Jefferies Has Hold On Avanir Pharmaceuticals

Jefferies & Co. has a Hold rating and a $3.50 price target on shares of Avanir Pharmaceuticals AVNR. In the note, Jefferies writes, "Notice of a Paragraph IV certification challenging AVNR's Nuedexta appeared on the FDA website on 6/30. While we had been anticipating a Paragraph IV challenge, we think the submission date of 3/7 was notable, since AVNR only officially began promoting Nuedexta on 2/7, following its approval on 10/29." At last check, shares of AVNR were up 1 cent to $3.37.