UPDATE: Jefferies & Company Terminates Coverage on Biosante Pharmaceuticals

In a report published Monday, Jefferies & Company terminated its coverage on Biosante Pharmaceuticals

. Jefferies noted, “Due to a reallocation of resources, we are dropping coverage of BioSante Pharmaceuticals (BPAX). Our last rating on BioSante was Hold with a $2 price target...Our $2 PT was based on a DCF taken out to 2026, discounted at 20%. Our most recent published risks included the potential for additional dilutive financings and pipeline setbacks.” Biosante Pharmaceuticals closed on Friday at $1.30.