Where will Spectrum Pharmaceuticals (SPPI) and Cell Therapeutics (CTIC) go from here
Today's Financial News - Posted September 8, 2009
Poetry in motion: The charts of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) and Cell Therapeutics, Inc. (NASDAQ:CTIC) showed similar curves last Friday. What to do now?
by J. Christoph Amberger
Baltimore, MD — TFN: In response to Friday’s cliff hanger “Sudden drop in Cell Therapeutics, Inc. (CTIC) result of prank?” , TFN eNews reader Walter C. wrote in :
“You may also want to take a look at Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) at exactly the same time: Immediately after FDA approval of their new label expanding their use, Dow Jones News Services issued a release saying ‘4,000 patients’ were covered in new use and that CTIC was partners with SPPI in this drug. The actual patient base increase is 43,000 new patients and CTIC is no longer involved in this drug. The headline stating 4,000 patients made the drug look like a minimal profit opportunity — and even more so if split two-ways with CTIC and SPPI. Look at the chart for both companies and the time that Dow Jones released the disinformation.
“Dow Jones did issue notice of retraction later about CTIC involvement and CTIC started to recover. They did not issue retraction on 4000 patients headline just changed the amount in a later story and SPPI is still down.”
And HSC member Hans B. weighed in: “According to thestreet.com, SPPI got FDA approval to expand use of their NHL drug Zevalin. CTIC used to own that drug. So CTIC’s present NHL drug approval is seriously delayed, while a competing drug makes headway… sounds like a plausible factor to consider.”
Laura Cadden re-run her numbers in light of last week’s activity: ” In light of Cell Therapeutics, Inc.’s (NASDAQ:CTIC) Prixatrone FDA decision date getting pushed back to April 24, 2010 (instead of December 24 of this year), the share price of this stock has declined. The drug does seem to have potential… and then there’s the European review of the company’s lung cancer drug Opaxio coming up. But further disappointments could send this stock in hard-to-regain territory.
“I recommend you set a 20% stop-loss for Cell Therapeutics, Inc. (NASDAQ:CTIC). If you got in at our buy price of $1.68, that should trigger if the stock drops to $1.35.”
*** “I’ve been hoppin around newsletters a lot this year with trial memberships and this is definitely the most bang for the buck. I appreciate the service HSC gives. I’ll probably be a lifer!”
HSC Member Sharif R. wrote in just this morning to share his experience with us. We’d like to hear from other satisfied customers… that includes you, too! Here’s how you can become one!
Next Article: TFN eNews 09/08/2009: Our silver picks are golden!
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