UPDATE: Credit Suisse Downgrades Spectrum Pharmaceuticals on Limited Growth Opportunities and Increased Risk
In a report published Monday, Credit Suisse analyst Jason Kantor downgraded Spectrum Pharmaceuticals (NASDAQ: SPPI) from Neutral to Underperform and maintained a price target of $7.00.
In the report, Credit Suisse cited, “We believe the near term growth opportunities are limited, and there is risk to current company Fusilev guidance. Specifically, Fusilev Q2 sales and H2 run rate are likely to disappoint. Belinostat should provide a new source of growth, but not in 2013 and there still are regulatory risks associated with the program.”
Spectrum closed Friday at $8.01.
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