UPDATE: Credit Suisse Initiates Spectrum Pharmaceuticals at Neutral; Lacking Fusilev Visibility

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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.

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