UPDATE: Credit Suisse Initiates Spectrum Pharmaceuticals at Neutral; Lacking Fusilev Visibility
Credit Suisse initiated coverage on Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) with a Neutral rating and a $15.00 price target.
Credit Suisse said, "SPPI is successfully building an oncology-specific, multiproduct company, with a strong focus on sustained profitability and returning value to shareholders. In H1:13, investors will be primarily focused on Fusilev sales and the impact of increased competition from generic leucovorin. Sales of Fusilev may decrease from 2012 highs and limit near-term stock performance. We prefer to take a wait-and-see approach and would look to buy SPPI with greater visibility on Fusilev. From a valuation perspective, we think that shares already reflect a reduction in Fusilev though consensus sales estimates remain high for 2013."
Spectrum Pharmaceuticals closed at $12.67 on Monday.
Latest Ratings for SPPI
|Nov 2014||Jefferies||Initiates Coverage on||Hold|
|Oct 2013||HC Wainwright||Initiates Coverage on||Buy|
|Jul 2013||JMP Securities||Upgrades||Market Perform||Market Outperform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.