Hollis-Eden downgraded by Jefferies to underperform

Hollis-Eden Pharmaceuticals was downgraded by Jefferies & Co. analyst Adam Walsh to underperform from buy and the price target reduced to $5 per share from $11 following news that U.S. government demand for its drug to treat acute radiation syndrome was overestimated. Jefferies said it previously assumed the government would buy 10 million treatment courses of Neumune, which would have yielded $500 million in revenue over several years. The government indicated Friday it might only procure 200,000 treatment doses. Hollis-Eden shares Monday were down $0.62, or 9.70%, at $5.77 on volume of 2,892,631 shares versus the three-month running average of 325,655 shares.

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