Based on the risk-benefit profile of Qnexa, Needham reiterated their "Buy" rating on Vivus (NASDAQ:VVUS).
Needham said, "Vivus submitted a Qnexa Briefing Document to the FDA in December 2010, detailing the company’s plans for a formal NDA resubmission. Vivus is scheduled to meet with the FDA in late January 2011 to discuss the Qnexa Complete Response letter and the adequacy of information in the Briefing Document to support a formal response. We continue to believe the risk-benefit profile of Qnexa is sufficiently attractive for approval by the FDA, potentially in 2H11. Vivus submitted an MAA in the E.U. in December 2010."
Vivus closed Thursday at $10.55, up $0.69, or 7.00 percent. Needham has a price target on them of $15.
Friday, January 7, 2011
Needham & Company Maintains "Buy" Rating on Vivus (NASDAQ:VVUS)
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1 comment:
One more point - let's not forget that folks get bored with waiting, and nervous to buy a run-up price... Buy it on a whim... but buying it now is whimsical. I'm thinking short until there is some real events on the calendar.
Correct me if I am wrong, but Vivus does not have a schedule to present to the Advisory Panel again. I've read 'later this quarter' I've read 'by the end of 2011' either way, who is going to tie up their funds to wish.
The market mood of the day is great to trade on. I love the euro and bonds bouncing around. Moody, moody. But such a strong bet like today on a wish?
I wish that the HP tablet will dominate the market. Or that SNDK would be the only chip supplier.
...
Read On:
"Elaine Morrato, who was on the panel for review of Qnexa, said that the drug’s approval would have meant a huge public health experiment. A risk that the panel did not feel was worth taking. In their review, the panel said that the drug does work, but it has potential side effects such as depression, memory loss, birth defects and increased heart rate.
Commenting on the FDA’s vote, VIVUS said that it was disappointed. The company had been pinning hopes on an approval by October 28, 2010 approval for the drug. However, the rejection has been huge blow to VIVUS, which has not had a single U.S. product approved since 1996. The company is now waiting for data from a longer two year study, which is expected by the end of this quarter."
that was quote from Beacon Equity July 16, 2010..
Pretty strong words - huh... Stick with VVUS if you have months to wait and a whim.
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