UPDATE: Jefferies Lowers PT on Somaxon from $7 to $2.50

Jefferies has published a research report on Somaxon Pharma (NASDAQ: SOMX) lowering the price target.

In the report, Jefferies wrote,"Almost a year into the launch, Silenor continues to move in the right direction (up and to the right) -- unfortunately, it's just not at the pace/trajectory/magnitude we initially had been projecting. We've taken a hard look at our model, and we have no choice but to trim our Silenor estimates. But with the stock at $1.07, clearly investors have already done so."

Jefferies rated Somaxon Pharma a BUY with a price target lowered from $7.00 to $2.50. Somaxon closed Friday at $1.11.