Noteworthy Price Action: After Reaching 1 Year Low, Is Spectrum Pharmaceuticals, Inc.’s Near-Term Analysis Negative?

Noteworthy Price Action: After Reaching 1 Year Low, Is Spectrum Pharmaceuticals, Inc.'s Near Term Analysis Negative?

The stock of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) hit a new 52-week low and has $3.11 target or 11.00% below today’s $3.49 share price. The 5 months bearish chart indicates high risk for the $283.12 million company. The 1-year low was reported on Nov, 2 by Barchart.com. If the $3.11 price target is reached, the company will be worth $31.14M less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. The stock decreased 2.51% or $0.09 during the last trading session, hitting $3.49. About 456,450 shares traded hands. Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) has declined 43.71% since March 31, 2016 and is downtrending. It has underperformed by 46.23% the S&P500.

According to Zacks Investment Research, “Spectrum Pharmaceuticals, Inc. is opportunistically acquiring and advancing a diversified portfolio of oncology drug candidates that meet critical health challenges for which there are few other treatment options. Spectrum’s expertise lies in identifying undervalued drugs with demonstrated safety and efficacy, and adding value through further clinical development and selection of the most viable and low-risk methods of commercialization. The company’s pipeline includes promising early and late-stage drug candidates with unique formulations and mechanisms of action that address the needs of seriously ill patients, such as at-home chemotherapy and new treatment regimens for refractory disease.”

Insitutional Activity: The institutional sentiment increased to 3.84 in 2016 Q2. Its up 2.68, from 1.16 in 2016Q1. The ratio is positive, as 7 funds sold all Spectrum Pharmaceuticals, Inc. shares owned while 18 reduced positions. 34 funds bought stakes while 62 increased positions. They now own 106.93 million shares or 131.39% more from 46.21 million shares in 2016Q1.
D E Shaw Inc holds 2.11M shares or 0.03% of its portfolio. State Board Of Administration Of Florida Retirement Systems accumulated 67,194 shares or 0% of the stock. Blackrock Gru has 0% invested in the company for 116,590 shares. Quantitative Mngmt Lc accumulated 49,700 shares or 0.02% of the stock. Profund Limited Liability Com accumulated 0.01% or 16,381 shares. Deutsche National Bank Ag reported 1.72 million shares or 0.01% of all its holdings. The Texas-based Teacher Retirement System Of Texas has invested 0% in Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI). Tudor Invest Corporation Et Al holds 0.01% or 42,767 shares in its portfolio. California State Teachers Retirement System accumulated 0% or 140,465 shares. Blackrock Ltd Liability Com reported 99,210 shares or 0% of all its holdings. Pinebridge Investments Lp last reported 7,726 shares in the company. Royal Natl Bank Of Canada, a Ontario – Canada-based fund reported 970,332 shares. Alliancebernstein L P reported 83,175 shares or 0% of all its holdings. Eagle Global Advsrs Ltd Liability Co reported 27,180 shares or 0.01% of all its holdings. Vanguard Group last reported 0% of its portfolio in the stock.

More recent Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) news were published by: Businesswire.com which released: “Spectrum Pharmaceuticals Announces Third Quarter 2016 Financial Results …” on October 27, 2016. Also Globenewswire.com published the news titled: “INVESTOR ALERT: Levi & Korsinsky, LLP Reminds Shareholders of Spectrum …” on October 31, 2016. Prnewswire.com‘s news article titled: “SHAREHOLDER ALERT: Purcell Julie & Lefkowitz LLP Is Investigating Spectrum …” with publication date: October 06, 2016 was also an interesting one.

SPPI Company Profile

Spectrum Pharmaceuticals, Inc., incorporated on November, 18, 2002, is a biotechnology company. The Firm operates through developing and commercializing oncology and hematology drug products segment. The Firm has approximately six approved oncology/hematology products that target different types of non-Hodgkin’s lymphoma (NHL), metastatic colorectal cancer, acute lymphoblastic leukemia (ALL) and multiple myeloma (MM). It also has two drugs in late-stage development: SPI-2012, which is being developed for chemotherapy-induced neutropenia in patients with breast cancer, and EOQUIN, which is being developed for immediate intravesical instillation post-transurethral resection of bladder tumors in patients with non-muscle invasive bladder cancer. It has a product portfolio consisting of both commercial-stage and development-stage products that address various cancer types. The Company’s commercialized products include FUSILEV, FOLOTYN, ZEVALIN, MARQIBO, BELEODAQ and EVOMELA. The Company’s other products include SPI-2012, POZIOTINIB and EOQUIN.

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