Spectrum Pops 71% In After-Hours On ‘Positive’ Data For Lung Cancer Treatment

SPPI) jumped 71% in extended trading after announcing positive topline results from a Phase 2 clinical trial evaluating its poziotinib in previously treated non-small cell lung cancer (NSCLC).” data-reactid=”12″ type=”text”>Shares in Spectrum Pharmaceuticals (SPPI) jumped 71% in extended trading after announcing positive topline results from a Phase 2 clinical trial evaluating its poziotinib in previously treated non-small cell lung cancer (NSCLC).

The stock soared to $5.53 in Monday’s after-market trading. Spectrum said that it met the pre-specified primary endpoint in the poziotinib ZENITH20 Phase 2 clinical trial.

Cohort 2 of the ZENITH20 clinical trial enrolled a total of 90 patients who received an oral, once daily dose of 16 mg of poziotinib. All the patients had failed at least one prior therapy with 60 patients (67%) having failed two or more prior therapies, including chemotherapy and immunotherapy. The treatment analysis demonstrated a confirmed objective response rate (ORR) of 27.8%.

“The positive results of Cohort 2 are a significant milestone and we are looking forward to meeting with the FDA,” said Spectrum CEO Joe Turgeon. “We believe that poziotinib is a significant advancement for patients with this deadly disease in an area of high unmet medical need.”

Spectrum is in the process of requesting a meeting with the FDA to discuss the data as it plans to submit a New Drug Application (NDA). The company expects to present additional study results for cohort 2 at an upcoming medical meeting.

Mayank Mamtani at B.Riley FBR believes some stock catching-up could be lying ahead.” data-reactid=”21″ type=”text”>With Spectrum shares down more than 11% so far this year, five-star analyst Mayank Mamtani at B.Riley FBR believes some stock catching-up could be lying ahead.

“We believe a catalyst-rich 2H20 sets up an attractive risk-reward, where SPPI stock could catch up to the broader biotech rally,” Mamtani wrote in a note to investors this month.

Following a virtual meeting with Spectrum’s management, the analyst reiterated a Buy rating on the stock with a $8 price target (146.91% upside potential).

“While management anticipates a temporary increase in SG&A for commercialization costs and continued R&D expenditures for pozitionib’s late-stage development, Rolontis sales throughout 2021 will provide meaningful revenue to help bolster the SPPI balance sheet,” Mamtani added.

Buy, and the $9.50 average price target puts the potential twelve-month gain at 193%. (See SPPI stock analysis on TipRanks)” data-reactid=”25″ type=”text”>Overall, not many have weighed in with an outlook on SPPI in the last 3 months, but those two analysts who have rate the stock a Buy, and the $9.50 average price target puts the potential twelve-month gain at 193%. (See SPPI stock analysis on TipRanks)

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