post earnings of ($0.11) per share, with EPS estimates ranging from ($0.28) to $0.02. Zacks’ EPS averages are a mean average based on a survey of analysts that cover Spectrum Pharmaceuticals.

Spectrum Pharmaceuticals (NASDAQ:SPPI – Get Rating) last posted its quarterly earnings data on Thursday, March 17th. The biotechnology company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.05). During the same period in the prior year, the firm posted ($0.36) earnings per share.

SPPI has been the topic of several analyst reports. Cantor Fitzgerald restated a “neutral” rating on shares of Spectrum Pharmaceuticals in a report on Friday, April 1st. JMP Securities reiterated a “buy” rating and issued a $4.00 price target on shares of Spectrum Pharmaceuticals in a report on Wednesday, April 13th. Zacks Investment Research downgraded Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Thursday, March 24th. B. Riley lowered their price target on Spectrum Pharmaceuticals from $6.00 to $4.00 and set a “buy” rating for the company in a report on Monday, March 21st. Finally, StockNews.com initiated coverage on Spectrum Pharmaceuticals in a report on Thursday, March 31st. They issued a “sell” rating for the company. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $3.42.

SPPI stock opened at $0.77 on Friday. Spectrum Pharmaceuticals has a 52-week low of $0.60 and a 52-week high of $4.54. The stock’s 50 day moving average is $1.00 and its two-hundred day moving average is $1.18. The company has a market capitalization of $137.10 million, a PE ratio of -0.88 and a beta of 2.23.

A number of institutional investors and hedge funds have recently modified their holdings of SPPI. Royal Bank of Canada grew its stake in Spectrum Pharmaceuticals by 76.4% during the 2nd quarter. Royal Bank of Canada now owns 10,592 shares of the biotechnology company’s stock worth $40,000 after buying an additional 4,587 shares during the last quarter. Millennium Management LLC bought a new position in Spectrum Pharmaceuticals during the 2nd quarter worth $180,000. Morgan Stanley grew its stake in Spectrum Pharmaceuticals by 105.5% during the 2nd quarter. Morgan Stanley now owns 2,510,343 shares of the biotechnology company’s stock worth $9,413,000 after buying an additional 1,289,003 shares during the last quarter. SG Americas Securities LLC grew its stake in Spectrum Pharmaceuticals by 1,382.7% during the 3rd quarter. SG Americas Securities LLC now owns 166,754 shares of the biotechnology company’s stock worth $364,000 after buying an additional 155,507 shares during the last quarter. Finally, Moors & Cabot Inc. bought a new position in Spectrum Pharmaceuticals during the 3rd quarter worth $26,000. Hedge funds and other institutional investors own 58.51% of the company’s stock.

Spectrum Pharmaceuticals Company Profile (Get Rating)

Spectrum Pharmaceuticals, Inc, a biopharmaceutical company, develops and commercializes oncology and hematology drug products. The company's products under development include Eflapegrastim, a novel long-acting granulocyte colony-stimulating factor for chemotherapy-induced neutropenia; Poziotinib, a novel irreversible tyrosine kinase inhibitor for non-small cell lung cancer tumors with various mutations; and Anti-CD20-IFNa, an antibody-interferon fusion molecule directed against CD20 that is in Phase I development for the treatment of patients with relapsed or refractory non-Hodgkin's lymphoma, including diffuse large B-cell lymphoma.

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