Jefferies Group Issues Forecast for Spectrum Pharmaceuticals for Q3 2017

Spectrum Pharmaceuticals

On Monday, Jefferies Group analysts listed their Q3 forecasts for Spectrum Pharmaceuticals Inc. (NASDAQ:$SPPI) stock. Analyst M. Andrews says the stock will likely increase from the prior quarter’s -$0.18 EPS and reach an EPS of -$0.16. Jefferies Group currently has the stock pegged as a ‘Buy’ with a target price of $13.00. Looking ahead, they also forecast Q4 2017 as -$0.19 EPS, FY2018 at -$0.74 EPS, FY2019 earnings at -$0.31 and FY2020 EPS at $0.26.

On Wednesday, Spectrum stock opened at $9.90. They currently have a 52 week high of $10.77 and a 52 week low of $3.21. The company has 50 and 200-day moving averages of $9.43 and $7.42 respectively.

Multiple other firms have also weighed in on the stock recently:

  • Wednesday, July 5th: Zacks Investment Research increased its rating from ‘Sell’ to ‘Hold’.
  • Monday, July 31st: BidaskClub lowered their rating of the biotechnology company from ‘Strong-Buy’ to a ‘Buy’.
  • Thursday, August 17th: ValuEngine upgraded their rating to ‘Hold’ from ‘Sell’.
  • Thursday, September 14th: HC Wainwright restated a ‘Buy’ rating with a target price of $14.00.

Spectrum has a consensus of ‘Buy’ and an average target price of $12.00.

On Thursday, August 3rd, Spectrum posted their latest earnings results. The company had a -$0.26 EPS for the quarter, past the Zacks’ consensus of -$0.27. The company earned -$0.35 EPS during the same quarter last year.

On the other hand, the company had revenue of $34.30 million during the quarter. This beat the estimate of $30.95 million. This is up 1.0% over the same quarter last year. It also had a negative return on equity of 30.95% and a negative net margin of 59.33%.

Multiple firms have recently altered their holdings in the company:

  • PDT Partners LLC bought an additional 18,800 shares during the 2nd quarter for a total of 142,000 shares valued at $1,058,000, an increase of 15.3%.
  • Macquarie Group Ltd bought an additional 193,883 shares during the 2nd quarter for a total of 2,247,493 with a value of $16,744,000. This represents a 9.4% increase.
  • Cornerstone Capital Management Holdings LLC bought an additional 124,383 shares during the 2nd quarter, for a total of 187,697 shares valued at $1,397,000. This represented an increase of 196.5%.
  • State Street Corp (NYSE:$STT) bought an additional 666,605 shares for a total of 3,020,563 shares valued at $22,507,000. This represents a 28.3% increase over the 2nd quarter.
  • Piedmont Investment Advisors LLC bought into the company during the second quarter with a purchase valued at $114,000.

Spectrum is 66.09% owned by hedge funds and institutional investors.

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About the author: Dylan is a content writer and editor located in Vancouver, British Columbia. He graduated from the University of Regina with BA degrees in both Journalism and History in 2016. His skills include writing, blogging, editing, and developing content for both print and internet media.