Home Equities Score Here is why Spectrum Pharmaceuticals, Inc. surged in the after-hours on Friday?

Here is why Spectrum Pharmaceuticals, Inc. surged in the after-hours on Friday?

Spectrum Pharmaceuticals Inc. (SPPI) shares gained 4.35% in after-market on Friday, May 28, 2021, and closed the week at $3.6 per share. Earlier in Friday’s morning session, SPPI’s stock gained 1.47%. SPPI shares have risen 17.35% over the last 12 months, and they have moved up 2.68% in the past week. Over the past three months, the stock has lost 4.43%, while over the past six months, it has declined 24.34%.

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Let’s have a look at its recent news.

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Upcoming data presentation ofPoziotinib

On May 28, 2021, Spectrum Pharmaceuticals announced that it will be doing a poster presentation about poziotinib CNS activity in patients with NSCLC with EGFR or HER2 exon 20 mutations, at the 2021 ASCO Annual Meeting which will be held on June 4-8, 2021.

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Xiuning Le, M.D., Ph.D. will do the poster presentation on June 4, 2021, beginning at 9 a.m. ET.

Participation in the upcoming investor conferences

  • Spectrum Pharmaceuticals is going to do a fireside chat presentation at Jefferies Virtual Healthcare Conference 2021 which will be held on Thursday, June 3, 2021, at 9:30 a.m. ET.
  • Spectrum Pharmaceuticals will also do a fireside chat presentation at JMP Securities Life Sciences Conference 2021 which will be held on June 16, 2021, at 1:30 p.m. ET.

Recent financial results announcement

On May 13, 2021, Spectrum Pharmaceuticals reported its financial results for the three months ended March 31, 2021.

Q1 2021 financial highlights

  • Spectrum Pharmaceuticals earned zero revenue in Q1 2021 and Q1 2020.
  • Spectrum suffered a GAAP net loss of $35.7 million, or $0.25 loss per basic and diluted share, in the three months ended March 31, 2021, compared to a GAAP net loss of $40.6 million, or $0.36 loss per basic and diluted share, in the first quarter of 2020.
  • Research and development expenses were $19.4 million in Q1 2021, compared to $16.0 million in the same period in 2020. Selling, general and administrative expenses were $14.3 million in the first quarter of 2021, compared to $14.8 million in Q1 2020.
  • Total operating expenses were $33.69 million in Q1 2021 compared to $30.79 million in Q1 2020.
  • As of March 31, 2021, the company had cash, cash equivalents, and marketable securities of $162.9 million.

Update on ROLONTIS 

On March 16, 2021, Food and Drug Administration (FDA)scheduled the pre-approval inspection at the ROLONTIS® (eflapegrastim) manufacturing site in May 2021.

In October 2020, the company received notification from the agency that it would defer its decision on the BLA because an inspection of the Hanmi Bio plant in South Korea could not be conducted because of the Covid-19 pandemic.

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Conclusion

The SPPI stock performed well on Friday after the company announced the data presentation at the upcoming ASCO Annual Meeting in June, which is expected to be positive. Investors are betting on SPPI stock before that important announcement.

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