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Spectrum Doubles in 3 Months: What's Driving the Rally?

Zacks Equity Research
Updated

Shares of Spectrum Pharmaceuticals, Inc. SPPI have been rising over the past year. This biotech company has more than doubled in the past three months surging 110%, significantly outperforming the 5.3% rise of the industry in this period.

Spectrum is focused on acquiring, developing and commercializing products, primarily in the fields of hematology and oncology. The company markets six products, which are utilized to treat several cancer indications including lymphoma, leukemia and myeloma. However, its primary focus focus is on the development of pipeline which includes poziotinib, Qapzola and Rolontis.

Pipeline in Focus

In the last three months, poziotinib has been the driving factor behind the stock’s rally. In October, Spectrum announced encouraging preliminary data from a phase II study on poziotinib in non-small-cell lung cancer ("NSCLC") patients with exon 20 insertion mutations in EGFR. The candidate achieved an objective response rate in 73% of patients. The stock witnessed a rise following the news. Spectrum also initiated a multicenter phase II study to evaluate poziotinib in NSCLC patients with exon 20 insertion mutations in EGFR or HER2.

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Meanwhile, Spectrum’s most advanced candidate, Rolontis, is currently being evaluated in two separate phase III studies — ADVANCE and RECOVER — for treating chemotherapy-induced neutropenia. Top line data from the ADVANCE study is expected in first-quarter 2018. This will be followed by a biologics license application (BLA), likely to be filed by the end of 2018. A phase III study is evaluating Qapzola, another pipeline candidate, in patients with non-muscle invasive bladder cancer.

The lackluster product sales have kept investors focused on pipeline development. Also, Spectrum’s cash and cash equivalents rose about $109 million to $247 million in the third quarter of 2017 which should help the company fund the development of candidates. A potential success inthe Rolontis study expected in early 2018 can be the next catalyst for the stock’s further rise.

Spectrum Pharmaceuticals, Inc. Price

Spectrum Pharmaceuticals, Inc. Price | Spectrum Pharmaceuticals, Inc. Quote

Zacks Rank & Stocks to Consider

Spectrum carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the pharma sector include Ligand Pharmaceuticals Incorporated LGND, ACADIA Pharmaceuticals Inc. ACAD and ANI Pharmaceuticals, Inc. ANIP. All the three stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Ligand’s earnings estimates were flat at $2.96 for 2017 and increased from $3.68 to $3.70 over the last 60 days. The company delivered a positive earnings surprise in two of the trailing four quarters with an average beat of 8.22%. The company’s shares have returned 31.6% year to date.

ACADIA’s loss estimates narrowed from $2.53 to $2.42 for 2017 and from $1.82 to $1.62 over the last 30 days. The company came up with a positive earnings surprise in three of the trailing four quarters with an average beat of 9.95%.

ANI Pharma’s earnings per share estimates increased from $3.87 to $3.93 for 2017 and from $4.56 to $4.67 over the last 30 days. The company delivered positive surprises in two of the trailing four quarters with an average beat of 0.13%. The stock has returned 23% year to date.

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Ligand Pharmaceuticals Incorporated (LGND) : Free Stock Analysis Report
 
ACADIA Pharmaceuticals Inc. (ACAD) : Free Stock Analysis Report
 
ANI Pharmaceuticals, Inc. (ANIP) : Free Stock Analysis Report
 
Spectrum Pharmaceuticals, Inc. (SPPI) : Free Stock Analysis Report
 
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