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SPPI - Spectrum Pharmaceuticals: Stock Price Drop Vs Disappointing Clinical Data Provides Good Upside
Spectrum Pharmaceuticals Inc.
On December 26 before market open, Spectrum Pharmaceuticals (NASDAQ:SPPI) provided an update on its lead candidates poziotinib and ROLONTIS. The news was clearly not well-received, as the stock finished down 60% for the day.
The reason the stock crashed is because the phase 2 ZENITH20 trial of poziotinib in 2nd line NSCLC patients with EGFR exon 20 mutations did not meet the pre-specified primary endpoint in Cohort 1. Our original thesis was that even though the ORR had been declining at successive data readouts (down from an original high of 73%), it