Why Spectrum Pharmaceuticals Stock Is Bolting Higher Today
As of 1:28 p.m. EDT, shares of Spectrum Pharmaceuticals (NASDAQ: SPPI), a biotech developing treatments for various blood disorders and cancers, are up by over 21% on elevated volume. The drugmaker's shares are rising in response to its better-than-expected second-quarter earnings report that hit the wires in after-hours trading yesterday.
Image source: Getty Images.
Despite having multiple anti-cancer agents on the market, Spectrum has had serious trouble transforming any of its products into viable growth drivers in the past few quarters. In the second quarter of 2017, though, the company's broad product portfolio finally showed some signs of life, topping consensus on revenue by a healthy 12.4% for the three-month period.
Source: Fool.com