SPPI - Why Spectrum Pharmaceuticals Stock Is on Fire Today
Spectrum Pharmaceuticals (NASDAQ: SPPI), a small-cap biotech, is up big today following a positive midstage readout for its non-small cell lung cancer (NSCLC) drug poziotinib. Specifically, the drugmaker's shares are up by 23% on heavy volume as of 11:11 a.m. EDT Tuesday morning.
Poziotinib is targeting previously treated NSCLC patients who exhibit the HER2 exon 20 insertion mutation. As there are no approved treatments for this specific form of the disease, Spectrum has a realistic shot at generating several hundred million in annual sales from this experimental cancer drug. That's a big deal for a biotech company with a market cap of just $466 million at the time of writing.
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