Shares of Spectrum Pharmaceuticals, Inc. (SPPI), focused on developing and commercializing oncology and hematology drug products, were high in Thursday’sintraday trading. The company announced that it has been granted Fast Track designation for poziotinib, a drug to treat various types of cancers, by the U.S. Food and Drug Administration (FDA) after which SPPI stock price saw a push of 18.24% to reach $3.89 a share as of this writing. Let’s deep dive to explore more of it.
SPPI stock seemed red with a 2.08% drop at the previous closing but the grant of Fast Track Designation for poziotinib by the FDA made the stock price green. Poziotinib is mainly intended for the treatment of patients suffering from non-small cell lung cancer. These patients were previously getting treatment in the form of HER2 exon 20 mutations. Spectrum is expected to submit its new drug application for poziotinib within this year.
Spectrum on 2nd March presented results of twice-daily data dosing data for posiotinib and cohort 3 at the ESMO TAT Virtual Congress 2021. The company claimed that twice-daily dosing has shown improvement in the prevention in the formation or growth of tumors and reduced toxicity as compared to a single dose a day. Spectrum is optimistic about this BID strategy and will provide data at AACR in April.
Spectrum is expected to report its earnings on March 11, 2021. In the third quarter of 2020, SPPI bore GAAP net loss and a non-GAAP net loss of $48.5 million and $35.2 million respectively as compared to $26.6 million and $24.5 million in the same quarter of the previous year. The company’s GAAP selling, general and administrative expenses reached $15.1 million while its non-GAAP selling, general and administrative expenses were $12.3 million in the third quarter of 2020.
Things are going well for the penny stock as the SPPI stock price is rising. The company management is optimistic that the grant of Fast Track Designation for poziotinib will build the momentum to express the potential of poziotinib. Hence investors need to keep an eye on SPPI stock.