Spectrum selloff yesterday a buying opportunity, says H.C. Wainwright

H.C. Wainwright analyst Edward White views yesterday’s weakness in shares of Spectrum Pharmaceuticals as a “good buying opportunity.” The analyst points out that Breakthrough Therapy Designation is given to drugs intended to treat a serious condition that may demonstrate substantial improvement over current treatment, with “substantial” being a subjective FDA judgment. While not getting the BTD for poziotinib is disappointing, this should not change the timeline for the Biologics License Application submission or ultimately the possible approval of poziotinib, White tells investors in a research note. He keeps a Buy rating on Spectrum with a $40 price target.

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