Why Spectrum Pharmaceuticals Stock Jumped Higher Today

Spectrum Pharmaceuticals (NASDAQ: SPPI), a biotech developing treatments for various blood disorders and cancers, saw its shares gain as much as 51.7% today on over 19 times the average volume. The spark was provided by an extremely impressive interim data release for the company's non-small cell lung cancer (NSCLC) candidate, poziotinib. Poziotinib's interim mid-stage results were released as part of an oral presentation at the 18th World Conference on Lung Cancer in Yokohama, Japan.

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Spectrum has long been an oddball in commercial-stage oncology, because the company has largely failed to generate a robust revenue stream on a consistent basis -- despite having multiple products on the market. The crux of the problem is that Spectrum's diverse product portfolio lacks a bona fide star to drive growth.

Source: Fool.com