Spectrum Pharma slumps as FDA panel votes against co's cancer drug

Spectrum Pharmaceuticals

23/09/2022 12:06

** Spectrum Pharmaceuticals Inc's shares  SPPI.O  fall ~15%
to $0.54 before the bell
    ** FDA panel on Thursday voted 9 to 4 against recommending
its oral cancer drug poziotinib  urn:newsml:reuters.com:*:nL4N30T3SY
    ** Panel cites marginal efficacy, high level of toxicities,
and lack of dose optimization 
    ** FDA expected to give final decision on Nov. 24 
    ** B. Riley Securities believes SPPI's submission for
approval may have been premature, elevating risk of complete
response letter or a prolonged delay in FDA's decision; Cuts PT
to $1.50 from $4 after panel's vote
    ** 4 of 5 brokerages covering the stock rate "buy" or
higher, 1 "hold"; their median PT is $4
    ** Up to Wednesday's close, stock down ~50% YTD; trading in
shares were halted on Thursday due to advisers' meeting
 (Reporting by Pratik Jain)
 ((Pratik.Jain@thomsonreuters.com;))