Benzinga | Sep 17, 2020 02:59PM EDT

Why Spectrum Pharmaceuticals Is Trading Higher Today

Spectrum Pharmaceuticals (NASDAQ:SPPI) shares are trading higher on Thursday after JMP Securities initiated coverage on the stock with an Outperform rating and announced a price target of $12 per share.

Spectrum Pharmaceuticals operates in the health care sector in the United States. As an oncology products manufacturer, it develops drugs to combat various kinds of tumors. The SPI-2012 is being developed for chemotherapy-induced neutropenia in patients with breast cancer, and EOQUIN addresses immediate intravesical instillation and post-transurethral resection of bladder tumors in patients with non-muscle invasive bladder cancer.

Spectrum Pharmaceuticals shares were up 7.78% at $4.50 at the time of publication on Thursday. The stock has a 52-week high of $10.57 and a 52-week low of $1.74.