Spectrum Pharmaceuticals Inc. (NASDAQ:SPPI) shares, rose in value on Wednesday, 05/24/23, with the stock price up by 0.88% to the previous day’s close as strong demand from buyers drove the stock to $1.14.
Actively observing the price movement in the last trading, the stock closed the session at $1.13, falling within a range of $1.07 and $1.145. The value of beta (5-year monthly) was 2.22. Referring to stock’s 52-week performance, its high was $1.57, and the low was $0.31. On the whole, SPPI has fluctuated by 24.45% over the past month.
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With the market capitalization of Spectrum Pharmaceuticals Inc. currently standing at about $229.29 million, investors are eagerly awaiting this quarter’s results, scheduled for Aug 09, 2023 – Aug 14, 2023. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.04, which is expected to increase to -$0.01 for fiscal year -$0.07 and then to about $0.01 by fiscal year 2024. Data indicates that the EPS growth is expected to be 82.90% in 2024, while the next year’s EPS growth is forecast to be 114.30%.
Analysts have estimated the company’s revenue for the quarter at $15.19 million, with a low estimate of $13.2 million and a high estimate of $17.18 million. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $65.44 million, representing an increase of 547.00% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were 1 upward and no downward review(s) in last seven days. We see that SPPI’s technical picture suggests that short-term indicators denote the stock is a 50% Buy on average. However, medium term indicators have put the stock in the category of 100% Buy while long term indicators on average have been pointing out that it is a 100% Buy.
5 analyst(s) have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. The stock is rated as a Hold by 5 analyst(s), 0 recommend it as a Buy and 0 called the SPPI stock Overweight. In the meantime, 0 analyst(s) believe the stock as Underweight and 0 think it is a Sell. Thus, investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is Hold.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of SPPI currently trading nearly 0.75% and 28.16% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 56.53, while the 7-day volatility ratio is showing 7.02% which for the 30-day chart, stands at 8.00%. Furthermore, Spectrum Pharmaceuticals Inc. (SPPI)’s beta value is 2.17, and its average true range (ATR) is 0.08.
A comparison of Spectrum Pharmaceuticals Inc. (SPPI) with its peers suggests the former has fared considerably weaker in the market. SPPI showed an intraday change of 0.88% in last session, and over the past year, it grew by 53.51%%. In comparison, Biogen Inc. (BIIB) has moved lower at -0.52% on the day and was up 51.23% over the past 12 months. On the other hand, the price of Johnson & Johnson (JNJ) has fallen -0.10% on the day. The stock, however, is off -12.70% from where it was a year ago. Additionally, there is a loss of -1.59% for Bristol-Myers Squibb Company (BMY) in last trading while the stock has seen an overall depriciation of -14.64%% over the past year. Other than that, the overall performance of the S&P 500 during the last trading session shows that it lost -0.73%. Meanwhile, the Dow Jones Industrial Slipped by -0.77%.
Data on historical trading for Spectrum Pharmaceuticals Inc. (NASDAQ:SPPI) indicates that the trading volumes over the past 10 days have averaged 1.97 million and over the past 3 months, they’ve averaged 2.34 million. According to company’s latest data on outstanding shares, there are 201.92 million shares outstanding.
Nearly 1.60% of Spectrum Pharmaceuticals Inc.’s shares belong to company insiders and institutional investors own 26.30% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 6.06 million shares as on Apr 27, 2023, resulting in a short ratio of 2.36. According to the data, the short interest in Spectrum Pharmaceuticals Inc. (SPPI) stood at 2.95% of shares outstanding as of Apr 27, 2023; the number of short shares registered in Mar 30, 2023 reached 4.58 million. The stock has risen by 209.36% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the SPPI stock heading into the next quarter.
