UPDATE: Jefferies Cuts PT to $3.50 on Unilife Corporation on Deal Delays

Jefferies maintained Unilife Corporation

with a Buy rating and lowered the price target from $5.00 to $3.50. Jefferies commented, "Unilife's 2Q results did little to sway the balance of the company's outlook. The company reiterated that more than a dozen deals will contribute revs in CY13, but details were light and the CEO was noticeably absent from the call. Meanwhile, cash burn is high and despite recent equity raises dry powder is limited. It is tenuous but we stay at Buy on the promise of a substantial ramp should deals mature." Unilife Corporation closed at $2.28 on Monday.