RBC rates Noven at sector perform

Noven Pharmaceuticals Inc. was rated at sector perform, above average risk, on news of IMS Health Weekly prescription data. With 8,806 Daytrana prescriptions for the week ended Aug. 18, Noven has achieved RBC's estimated run rate required to trigger two $25 million milestones. Both are likely to come in 2007, according to the analyst. RBC believes the two payments will be triggered by sales of Daytrana in excess of $50 million and $75 million. If Shire's NRP-104 is approved and launched on time, those milestones could be threatened. Shares of the Miami-based drug delivery technology company were down 25 cents, or 1.04%, at $23.75, on volume of 549,619 shares versus the three-month running average of 234,998 shares. (Nasdaq: NOVN)

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