In the latest trading session, Spectrum Pharmaceuticals (SPPI - Free Report) closed at $3.24, marking a -1.52% move from the previous day. This change lagged the S&P 500's daily gain of 0.39%. Elsewhere, the Dow gained 0.17%, while the tech-heavy Nasdaq added 0.34%.
Coming into today, shares of the biotechnology company had lost 61.79% in the past month. In that same time, the Medical sector gained 2.2%, while the S&P 500 gained 4.73%.
SPPI will be looking to display strength as it nears its next earnings release. On that day, SPPI is projected to report earnings of -$0.22 per share, which would represent year-over-year growth of 26.67%. Meanwhile, our latest consensus estimate is calling for revenue of $1 million, down 96.6% from the prior-year quarter.
Any recent changes to analyst estimates for SPPI should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 3.48% lower. SPPI is currently sporting a Zacks Rank of #3 (Hold).
The Medical - Drugs industry is part of the Medical sector. This group has a Zacks Industry Rank of 119, putting it in the top 47% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.