H.C. Wainwright analyst Edward White lowered the firm’s price target on Spectrum Pharmaceuticals to $4 from $6 and keeps a Buy rating on the shares after the company received a complete response letter from the FDA regarding poziotinib for the treatment of patients with previously treated locally advanced or metastatic non-small cell lung cancer harboring HER2 exon 20 insertion mutations. The analyst is not surprised by the CRL following the negative recommendation from the FDA panel. He removed poziotinib from his valuation but believes there is a possibility for Spectrum to sell or partner poziotinib. This is a “potential opportunity as an upside call option,” writes White.
previous post