UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Unilife Corp. on Potential for Commercial Sales

In a report published Wednesday, Jefferies analyst Raj Denhoy reiterated a Buy rating on

, but lowered the price target from $6.00 to $5.00. In the report, Jefferies noted, “4Q was a Q of significant spending and little underlying commercial activity. The near-term should remain lumpy as commercial deals mature and UNIS spends to support them. Despite the cash burn, the company looks secure for several quarters at least. The potential for significant commercial sales to come keeps us at Buy.” Unilife Corp. closed on Tuesday at $2.39.