Discovery Labs reinstated at hold by Jefferies

Discovery Laboratories Inc. was reinstated at hold, from a buy rating, with a new $3 price target, down from $7, by Jefferies & Co., Inc. analyst Adam Walsh. The revised model reflects an incremental one-year delay in Surfaxin approval, lower projected operating expenses; and further dilution from anticipated equity capital raises. Shares of the Warrington, Pa., biotechnology company were up 38 cents, or 17.27%, at $2.58 on volume of 10,866,741 shares versus the three-month running average of 1,467,910 shares. (Nasdaq: DSCO)

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