Jefferies upgrades Noven to buy

Noven Pharmaceuticals, Inc. was upgraded to a buy and a $24 price target by Jefferies & Co., Inc. analyst David Windley on news that weekly prescription data for Daytrana indicates a steeper launch trajectory than the analyst had previously assumed. Pipeline updates should also serve as a catalyst for the stock. Jefferies expects total revenues of $18.5 million for the June quarter, including $6.3 million in revenue from Daytrana. The analyst's earnings-per-share estimate is $0.19. Shares of the Miami-based pharmaceutical company were up 30 cents, or 1.52%, at $20.06, on volume of 558,913 shares versus the three-month running average of 174,142 shares. (Nasdaq: NOVN)

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