Noven price target raised by Jefferies

Noven Pharmaceuticals, Inc. was reiterated by Jefferies & Co., Inc. analyst David Windley at a hold rating, but the price target was raised to $16.50 from $11.00 after Daytrana received an approvable letter from the FDA for Daytrana. A launch is expected in the second quarter of 2006. After Daytrana's approval, pipeline projects will be the next catalyst. The company's pipeline looks positive, Jefferies said, but lacks detail. On Dec. 30, shares of the Miami transdermal drug-delivery company were down 6 cents, or 0.39%, at $15.13 on volume of 278,787 versus the three-month running average of 563,176 shares.

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