5 Best Biotech Penny Stocks To Buy Now

2. Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI)

Number of Hedge Fund Holders: 11

Share Price as of November 29: $0.44

Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) develops and commercializes oncology and hematology drug products. The company is based in Boston, Massachusetts.

A Buy rating was reiterated on Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) shares on November 25 by H.C. Wainwright’s Edward White. The analyst also placed a $4 price target on the stock.

The third-quarter results for Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) showed that the company had $100.3 million in cash, cash equivalents, and marketable securities available to optimize its ROLVEDON commercial launch and extend the company’s cash runway through 2024. ROLVEDON is one of the company’s medicines that recently became commercially available, in light of which its stock jumped by 13%.

Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) was found among the 13F holdings of 11 hedge funds in the third quarter. Their total stake value was $10.2 million.

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