Jefferies maintains ISTA at hold

ISTA Pharmaceuticals was maintained at hold by Jefferies & Co. Inc. analysts David Windley and Himashu Rastogi, who reduced the price target to $5.75 from $8.75, citing the under-performance of Vitrase, Istalol and Xibrom. Consequently, they predicted the company will not reach profitability until 2009 and will have to raise fresh capital in the first half of 2006. Shares of the Irvine, Calif.-based pharmaceutical company were up $0.13, or 2.05%, at $6.46 on volume of 204,174 shares versus the three-month running average of 176,277 shares.

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