Spectrum downgraded to Market Perform from Outperform at JMP Securities

JMP Securities analyst Reni Benjamin downgraded Spectrum Pharmaceuticals (SPPI) to Market Perform from Outperform without a price target following the proposed acquisition by Assertio Holdings (ASRT). Given the acquisition price and the current state of the capital markets, the analyst does not expect any other bidders. The stock should trade closer to the upfront consideration of $1.14 as the completion of the acquisition gets closer, making the shares fairly valued, the analyst tells investors in a research note.