RBC maintains Noven at $20 price target

RBC Capital Markets analyst Ken Trbovich kept Noven Pharmaceuticals, Inc. at sector perform, above average risk, and a price target of $20. The company reported net revenue of $15.7 million for the third quarter, just under RBC's $16.3 million estimate. Adjusted earnings per share of $0.22 came in 2 cents higher that the analyst's estimate. The difference was primarily due to lower-than-expected research and development costs. Trbovich lacks enough insight into Noven's pipeline to have confidence in the company's growth beyond 2007. Shares of the Miami-based drug delivery technology company were up 53 cents, or 2.36%, at $22.95. (Nasdaq: NOVN)

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