Why did Spectrum Pharmaceuticals Inc. (SPPI) stock surge in the after-hours on Wednesday?

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MRAI Stock
MRAI Stock

Spectrum Pharmaceuticals Inc. (SPPI) shares gained 7.39% in after-hours on Wednesday, November 24, 2021, and closed the trading at $1.89. SPPI’s stock price remained unchanged in the regular trading session on Wednesday. SPPI shares have fallen 60.71% over the last 12 months, and they have moved down 8.33% in the past week. Over the past three months, the stock has lost 25.11%, while over the past six months, it has declined 48.24%.

Let’s see what are the latest news about the company?


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SPPI participation in a recent event

Spectrum Pharmaceuticals (SPPI) recently participated at the 2021 Jefferies London Healthcare Conference which was held on November 18, 2021. The company management participated in a fireside chat during the event.

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SPPI latest financial results

On November 10, 2021, Spectrum Pharmaceuticals, Inc. (SPPI) announced financial results for the three months ended September 30, 2021.

Q3 2021 financial highlights

  • SPPI reported nil revenue in Q3 2021 and Q3 2020.
  • It suffered a net loss of $33.1 million, or $0.21 loss per basic and diluted share in Q3 2021 compared to a net loss of $48.5 million, or $0.37 loss per basic and diluted share in Q3 2020.
  • Selling, general and administrative expenses were $12.2 million in the third quarter, compared to $15.1 million in the same period in 2020.
  • Research and development expenses were $20.9 million in Q3 2021 compared to $24.5 million in the same period in 2020.
  • As of September 30, 2021, the company had cash, cash equivalents, and marketable securities of $133.6 million.

SPPI preseted poziotinib pre-clinical data

On October 7, 2021, Spectrum Pharmaceuticals (SPPI), presented preclinical data demonstrating the synergistic impact of poziotinib when combined with KRAS inhibitors in KRASG12C mutant specific cell lines. The data was presented in a poster presentation by Jacqulyne Robichaux, PhD, Assistant Professor, University of Texas, MD Anderson Cancer Center titled “Pan-ErbB inhibition enhances the activity of KRASG12C inhibitors in preclinical models of KRASG12C mutant cancers” at the Virtual International Conference on Molecular Targets and Cancer Therapeutics which was held October 7-10, 2021.

The preclinical data demonstrated that inhibition of EGFR, HER2, HER3, and HER4 signalling by the pan-ErbB inhibitor poziotinib was synergistic when combined with KRASG12C inhibitors.

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Conclusion

Well, we have no reason which could be linked with its positive performance in the after-hours on Wednesday, let’s see how it performs on Friday after the Thanksgiving holiday?

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