Jefferies reiterates Connetics at hold

Connetics, Inc. was reiterated by Jefferies & Co. Inc. analyst David Windley at a hold rating with a $17 price target as Jefferies said it expects third-quarter estimates to fall at or below the low end of guidance. Total prescriptions for three of the four products (OLUX, Luxiq and Soriatane) fell sequentially from the second quarter. Evoclin growth also was slower than expected. Jefferies lowered third-quarters earnings per share $0.02 to $0.22 and fourth-quarter earnings per share by $0.01 to $0.31. Shares of the Palo Alto, Calif.-based dermatology drug-development company were up $0.23, or 1.80%, at $13.04 on volume of 843,815 shares versus the three-month running average of 506,292 shares.

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