Friday, January 21, 2011

Vivus (NASDAQ:VVUS) Shares Plunge on Qnexa Delay

Concerns by the FDA over Qnexa, have resulted in a delay, which has resulted in the share price of Vivus (NASDAQ:VVUS) getting hammered today.

Canaccord says, "While the delay is a modest disappointment, our launch projection for 2012 is not significantly affected. Broadly, we believe FDA concerns with Qnexa will ultimately be resolved with REMS and post-approval studies. We would continue to be buyers of the stock, particularly on weakness."

Canaccord Genuity maintains a "Buy" rating on Vivus (VVUS), which was trading at $8.72, plunging $1.71, or 16.40 percent, as of 2:39 PM EST. Canaccord has a price target of $15 on Vivus.

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