Spectrum pharmaceuticals ($SPPI) stock showed strong positive movements in its last trading session. After touching the day high of $4.14, the stock finally closed at $4.10, up 4.86% from its previous close. Spectrum stock is making robust recovery after slumping down to $3.22 price level earlier this month.
The company had recently suffered a setback as it received a negative Complete Response Letter from the FDA with regard to its cancer drug Qapzola. The drug had earlier been voted negatively by the FDA’s Oncologic Drugs Advisory Committee (ODAC) in September this year. The company has met with the FDA for deciding the next steps.
Spectrum seeks to receive approval for the drug to be used for immediate intravesical instillation post-transurethral resection of bladder tumors (post-TURBT) in patients with non-muscle invasive bladder cancer (NMIBC). The company is also mulling to conduct a smaller study for replacing the current phase III program. However, it has already stopped the enrolments for the process.
Spectrum also recently reported its third quarter results. The company reported its quarterly loss at $0.22 per share, lower than consensus estimate of $0.32 per share in net loss. Its adjusted loss for the quarter stood at $0.11 per share. Spectrum reported its quarterly revenue at $33.4 million, up 16.8% from the corresponding quarter of the previous year.