Noven Pharma sheds 10% on analyst downgrade
Noven Pharmaceuticals Inc. (Nasdaq:NOVN) is down 10% today after analysts and Jeffries & Co. downgraded the Miami, Fla.-based specialty pharmaceutical company to “underperform” from “hold.” Analysts cited weaker sales in key products as the reason for the downgrade. The stock is down $1.07 to $9.72 less than an hour before the market close. Trading volume for Noven Pharmaceuticals is more than double the average at about 500,000 shares.
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