The stock of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) is now priced at $4.21 and the shares are 0.25 points up or 6.31% higher compared to its previous closing price of $3.96. The stock had 2.07 million contracts set over the past session. SPPI shares’ daily volume is compared to its average trading volume at 2.432 million shares. However, it has a float of 104 million and although its performance was 9.64% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the SPPI share price recently placing at $3.98 to $4.21. However, some brokerage firms have priced the stock below the average, including one that has called $7.
The shorts are climbing into the Spectrum Pharmaceuticals, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the SPPI shares have risen. Short interest in the stock represents just 6.95% of its float, but the volume has raised by 561985. The volume of shorted shares rised to 7.251 million from 6.689 million shares over the last two weeks. The average intraday trading volume has been 2.858 million shares, which means that days to cover moved to roughly 2.537011.
In the last trading session, Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) raised by $0.37 over the week and gained $1.22 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $10.57. The stock recorded its established 52-week high on 12/11/19.
Since 03/19/20, the stock has traded to a low of $1.74 at 141.65%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.23. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Spectrum Pharmaceuticals, Inc.’s two-week RSI is 61.34. This suggests that the stock is neutral at the moment and that SPPI shares’ price movement remains stable. The stochastic readings are equally revealing at 87.33% meaning the SPPI share price is currently in oversold territory.
The technical chart shows that the SPPI stock will likely settle at between $4.29 and $4.36 per share. However, if the stock dips below $4.06, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $3.9.
Currently, the stock is trading in the green of MACD, with a reading of 0.11. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Guggenheim cut their recommendation for SPPI from Buy to Neutral in December 26 review. Cantor Fitzgerald analysts downgraded their recommendation of the stock from Overweight to Neutral while keeping its target price at $17 to $4 in a flash note released to investors on December 26. B. Riley FBR analysts see the stock as Buy when the analysts resumed the share price coverage on November 27, placing it at $18.
The average rating for the SPPI equity is 2.2 and is currently gathering a bullish momentum. Of 5 analysts tracking Spectrum Pharmaceuticals, Inc. polled by Reuters, 2 rated SPPI as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.