NEW YORK (TheStreet) -- Shares of Spectrum Pharmaceuticals (SPPI - Get Report) were dropping 6.1% to $5.16 on heavy trading volume mid-Wednesday afternoon after an FDA advisory committee said the company's Qapzola drug for bladder tumor resection did not show substantial evidence of efficacy in studies.

The FDA will make a final decision on the drug on December 11 and is not bound to the committee's recommendation, according to a company statement.

FBR Capital said in a note that the selloff following today's announcement provides a buying opportunity into shares of the Henderson, NV-based biotech company, the Fly reports.

More than 1.71 million of Spectrum's shares have traded so far today vs. the 30-day daily average of about 919,000 shares.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "sell" with a ratings score of D.

The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.

You can view the full analysis from the report here: SPPI