UPDATE: Jefferies Lowering Price Target on Savient Pharma

Jefferies & Co. is out with a research report on Savient Pharma

and it is lowering its price target to $2 from $3, but is keeping its Hold rating on shares. In a note to clients, Jefferies & Co. writes, "Narrower 3Q11 net loss of ~$27M (vs. our net loss estimate of ~$32M) on non-cash income tax benefit; Krystexxa sales of ~$1.9M lower than our/cons estimates of $2.5M/$2.8M. Cash of ~$203M at end-3Q11 should be sufficient at least for next ~2 years. Lowering PT to $2 from $3 on a higher discount rate of 14% (12% previously) due to slower sales uptake." Shares of SVNT are off 1 cent to $3.56.