Spectrum downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright downgraded Spectrum (SPPI) to Neutral from Buy and removed the firm’s previous price target following the announcement that Assertio Holdings (ASRT) agreed to acquire Spectrum in an all-stock and contingent value rights transaction. Upon closing, Spectrum stockholders will own approximately 35% and Assertio stockholders will own approximately 65% of the combined company, the analyst noted. Spectrum shares are likely to trade in-line with Assertio’s stock, which the firm notes it does not cover.