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Spectrum Pharmaceuticals (SPPI) collapses 35% after it yesterday forecast FY 2013 revenues of...

Spectrum Pharmaceuticals (SPPI) collapses 35% after it yesterday forecast FY 2013 revenues of $160-180M, well below consensus of $297M, due to weak sales of its Fusilev treatment. "Fusilev is Spectrum's biggest and most important drug, so its demise can't be made up elsewhere," writes The Street's Adam Feuerstein.
Comments (2)
  • Nahodny Okoloiduci
    , contributor
    Comments (147) | Send Message
     
    After all, we finally realized about that huge short position on this stock. Now what?
    Rajesh guided 2013 revenue will be growing, is very very stable, best is yet to come, and bs like that. Just 2 weeks ago. He was painting rosy pictures in front of shareholder's eyes whole year.
    Meanwhile, he was dumping his shares around $12.
    He announced 100mil. buyback last August, but only 10% of that was bought back to date.
    Now he's dropping the bomb and forecasts 40% haircut to the 2013 revenue.
    Wasn't that a little bit orchestrated? I don't know really.
    Being pragmatic, $SPPI si not some one trick pony baby bio so 35% crash is just panic.Great time to get in, but not me as long as Raj will be on the throne. Nobody will trust him from now.
    13 Mar 2013, 08:54 AM Reply Like
  • Factzplz
    , contributor
    Comments (229) | Send Message
     
    At this price it can buy back 12 million shares and really shrink the float. And it should do this aggressively.
    13 Mar 2013, 09:31 AM Reply Like
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