Spectrum Pharma Will Successfully Defend its Patent on Fusilev, Says Auriga

Auriga has published a research report on Spectrum Pharmaceuticals SPPI commenting on the generic drug application for Fusilev. In the report, Auriga writes, "A company filed a generic drug application that challenges the Fusilev orange book listed patent. The market reacted negatively (~10%) to the news. We believe the correction is over done since even with the challenge, generic Fusilev is not expected to come to market any time soon and there is a high likelihood that SPPI will be able to successfully defend its patent." Auriga maintains its Buy rating and $15 price target on Spectrum Pharmaceuticals, which is currently trading down $1.43 from yesterday's $14.58 closing price.