Jefferies downgrades Endo to hold

Endo Pharmaceuticals Holdings, Inc. has been downgraded to hold and a $33 price target by Jefferies & Co., Inc. analyst David Windley on news of the company's litigation settlement with Purdue Pharma. As a result, Endo agrees not to sell a generic version of OxyContin after 2006. The analyst believes it is too soon to tell if Opana's launch is successful, given a very low early uptake. In addition, the analyst reduced its 2007 sales forecast for the Opana franchise by 10%. Shares of the Chadds Ford, Pa.-based pharmaceutical company were up 70 cents, or 2.16%, at $33.14, on volume of 2,567,567 shares versus the three-month running average of 1,184,300 shares. (Nasdaq: ENDP)

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