Noven downgraded by Jefferies to hold

Noven Pharmaceuticals, Inc. was downgraded by Jefferies & Co. Inc. analyst David Windley to a hold rating from buy, and the price target was lowered to $11 from $16. A letter from the director of the Division of Psychiatry Products looks negative for approval of Methylphenidate Transdermal System (MTS) due to safety concerns. Without a significant product in its pipeline, the company's outlook would be negatively affected by a non-approval of MTS, Jefferies said. Shares of the Miami transdermal drug-delivery developer were down $2.34, or 17.32%, at $11.17 on volume of 5,443,869 shares versus the three-month running average of 287,158 shares.

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