SciClone price target cut to $2.50 by Jefferies

SciClone Pharmaceuticals Inc. was maintained by Jefferies & Co. Inc. analyst Adam A. Walsh at a hold rating and the price target was lowered to $2.50 from $6.00 after the company reported results from two phase 3 trials for Zadaxin in HCV did not achieve statistical significance. But interim results from the European Union phase 2 trial in advanced malignant melanoma demonstrated an encouraging dose-related response. Shares of the San Mateo, Calif., biopharmaceutical company were down 19 cents, or 8.23%, at $2.12 on volume of 3,406,696 shares versus the three-month running average of 408,360 shares.

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