Spectrum Pharmaceuticals (SPPI) Issues Earnings Results

Spectrum Pharmaceuticals (NASDAQ:SPPI) released its quarterly earnings results on Thursday. The biotechnology company reported ($0.17) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.27) by $0.10, Briefing.com reports. Spectrum Pharmaceuticals had a negative return on equity of 27.71% and a negative net margin of 41.24%. The business had revenue of $25.27 million for the quarter, compared to the consensus estimate of $25.73 million. During the same quarter last year, the business posted ($0.11) earnings per share. The company’s revenue for the quarter was down 30.6% on a year-over-year basis.

NASDAQ SPPI traded up $0.62 during trading hours on Friday, reaching $13.46. 1,440,032 shares of the stock traded hands, compared to its average volume of 1,312,007. Spectrum Pharmaceuticals has a 1 year low of $11.52 and a 1 year high of $25.29. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of -12.58 and a beta of 2.18.

In other news, Director Anthony E. Maida III sold 7,250 shares of Spectrum Pharmaceuticals stock in a transaction dated Thursday, November 8th. The stock was sold at an average price of $13.07, for a total value of $94,757.50. Following the transaction, the director now owns 40,238 shares in the company, valued at $525,910.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Gilles Gagnon sold 10,000 shares of Spectrum Pharmaceuticals stock in a transaction dated Tuesday, October 9th. The stock was sold at an average price of $15.33, for a total value of $153,300.00. Following the completion of the transaction, the director now owns 72,500 shares in the company, valued at approximately $1,111,425. The disclosure for this sale can be found here. Company insiders own 9.35% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPPI. Meeder Asset Management Inc. increased its holdings in shares of Spectrum Pharmaceuticals by 134.3% in the second quarter. Meeder Asset Management Inc. now owns 5,448 shares of the biotechnology company’s stock worth $114,000 after buying an additional 3,123 shares during the period. Northeast Financial Consultants Inc purchased a new position in shares of Spectrum Pharmaceuticals in the third quarter worth about $168,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Spectrum Pharmaceuticals in the first quarter worth about $184,000. Smith Asset Management Group LP purchased a new position in shares of Spectrum Pharmaceuticals in the third quarter worth about $199,000. Finally, Hartford Investment Management Co. purchased a new position in shares of Spectrum Pharmaceuticals in the second quarter worth about $219,000. Hedge funds and other institutional investors own 83.39% of the company’s stock.

A number of equities research analysts have weighed in on SPPI shares. BidaskClub downgraded Spectrum Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Friday, September 7th. TheStreet upgraded Spectrum Pharmaceuticals from a “d+” rating to a “c” rating in a research report on Monday, August 20th. B. Riley raised their price target on Spectrum Pharmaceuticals from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, August 31st. HC Wainwright raised their price target on Spectrum Pharmaceuticals to $40.00 and gave the company a “buy” rating in a research report on Thursday, September 6th. Finally, ValuEngine downgraded Spectrum Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, November 1st. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $31.67.

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Spectrum Pharmaceuticals Company Profile

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 for Spectrum Pharmaceuticals (NASDAQ:SPPI)

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