NEW YORK ( TheStreet) -- Shares of Spectrum Pharmaceuticals (Nasdaq: SPPI) were gapping down Thursday morning with an open price 11.6% lower than Wednesday's closing price. The stock closed at $12.21 Wednesday and opened today's trading at $10.79. The average volume for Spectrum has been 1.6 million shares per day over the past 30 days. Spectrum has a market cap of $880.1 million and is part of the health care sector and drugs industry. Shares are down 16.5% year to date as of the close of trading on Wednesday. Spectrum Pharmaceuticals, Inc., a biotechnology company, engages in acquiring, developing, and commercializing prescription drug products primarily in the areas of hematology and oncology. The company has a P/E ratio of 15.1, below the average drugs industry P/E ratio of 19.7 and below the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Spectrum as a hold. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and notable return on equity. However, as a counter to these strengths, we find that the company's profit margins have been poor overall. You can view the full Spectrum Ratings Report. Get more investment ideas from our investment research center. Interested in other stocks that are gapping down? Get free SMS text alerts sent to you when the action happens by texting DOWN to 95370 or select from multiple alert options.