Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) is having an overwhelmingly strong start to the day in the pre-market hours, and for good reason. The company announced that updated clinical data are available. Of course, this led to excitement among investors, sending the stock screaming for the top. Today, we’ll talk about:
- The update;
- what we’re seeing from SPPI;
- and what we’ll be watching for ahead.
SPPI Announces Availability Of Updated Data
As mentioned above, Spectrum Pharmaceuticals is having an incredibly strong start to the trading session this morning after announcing that updated data are available. The data surrounds the poziotinib Phase 2 clinical study taking place at MD Anderson. In particular, the study is assessing the efficacy and safety of poziotinib as a treatment for EGFR Exon 20 mutant non-small cell lung cancer.The data proved to be overwhelmingly positive with response rates around 64%. In a statement, John Heymach, M.D., Ph.D., Chairman and Professor at the Department of Thoracic/Head and Neck Medical Oncology at the University of Texas MD Anderson Cancer Center, had the following to offer about the treatment developed by SPPI:
I am pleased to observe the preliminary confirmed objective response rate and potential progression-free survival (PFS) benefit in EGFR Exon 20 Mutant Non-Small Cell Lung Cancer patients… In the first 11 patients, the confirmed objective response rate was 64%. This is very exciting because we were initially hoping to get response rates between 20% to 30%. I am encouraged to see that in these 11 patients, the median PFS has not been reached after a median follow up of 6.5 months. In addition, the two most common adverse events observed in the study to date are skin rash and diarrhea, which are known EGFR inhibitor-related toxicities. We are looking forward to presenting comprehensive data from this study at a major medical meeting later this year.
The above statement was followed up by Joe Turgeon, President and CEO at SPPI. Here’s what he had to offer:
The updated data from MD Anderson provides additional insight into just how meaningful poziotinib may be in this area of high unmet need… At each turn, the possibility of this drug as an option for EGFR Exon 20 mutant NSCLC patients is becoming more clear.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dabble in the market is that the news causes moves. In the case of SPPI, the news proved to be overwhelmingly positive. After all, the data showed a much larger response rate than expected. So, it’s no surprise to see that the stock is making a run for the top in the market this morning. As is almost always the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (8:51), SPPI is trading at $17.00 per share after a gain of $2.37 per share or 16.20% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on SPPI. In particular, we’re interested in following the story surrounding the ongoing Phase 2 clinical study of poziotinib as the treatment is showing overwhelmingly positive data thus far. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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