UPDATE: Jefferies Reiterates Hold, Lowers PT to $3 on Avanir Pharmaceuticals

Jefferies maintains its Hold rating on Avanir Pharmaceuticals AVNR and lowers it price target to $3 from $3.50 as the company still waits on Nuedexta sales growth. Jefferies says, “AVNR announced its FY11 earnings, focusing on the development and sales of Nuedexta, its lead compound for pseudobulbar affect (PBA), a neurological disorder. We note the company had previously announced 4Q Nuedexta sales. We continue to note sales have been highly linear and signal significant physician and patient education is needed to accelerate adoption.” AVNR closed at $2.28 per share on Monday.