Needham & Company Downgrades Vivus (VVUS) to Hold; Sees Disruption Following Settlement

July 19, 2013 10:50 AM EDT
Get Alerts VVUS Hot Sheet
Price: $1.17 -1.68%

Rating Summary:
    4 Buy, 8 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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Needham & Company downgraded Vivus (NASDAQ: VVUS) from Buy to Hold following the settlement with First Manhattan, which resulted in substantial changes to the makeup of the Board of Directors and the replacement of CEO Leland Wilson with Anthony Zook. The board will expanded from 9 to 11 directors. Five current members of the Board are being replaced with 7 FMC sponsored directors.

"Given the likely disruption to both company operations and partnership discussions as well uncertainty with respect to strategy, our enthusiasm for the stock is dissipated," analyst Alan Carr said.

For an analyst ratings summary and ratings history on Vivus click here. For more ratings news on Vivus click here.

Shares of Vivus closed at $14.91 yesterday.

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