Spectrum Pharma (SPPI): Cutting PT After apaziquone Rejection - RBC
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RBC Capital analyst, Adnan Butt, reiterated his Outperform rating on shares of Spectrum Pharmaceuticals (NASDAQ: SPPI) but reduced his price target to $10 from $11 after apaziquone was voted down.
The FDA’s cancer drug advisory committee voted against apaziquone approval. The panel found apaziquone promising due to the unmet need, however, statistical analyses were the hurdle and something the FDA had repeatedly emphasized. Since the unmet need is there, the end market is large and the space remains unchanged, the analyst believes the opportunity is worth pursuing as a third Phase 3 started in 2015.
Shares of Spectrum Pharmaceuticals closed at $5.04 yesterday.
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