Cantor Fitzgerald Comments on Spectrum Pharmaceuticals, Inc.’s FY2023 Earnings (NASDAQ:SPPI)

Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPIGet Rating) – Investment analysts at Cantor Fitzgerald issued their FY2023 earnings per share estimates for Spectrum Pharmaceuticals in a research note issued on Monday, June 6th. Cantor Fitzgerald analyst anticipates that the biotechnology company will earn ($0.18) per share for the year. Cantor Fitzgerald has a “Neutral” rating on the stock.

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

Several other research firms also recently weighed in on SPPI. HC Wainwright reissued a “buy” rating and set a $10.00 target price on shares of Spectrum Pharmaceuticals in a research report on Friday, May 27th. JMP Securities reaffirmed a “buy” rating and issued a $4.00 price objective on shares of Spectrum Pharmaceuticals in a report on Tuesday. B. Riley dropped their price objective on shares of Spectrum Pharmaceuticals from $6.00 to $4.00 and set a “buy” rating on the stock in a report on Monday, March 21st. Zacks Investment Research raised shares of Spectrum Pharmaceuticals from a “hold” rating to a “buy” rating and set a $0.75 price objective on the stock in a report on Tuesday, May 24th. Finally, StockNews.com raised shares of Spectrum Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Tuesday, May 24th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $4.69.

NASDAQ:SPPI opened at $0.89 on Wednesday. Spectrum Pharmaceuticals has a twelve month low of $0.60 and a twelve month high of $4.54. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.38 and a quick ratio of 2.38. The company’s 50 day moving average is $0.91 and its two-hundred day moving average is $1.04.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada raised its position in Spectrum Pharmaceuticals by 76.4% during the second quarter. Royal Bank of Canada now owns 10,592 shares of the biotechnology company’s stock worth $40,000 after acquiring an additional 4,587 shares during the period. California State Teachers Retirement System raised its position in Spectrum Pharmaceuticals by 2.7% during the third quarter. California State Teachers Retirement System now owns 219,328 shares of the biotechnology company’s stock worth $478,000 after acquiring an additional 5,824 shares during the period. Invesco Ltd. raised its position in Spectrum Pharmaceuticals by 0.7% during the third quarter. Invesco Ltd. now owns 896,475 shares of the biotechnology company’s stock worth $1,955,000 after acquiring an additional 6,133 shares during the period. The Manufacturers Life Insurance Company raised its position in Spectrum Pharmaceuticals by 7.8% during the third quarter. The Manufacturers Life Insurance Company now owns 98,893 shares of the biotechnology company’s stock worth $216,000 after acquiring an additional 7,178 shares during the period. Finally, Metropolitan Life Insurance Co NY raised its position in Spectrum Pharmaceuticals by 35.8% during the third quarter. Metropolitan Life Insurance Co NY now owns 41,528 shares of the biotechnology company’s stock worth $91,000 after acquiring an additional 10,951 shares during the period. Hedge funds and other institutional investors own 58.51% of the company’s stock.

About Spectrum Pharmaceuticals (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.

Further Reading

Earnings History and Estimates for Spectrum Pharmaceuticals (NASDAQ:SPPI)

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