Jefferies maintains Noven's buy rating

Noven Pharmaceuticals, Inc. was maintained by Jefferies & Co., Inc. analyst David Windley at a buy rating with $16 price target. Novogyne's revenues were $5 million higher than forecasted, which led to a $0.05 earnings per share upside versus Jefferies' estimate. A positive FDA decision on MethyPatch, the first patch product for treating ADHD, is seen as the primary near-term catalyst, Jefferies said. Continued strong performance of Vivelle-Dot is projected due to stabilizing of the transdermal estrogen patch. Vivelle-Dot's differentiating features should help it maintain market share. Shares of the Miami-based drug-delivery technology company were down $0.35, or 2.52%, at $13.55 on volume of 427,798 shares versus the three-month running average of 243,489 shares.

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