Buyers Accumulating Shares of Spectrum Pharmaceuticals on 1.2x Above-Average Volume (SPPI)

Published on Thu, 01/10/2013 - 14:13
By Peter Chu in Unusual volume, SPPI, nasdaq:sppi, spectrum pharmaceuticals, unusual volume

Shares of Spectrum Pharmaceuticals are trading up 3.1% to $13.00 today on above average volume. Today's volume of 1.1 million shares tops the average 30-day volume of 918,000 shares. Spikes in volume can validate a breakout or signify a potential turning point.

Potential upside of 70.8% exists for Spectrum Pharmaceuticals, based on a current level of $13.00 and analysts' average consensus price target of $22.20. The stock should discover initial support at its 200-day moving average (MA) of $12.20 and subsequent support at its 50-day MA of $11.29.

In the past 52 weeks, shares of Spectrum Pharmaceuticals have traded between a low of $9.31 and a high of $17.48 and are now at $13.00, which is 40% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.4%.

Spectrum Pharmaceuticals Inc. develops in-licensed drugs for the treatment and supportive care of cancer patients. The Company's satraplatin is an oral, anti-cancer drug. Spectrum's Elsamitrucin targets non-Hodgkin's lymphoma, and Neoquin is being studied in the treatment of superficial bladder cancer. Spectrum also has a pipeline of pre-clinical neurological drug candidates.

By Peter Chu
pchu@fnno.com

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