UPDATE: Brean Murray Carret Downgrades Allos Therapeutics to Hold

Brean Murray Carret lowers its rating on Allos Therapeutics

following a definite acquisition agreement with Spectrum. The price target of $2.50 is discontinued. Brean Murray Carret says, "The boards of directors for both Spectrum and Allos have entered into a definitive acquisition agreement. We believe Spectrum is getting Allos for a ‘song' as a result of desperation following the disappointing launch of Folotyn and the failed merger with AMAG last year. Spectrum has an established oncology program with Zevalin, and we believe leveraging the existing sales relationships will greatly increase the market potential for Folotyn. We see Allos as a good strategic fit for Spectrum and foresee no reason for this merger not to proceed. However, we believe the stock is currently reflecting a high probability that this acquisition goes through and do not see additional upside from investment." ALTH closed at $1.82 yesterday.