Spectrum Pharma Investors Optimistic Over New Lung Cancer Drug

Spectrum Pharmaceuticals, Inc. SPPI shares are trading higher by $7.20 (50 percent) at $21.66 in Wednesday's session.

Buyers are flocking to the stock after the company's oral presentation of data from a Phase 2 clinical study evaluating Poziotinib for the treatment of lung cancer while presenting at the 18th IASLC World Conference in Japan.

Spectrum's much higher opening tick of $19.22 has turned out to be the low for the session. That price far exceeds its former all-time high that was made on Oct. 4 ($15.32). So far, the continuation rally has taken the stock to $21.95 and is attempting to remain in the $21.00 handle.