Market Insider

Stocks making the biggest moves after hours: Tilray, Spectrum Pharmaceuticals and more

Tilray cannabis products
Source: Tilray

Check out the companies making headlines after the bell:

Tilray shares surged as much as 19 percent after hours after the company announced it entered into a $100 million joint venture with AB InBev. The beer brewer and Tilray will study non-alcoholic cannabis-based beverages in Canada. The joint venture, in which both companies will invest $50 million each, will study non-alcoholic beverages containing THC, the intoxicating chemical compound in marijuana, as well as CBD, the non-psychoactive compound.

Spectrum Pharmaceuticals shares plummeted nearly 34 percent during after hours trading upon the news that the U.S. Food and Drug Administration did not grant Breakthrough Therapy Designation to the drug poziotinib. This treats patients with non-small cell lung cancer. This designation would've expedited the review of the drug.

Steelcase shares rose as much as 2.3 percent during after hours trading as the company beat expectations on its top and bottom lines. The company earned 36 cents per share, while analysts expected 30 cents per share. It also beat estimates of $898 million in revenue, reporting $901 million this quarter.