Jefferies Assumes Coverage of Avanir Pharmaceuticals

Jefferies is assuming coverage of Avanir Pharmaceuticals (NASDAQ: AVNR) with a $3.50 price target and a Hold rating.

“AVNR markets Nuedexta, a low-dose combination of dextromethorphan and quinidine, for pseudobulbar affect, a disorder of laughing or crying that can accompany neurological disease,” Jefferies writes. “While the market is large, initial sales have been slow and signal significant physician and patient education is needed.”

Avanir Pharmaceuticals closed Thursday at $4.50.