Shares of Spectrum Pharmaceuticals (NASDAQ: SPPI) surged 14.3% in pre-market trading on Monday following encouraging clinical data on Poziotinib.
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Spectrum’s Poziotinib is a novel, oral epidermal growth factor receptor tyrosine kinase inhibitor (EGFR TKI) that inhibits the proliferation of tumour cells, including non-small cell lung cancer (NSCLC) and other types of cancers.
Spectrum’s clinical data findings on Poziotinib indicated that all 14 patients treated with Poziotinib showed a partial response with an objective response rate (ORR) of 85.7% and a median response duration of 5.5 months.
The ORR was 100% in the previously treated Cohort 2 patients who received 16 mg of poziotinib once a day, and 71.4% in the treatment naïve Cohort 4 patients dosed with 8 mg poziotinib twice a day.
Francois Lebel, M.D., Chief Medical Officer of Spectrum Pharmaceuticals commented, “These findings demonstrate the high activity of poziotinib in both treatment naïve and heavily pre-treated patients.”
Spectrum Also Receives FDA Approval For Rolvedon
The company also announced that its Rolvedon injection (eflapegrastim-xnst) has been approved by the U.S. Food and Drug Administration (FDA). Rolvedon declines the incidence of infection due to febrile neutropenia in adult patients.
Tom Riga, President and CEO of Spectrum stated, “ROLVEDON’s approval marks Spectrum’s transformation to a commercial-stage company with the opportunity to compete in a $2 billion dollar market, and offers a unique value proposition.”
Is Spectrum Pharmaceuticals a Good Stock to Buy?
Analysts remain bullish about Spectrum with a Strong Buy consensus rating based on a unanimous three Buys.
SPPI’s average price forecast of $6.67 implies that the stock has an upside potential of around 415.1%.
