Spectrum Pharmaceuticals Inc. (SPPI)’s fourth-quarter sales will match or beat the previous quarter’s revenue, Chief Executive Officer Rajesh Shrotriya said.
“We will maintain our revenue, the same or better” than Spectrum’s third-quarter sales of $51 million, Shrotriya said today in a telephone interview.
Spectrum, of Irvine, California, declined 6.6 percent to $14 at 1:49 p.m. New York time in the biggest intraday drop since Dec. 9. “Rumor and perception” that the company’s fourth-quarter revenue will fall short of third-quarter sales may have caused the decline, he said.
The company’s stock has had a “tremendous run” in the past year, and “we’re not hearing anything that would have us worry that it’s being derailed,” Reni Benjamin, an analyst with Rodman & Renshaw in New York, said today by telephone. The shares had more than doubled in the year before today.
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