Noven at hold by Jefferies

Noven Pharmaceuticals, Inc. was reiterated at a hold rating with a price target of $17.50 by Jefferies & Co., Inc. analyst David Windley on the expected Food and Drug Administration approval of Daytrana, which marks the first successful application of Noven's Vivelle-Dot delivery technology outside of hormone therapy. Noven's revenue from Daytrana comes from milestone revenues and manufacturing fees. Jefferies forecasts Daytrana revenues of $10 million, $20 million and $28 million in 2006, 2007 and 2008, respectively. Shares of the Miami, Fla., pharmaceutical company were down 6 cents, or 0.34%, at $17.74 on volume of 473,332 shares versus the three-month running average of 183,225 shares. (Nasdaq: NOVN)

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