UPDATE: Brean Murray Carret Downgrades Allos Therapeutics; Removes PT

According to a research report published earlier today, Brean Murray Carret has downgraded Allos Therapeutics

from Buy to Hold, and removed its $2.50 PT. In the report, Brean Murray Carret commented, “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.” Allos Therapeutics is currently trading at $1.82.