Jefferies puts Cephalon on hold

Jefferies & Co., Inc. analyst David Windley rated Cephalon, Inc. at hold, lowering its price target to $56.50 from $73. With Sparlon out of the picture, Cephalon's greater reliance on Provigil leaves it more vulnerable to concerns around the out-of-court settlements. Jefferies lowered its earnings-per-share forecast for 2006 by 13 cents to $3.83 based on the five- to six-month delay in the Nuvigil launch. Shares of the Frazer, Pa.-based pharmaceutical company were down $8.05, or 12.59%, at $55.90, on volume of 13,521,597 shares versus the three-month running average of 1,931,670 shares. (Nasdaq: CEPH)

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