Armistice calls for full or partial sale of Spectrum Armistice Capital reported a 5.4% stake in Spectrum Pharmaceuticals and disclosed a letter it sent to the company's Chairman and CEO Rajesh Shrotriya as well as its board. In the letter, Armistice stated its view that Spectrum "continues to underperform its peers and that a number of opportunities exist to rectify this underperformance and create significant value for shareholders." Armistice detailed "action that management should take to reduce operating expenses, restructure the Issuer's operations to enhance efficiency and better align the incentives of management with shareholders." Armistice believes Spectrum "can create significant value for shareholders through a combination of reducing management compensation and employee headcount, significantly curtailing research and development, eliminating excessive corporate offices, and focusing on in-licensing and co-promotion opportunities." Further, Armistice requests that Spectrum initiate a complete or partial sale of the company. Shares of the biotechnology company focused on hematology and oncology closed yesterday up 38c to $6.06.