Connetics on hold by Jefferies

Jefferies & Co., Inc. analyst David Windley maintained Connetics Corp. at a hold and $6.50 price target after management met with limited success in convincing the convertible holders to agree to amended terms. Connetics has extended the deadline of consent solicitation for its convertible notes (due 2008 and 2015). The holders of the 2015 notes (face value $200 million) have not yet agreed to the amended terms and may force early repayment of these notes. Shares of the Palo Alto, Calif.-based specialty pharmaceutical company were up 20 cents, or 2.44%, at $8.41 on volume of 712,160 shares versus the three-month running average of 779,323 shares. (Nasdaq: CNCT)

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