UPDATE: Jefferies Cuts PT to $33 on ViroPharma

Jefferies lowers its price target from $37 to $33 on Buy-rated ViroPharma

as FDA approves generic version of Vancocin. Jefferies says, "The FDA approved three generic versions of Vancocin and responded to VPHM's citizen petition, detailing their denial of 3-year exclusivity for Vancocin. We would be buyers on today's overreaction, as Cinryze is the critical driver of the VPHM story." VPHM closed at $28.61 on Tuesday.