VIVUS (VVUS) Sinks Further on Qsymia Patent Worries
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Shares of VIVUS, Inc. (Nasdaq: VVUS) are getting pounded for the second straight session after Citron Research raised questions about the patent protection for its recently approved obesity drug Qsymia. After getting slammed 11 percent Thursday, shares are down another 13 percent already today.
Yesterday's Citron report struck a nerve with investors as they compared VIVUS to Nitromed - a biotech company that received FDA approval some 8 years ago, and trading over $20 per share, but then sold some three year later for less than a dollar per share. Citron said it is "astounded by the weakness of Vivus' intellectual property protection."
However, Wall Street analysts are saying 'not to fast.' Rodman & Renshaw's Michael King tried to reassure investors that the company is in fact protected by patents. He reiterated his Market Outperform rating and $52 price target on shares of VIVUS Friday morning.
Shares of VVUS last traded at $22.33, down 13.4 percent.
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Yesterday's Citron report struck a nerve with investors as they compared VIVUS to Nitromed - a biotech company that received FDA approval some 8 years ago, and trading over $20 per share, but then sold some three year later for less than a dollar per share. Citron said it is "astounded by the weakness of Vivus' intellectual property protection."
However, Wall Street analysts are saying 'not to fast.' Rodman & Renshaw's Michael King tried to reassure investors that the company is in fact protected by patents. He reiterated his Market Outperform rating and $52 price target on shares of VIVUS Friday morning.
Shares of VVUS last traded at $22.33, down 13.4 percent.
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