uploads/2018/09/headache-1540220_1280.jpg

Why Spectrum Pharmaceuticals Stock Rose ~5% on September 6

By

Updated

Stock performance

On September 6, Spectrum Pharmaceuticals stock closed at $22.25, which is a ~5.70% rise from its close of $21.05 on September 5, 2018. On September 6, Spectrum Pharmaceuticals stock price closed at $22.25, which represents ~146% growth from its 52-week low of $9.03 on September 22, 2017. Spectrum Pharmaceuticals hit its 52-week high of $25.29 on August 27, 2018.

Article continues below advertisement

Reason for the rise in the stock price

On September 5, Spectrum Pharmaceuticals announced new interim data from the MD Anderson phase two non-small cell lung cancer (or NSCLC) trial. Of the 40 patients in the clinical trial, Spectrum Pharmaceuticals’ poziotinib demonstrated robust efficacy with 58% of patients achieving an objective response rate (or ORR) and median progression-free survival of 5.6 months. Spectrum Pharmaceuticals noted that it would present updated data during the oral presentation session that is scheduled on September 24 in Toronto, Canada.

Analyst recommendations

Of the four analysts tracking Spectrum Pharmaceuticals (SPPI) in September 2018, two of them recommended a “strong buy,” while the other two recommended a “buy” rating. On September 6, 2018, Spectrum Pharmaceuticals had a consensus 12-month target price of $34.5, which represents a ~55.06% return on investment over the next 12 months.

Peer ratings

In September 2018, of the ten analysts tracking Nektar Therapeutics (NKTR), ~80% of them recommended “buys,” while of the six analysts tracking TG Therapeutics (TGTX), all of them recommended “buys.”

On September 6, 2018, Nektar Therapeutics and TG Therapeutics had consensus 12-month target prices of $89.38 and $29.17, respectively, which represents ~35.42% and ~145.13% returns on investment over the next 12 months.

Advertisement

More From Market Realist