Jefferies reiterates Abgenix at hold

Abgenix was reiterated by Jefferies & Co. Inc. analysts Adam A. Walsh and Salveen Kochnover at hold with a price target of $10 after the company reported a third-quarter loss per share of $0.41, $0.08 above Jefferies' estimate, due to lower-than-expected research and development expenses. At the current valuation, Jefferies said it believes a positive outcome is largely priced into Abgenix shares and put sustainable upside at about $13 per share. Shares of the Fremont, Calif.-based biotechnology company were up $0.21, or 2.09%, at $10.26 on volume of 1,510,407 shares versus the three-month running average of 1,935,100 shares.

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