Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Spectrum Pharmaceuticals Inc. shares valued at $5,594 were sold by LEBEL FRANCOIS on Jun 23. At $0.84 per share, LEBEL FRANCOIS sold 6,667 shares. The insider’s holdings dropped to 644,790 shares worth approximately $0.41 million following the completion of this transaction.
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Also, LEBEL FRANCOIS sold 6,096 shares, netting a total of over 4,913 in proceeds. Following the sale of shares at $0.81 each, the insider now holds 651,457 shares.
Before that, Brennan Nora had sold 3,569 shares from its account. In a trade valued at $2,802, the EVP & CFO traded Spectrum Pharmaceuticals Inc. shares for $0.79 each. Upon closing the transaction, the insider’s holdings decreased to 3,569 shares, worth approximately $0.23 million.
As published in their initiating research note from JMP Securities on September 17, 2020, Spectrum Pharmaceuticals Inc. [SPPI] has been a Mkt outperform and the price target has been revised to $12. This represents a 94.75% premium over Wednesday’s closing price. Analysts at Guggenheim downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in late December. As of December 26, 2019, Cantor Fitzgerald has decreased its “an Overweight” rating to a “Neutral” for SPPI.
Analyzing SPPI’s Price Performance
On Wednesday, Spectrum Pharmaceuticals Inc. [NASDAQ: SPPI] plunged -4.27% to $0.63. The stock’s lowest price that day was $0.625, but it reached a high of $0.68 in the same session. During the last five days, there has been a drop of approximately -46.22%. Over the course of the year, Spectrum Pharmaceuticals Inc. shares have dropped approximately -50.03%. Shares of the company reached a 52-week high of $1.6200 on 01/03/22 and a 52-week low of $0.6000 on 01/27/22. A 50-day SMA is recorded $1.0705, while a 200-day SMA reached $0.9920. Nevertheless, trading volume fell to 6.67 million shares from 21.85 million shares the previous day.
Support And Resistance Levels for Spectrum Pharmaceuticals Inc. (SPPI)
According to the 24-hour chart, there is a support level at 0.6131, which, if violated, would cause prices to drop to 0.5915. In the upper region, resistance lies at 0.6681. The next price resistance is at 0.7015. RSI (Relative Strength Index) is 25.10 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.3265, which suggests the price will decrease in the coming days. Percent R is at 98.96%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Spectrum Pharmaceuticals Inc. subject to short interest?
Stocks of Spectrum Pharmaceuticals Inc. saw a sharp steep in short interest on Jul 14, 2022 dropping by -6.34 million shares to 5.55 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 11.89 million shares. A decline of -114.23% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.09 of the overall float, the days-to-cover ratio (short ratio) decline to 2.09.
Which companies own the most shares of Spectrum Pharmaceuticals Inc. (SPPI)?
According to Armistice Capital LLC filings, the company currently owns 17,100,000 shares, which is about 9.49% of the total SPPI shares outstanding. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $9,906,328. D. E. Shaw & Co. LP acquire a 2.63% interest valued at $9.1 million while BlackRock Fund Advisors sold a -7,091,647 stake. A total of 1,923,371 shares of Spectrum Pharmaceuticals Inc. were sold by Millennium Management LLC during the quarter, and -991,807 were sold by Geode Capital Management LLC. In its current portfolio, Morgan Stanley Smith Barney LLC holds 1,483,420 shares valued at $1.68 million.