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Noven gets sector perform rating from RBC
RBC Capital Markets analyst Ken Trbovich rated Noven Pharmaceuticals Inc. at sector perform, above average risk. The company's 7,963 Daytrana prescriptions for the week ended Aug. 11 is less than 100 prescriptions shy of the analyst's estimated run rate required to trigger two $25 million milestones in 2006 and 2007. The $25 million commercial milestones are contingent on hitting and then maintaining key prescription levels, that RBC believes correspond to 4,000/wk, 8,000/wk and 12,000/wk, according to the analyst. However, the analyst is not convinced that the early growth trends can be sustained over the longer term due to possible Food and Drug Administration approval in October and launch of NRP-104 in early 2007. Shares of the Miami-based biopharmaceutical company were down 2 cents, or 0.09%, at $22.50, on volume of 226,610 shares versus the three-month running average of 220,367 shares. (Nasdaq: NOVN)
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