Noven down to hold by Jefferies

Jefferies & Co., Inc. analyst David Windley downgraded Noven Pharmaceuticals, Inc. to a hold with a revised price target of $25. The stock has appreciated nearly 60% since mid-February. The analyst increased the Daytrana sales forecast for 2006 to $31 million from $20 million, and to $95 million from $83 million in 2007. Look for the first sales milestone in the fourth-quarter 2006 and the last by the second half of 2007. Shares of the Miami-based drug delivery technology company were down 41 cents, or 1.70%, at $23.73. (Nasdaq: NOVN)

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