Jefferies has Connetics on hold

Connetics Corp. was rated at hold with a $6.50 price target by Jefferies & Co., Inc. analyst David Windley based on the company's comments around wholesaler destocking. Jefferies is not predicting any revenue growth this year. Growth in 2007 will be tied in part to Soriatane retaining exclusivity and on-time Food and Drug Administration approvals for Desilux and Primolux. The analyst lowered his 2006 revenue forecast to $174 million, a decrease of $30 million, or 15%. Shares of the Palo Alto, Calif.-based pharmaceutical company were up 23 cents, or 2.96%, at $7.99 on volume of 3,033,472 shares versus the three-month running average of 706,122 shares. (Nasdaq: CNCT)

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